Canadian Tax Guide for YouTubers and Influencers
The Influencer and The Taxman: Do YouTubers and TikTokers Pay Taxes in Canada?
TurboTax Canada
January 23, 2025 | 4 Min Read
Updated for tax year 2024
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Key Takeaways
- If you’re self-employed in Canada with an income greater than $30,000, you’ll need to register for a GST or HST number.
- Know exactly what income is taxable and report it accurately.
- Keep track of your expenses so you can reduce your taxable income.
Do YouTubers, TikTokers and influencers have to pay taxes in Canada?
Always.
If you post something and get paid for it, you pay taxes. If you’re compensated directly from the brands who sponsor you, you pay taxes. Gifts in Canada are not taxable unless from an employer – then there may be a taxable benefit. As long as the gift is not given in exchange for goods/services, then it is not taxable
If you’re self-employed in Canada with a business revenue greater than $30,000, you’ll need to register for a GST or HST number.
How do you file taxes as a content creator?
Most individuals who make money from social media are self-employed. This means you work for yourself as an independent contractor or sole proprietor. But in certain cases, it can make sense to incorporate. Here’s the difference from a tax perspective:
Independent contractors & sole proprietors
Corporation
Is your business expanding or starting to generate significant income? Are you thinking of hiring employees or taking on a partner?
These are among the many valid reasons to incorporate.
But it’ll bring more paperwork at tax time. Along with a T1 General personal tax return, you’ll also have to file a T2 Corporate Tax Return for your incorporated business.
TIP: Whether you break the internet as a sole proprietor or corporation really depends on the complexity and growth rate of your business. If you’re unsure, you can lean into the seasoned experts at TurboTax to help you make the right choice.
What income is taxable?
Everything you earn as a content creator counts as taxable income:
- If marketers pay you to promote their product on your channel or site, or if you refer your followers to theirs, that’s affiliate-related income.
- If you get speaking gigs and are paid cash or given an honorarium, you guessed it, that’s income.
- You receive gifts as compensation. Sweet, but the value of these gifts is considered income, and must be claimed as such.
Make sure you track what’s coming in, regardless of the source. Staying on top of your earnings and swag as it rolls in will keep your tax game strong. The one follower you don’t want is the taxman!
What expenses qualify as tax deductions?
When is the tax deadline if I’m self-employed?
The tax filing deadline for individual 2024 tax returns is April 30, 2025.
If you’re self-employed, you have until June 16, 2025 to file. But there’s a catch: if you owe money, the CRA will charge you interest from May 1, 2025 onwards. The sooner you file, the sooner you’ll get your refund.
Keeping a detailed record of all your expenses makes things so much smoother at tax time.
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