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Question for Canadian content makers as well regarding RL money and taxes
Sylfie Minogue
Registered User
Join date: 30 Jun 2005
Posts: 277
03-02-2006 09:33
After reading Shep Korvin's post, it made me think. I haven't withdrawn any money yet, but if i do; it'll need to be declared as income. :( What would the self-employment description be called? And would i declare expenses such as tier, internet connection, computer, etc as costs of doing business? :confused:

There is so much more to this than i thought. :(
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Myst Panther
Mistress of the Catnip
Join date: 29 Apr 2005
Posts: 80
03-02-2006 09:46
It depends on if you want to file as a business or not. If you file as a business you can deduct all sorts of things provided you have reciepts for it. But I'm not sure if there is a threshold for it or what the rules are regarding filing for a business. I know there are some nifty benefits, but I'm not sure of what the current rules are.

If you aren't making that much, there is actually a line on your personal income tax form which says 'other income', and I think that is where you would put it. Its not actually that hard to report.

I personally wouldn't bother if I made less than 500$, but if I made more than that, I would.
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Sylfie Minogue
Registered User
Join date: 30 Jun 2005
Posts: 277
03-02-2006 10:51
Is that $500 USD per year withdraw, per monthly withdraw? :o
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Sylfie's Prim Seduction
Come Visit the main store at Sylfie 60, 40, 23

These shoes aren't made for just walking; I like to use them to kick with too!! :D
Pratyeka Muromachi
Meditating Avatar
Join date: 14 Apr 2005
Posts: 642
03-02-2006 11:51
google this: income tax rule e-businessmake sure you click "only pages from Canada" before searching.

tons of infos available. have fun!
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Ingrid Ingersoll
Archived
Join date: 10 Aug 2004
Posts: 4,601
03-02-2006 11:57
<.<


>.>



i don't know what you're talking about.
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Myst Panther
Mistress of the Catnip
Join date: 29 Apr 2005
Posts: 80
03-02-2006 12:04
From: Sylfie Minogue
Is that $500 USD per year withdraw, per monthly withdraw? :o


Per fiscal year.
_____________________
Realmscapes Emporium (Bruin) -anime, avatars, costumes
The Deadstop (Bruin) - Horror, SFX, Skins, & more
House of the Crimson Wings - Japanese Horror RP in Therianation Sim
(see profile in world for details)

Caveat Emptor: Buying & Selling in Secondlife -http://slcaveatemptor.blogspot.com/