It’s no secret that social media has evolved much quicker than tax law, but the folks at CRA are starting to catch on!
New this year
You must now list on your tax return all internet channels generating revenue: blogs running ads, sponsored posts, and reviews. EBay stores and monetized YouTube channels. Any website where you sell your products or services.
You have to report what those channels are (along with the URL for each), how much income it has generated, and which percentage of your income is from this revenue stream.
It doesn’t matter how much or how little you are making, it must be claimed. Are you reporting internet income properly?