Hey there YouTuber! ? Navigating the world of Canadian taxes can be a bit daunting, especially when you’re busy creating content. But guess what? There are some sweet tax write-offs that can help you save on your tax bill. Here’s a list of the top 35 income tax saving deductions you can write-off on your tax return. Let’s break them down:
- General Expenses:
- Bank Fees
- Business Insurance
- Commissions and Affiliate Fees
- Employees and Subcontractors
- Gear and Equipment
- Legal and Professional Services
- License and Permits
- Loan Interest
- Marketing and Promotion
- Materials and Supplies
- Mobile Phone Bill
- Office Rent and Lease
- Office Supplies
- Payment Processing Fees
- Professional Development
- Software and Apps
- Trade Events and Seminars
- Home Expenses
- Vehicle Expenses
- Business Travel Expenses
- Find an Accountant
General Expenses:
Bank Fees
Ever groaned at those pesky bank fees? Well, if they’re related to your YouTube business, you can write them off. That’s right, even that ATM fee from when you withdrew cash for a prop!
Business Insurance
Protecting your precious filming equipment? Those insurance premiums are deductible. Think of it as a safety net for your gear and your wallet.
Commissions and Affiliate Fees
Getting hit with commissions or affiliate fees on tools, software, and subscriptions? Those fees are deductible!
Employees and Subcontractors
Hired an editor to make your videos pop or a scriptwriter for that comedic touch? Their fees or salaries are tax-deductible. High five to teamwork!
Gear and Equipment
Upgraded to that fancy camera or got a new ring light? Deduct them! After all, they’re the stars behind the scenes.
Legal and Professional Services
If you’ve sought legal advice for copyright issues or hired a marketing guru, those costs are deductible. It’s all about keeping your channel legit and thriving.
License and Permits
Got a drone and needed a license to film those epic aerial shots? That’s a write-off!
Loan Interest
Borrowed money to level up your studio setup? The interest on that loan is deductible. Your future self will thank you.
Marketing and Promotion
Those ads you ran to promote your channel or the domain name for your merch store? Yep, deductible.
Materials and Supplies
From the green screen to the makeup for your character roles, it’s all deductible. Even that quirky costume for your alter ego!
Mobile Phone Bill
If you’re responding to fan comments or posting updates on the go, a portion of your phone bill is deductible. Keep those fans engaged!
Office Rent and Lease
Filming in a rented studio or a coworking space? Deduct those costs. After all, every creator needs their creative space.
Office Supplies
Those quirky notepads, colorful markers, and even that fancy stapler? Write them off!
Payment Processing Fees
If sponsors are paying you via credit card, those processing fees are deductible. If you’re getting hit with a fee on exchanging USD to CAD (ie. on PayPal), those fees are deductible. Every penny counts!
Professional Development
Took a course on video editing or attended a creator’s workshop? Deduct it! Never stop learning.
Software and Apps
Subscriptions to editing software, thumbnail creators, or even that app that helps you plan your content? All deductible.
Trade Events and Seminars
Attended VidCon or a local creator’s meetup? Those tickets are tax write-offs. Networking and learning come with perks!
Home Expenses
Furniture and Appliances
That comfy chair you got for your editing sessions or the mini-fridge for your studio? Deduct them!
Insurance
If part of your home doubles as your YouTube studio, a chunk of your homeowner’s or renter’s insurance is deductible. It’s like a safety blanket for your creative space.
Internet
Uploading videos, especially in 4K, demands good internet speed. A portion of your internet bill that ensures your fans don’t have to wait too long? Yep, it’s deductible.
Mortgage Interest
If you’ve dedicated a space in your owned property for filming, a slice of your mortgage interest can be written off. It’s like your home is paying you back for all those entertaining videos.
Property Taxes
Own your place and use part of it for your YouTube endeavors? A portion of your property taxes is deductible. Every bit helps!
Rent
Renting and have a dedicated workspace or filming area? Claim a portion of that rent. Your landlord might not know it, but they’re supporting your YouTube journey.
Repairs and Maintenance
Did you fix that creaky floorboard in your studio or repaint the walls for a fresher background? Deduct a part of those costs. Your studio deserves the best.
Utilities
Lights, camera, action! But also, heating, cooling, and electricity. A portion of these essential utilities that keep your home studio running is deductible.
Vehicle Expenses
Depreciation
Use your car for location shoots? You can write off a portion of its annual depreciation. It’s like your car’s starring in its own savings show.
Gas and Fuel
Those trips to scenic spots for the perfect shot or drives to collaborate with fellow creators? Deduct the gas costs for those business-related adventures.
Insurance
If you’re driving to YouTube-related events or shoots, a part of your car insurance is deductible. Drive safe and save!
License and Registration
Deduct a portion of your vehicle’s registration and licensing fees. It’s the little things that add up.
Loan Interest
Got a car loan for that spacious van perfect for equipment transport? Deduct a part of that interest.
Parking Fees
Paid for parking during a shoot or a YouTube event? Write off those fees. Every spot has its silver lining.
Repairs and Maintenance
Oil changes, tire rotations, or even that car wash before a car vlog – if you use your vehicle for your channel, these are partially deductible.
Tolls
Traveling to locations via toll roads for shoots? Those toll fees are deductible. It’s the journey and the destination that counts.
Business Travel Expenses
Accommodations
Stayed overnight for a YouTube convention or a special shoot location? Those hotel or Airbnb costs are deductible.
Flights & Other Travel
Whether you’re flying to a global creator’s summit or renting a car for a multi-day shoot, those travel expenses are on the list.
Food and Drinks
On a business trip and grabbing meals on the go? Remember, a portion of those meals is deductible. Stay fueled and funded!
Find an Accountant
Navigating the world of tax write-offs might seem like a maze, but with this guide, you’re well-equipped to make the most of your deductions. Remember, every bit of savings counts, allowing you to invest more in your passion. However, should you need some serious tax help, don’t hesitate to contact a professional accountant!
