Personal Finance

Youtube money - Do you have to pay taxes??

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  • Dec 14th, 2018 8:07 pm
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[OP]
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Aug 20, 2012
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Youtube money - Do you have to pay taxes??

K, just wondering... I know in the states you have to pay taxes on youtube partnership program (aka ad sense income generated from view counts). But what about in Canada? Who keeps track of it and do they send tax receipts based on countries?? Seem pretty hard to do outside the US since 100+ countries have citizens who make youtube money. I added monetise to my account and was approved. Just want to know the 411 in case i make any cash... Those top youtubers make anywhere from $100k - $500k/annum. Beats getting a real job, lol.
If the glove don't fit you must acquit! #WINNING
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Oct 14, 2001
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GMA
You have to declare all your income regardless of where it comes from and even if it didn't generated any receipt
[OP]
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Thanh wrote:
Mar 28th, 2016 9:19 am
You have to declare all your income regardless of where it comes from and even if it didn't generated any receipt
But who verifies you generated any income? Not like youtube sends tax receipts to CRA.... it's like doing cash jobs. No reporting. Money is direct deposit.
If the glove don't fit you must acquit! #WINNING
Sr. Member
Feb 10, 2015
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No one verifies it unless you get audited. Have fun...
[OP]
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Any1 here who *actually* has a successful youtube account? How do you handle it??
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Oct 11, 2010
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aznnorth wrote:
Mar 28th, 2016 9:21 am
But who verifies you generated any income? Not like youtube sends tax receipts to CRA.... it's like doing cash jobs. No reporting. Money is direct deposit.
just because it is not reported to the CRA doesn't mean you don't have to claim the income
Deal Fanatic
Oct 1, 2004
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government can easily access your bank statement and find the deposits, what is your excuse going to be when you receive different amounts monthly......
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aznnorth wrote:
Mar 28th, 2016 9:21 am
But who verifies you generated any income? Not like youtube sends tax receipts to CRA.... it's like doing cash jobs. No reporting. Money is direct deposit.
YOU verify it. And if you don't and CRA gets wise, it's YOU that has to prove that you DIDN'T have any income because CRA will arbitrarily decide how much you made. You're guilty until YOU can prove yourself innocent.

You've already been given the answer. Canadians need to report worldwide income.
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Aug 2, 2001
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aznnorth wrote:
Mar 28th, 2016 9:21 am
But who verifies you generated any income? Not like youtube sends tax receipts to CRA.... it's like doing cash jobs. No reporting. Money is direct deposit.
In life some people raise their hands and say "I'm an inconsiderate douchebag who cheats EVERYONE by lying on my taxes because it helps me". I guess you have to decide if you're that person or not.
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Mar 6, 2015
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aznnorth wrote:
Mar 28th, 2016 9:21 am
But who verifies you generated any income? Not like youtube sends tax receipts to CRA.... it's like doing cash jobs. No reporting. Money is direct deposit.
Wow, what a clueless comment. One of the first things CRA asks for on a desk audit is a copy of your bank statements. Good luck explaining your unreported income once they see the deposits...

And by the way, CRA has agreements with Paypal and Ebay to share information. It wouldn't surprise me if they have the same agreement with Youtube.
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Jun 9, 2003
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it really depends on whether you want to "risk" it. Are you talking about a lot of money your receiving from youtube and whether the cra wants to audit you. They can sent out a high paying auditor to do an assessment on you and make a loss based on their cost to audit you vs, the tax penalties (remember, they need to make sure that its' cost effective too).

more of a red flag for ppl that are employed in restaurants...if you are consistently making minimum wage...and working at a "bar"....and if you don't report any other income...it may trigger a flag on why this person has not declared tip revenue.
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Jan 18, 2010
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aznnorth wrote:
Mar 28th, 2016 9:21 am
But who verifies you generated any income? Not like youtube sends tax receipts to CRA.... it's like doing cash jobs. No reporting. Money is direct deposit.
You think business have to report every dollar they earn? It's not hard to hide it.

Now if you get audited, it's not like a cash job since it touches your bank account, so it's easy to track and follow up.

What you should do is set up a p and l to get your income to as close to zero as possible, but profitable- and report that.
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Apr 20, 2011
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Legally, you have to report every cent you earn.
Well, maybe they allow rounding to dollars. But the principle is ultimately the same.
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Dec 9, 2014
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aznnorth wrote:
Mar 28th, 2016 9:38 am
Any1 here who *actually* has a successful youtube account? How do you handle it??
The same way freelancers have been handling it since taxation became a thing thousands of years ago; you tell the truth or you lie and hope that nobody catches you.
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aznnorth wrote:
Mar 28th, 2016 9:38 am
Any1 here who *actually* has a successful youtube account? How do you handle it??
Those that have *SUCCESSFUL* YouTube channels will generally pay their taxes. They did it like a business, which it is. You are self-employed.

This article may help you. Although it is geared towards US YouTubers, much of the same deductions apply: http://www.reelseo.com/tax-deductions-us-youtubers/

Unless you're a successful YouTuber, chances are that your expenses will outweigh your income anyhow.. and could even result in a net loss... which can either reduce your other income or carry forward to future years, depending on how you have it set up.

Honesty is like investing in the stock-market. You may have what you consider short-term losses, but long-term, you'll find out that honesty in all things pays off.

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