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CANADIAN TAX HELP

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May 17, 2021
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Hello everyone I want to start of by saying thank you I’m advance for any assistance. I have questions regarding claiming income for taxes as a came model using chaturbate. I have been camming since 2018 but have never “cashed out” my tokens. Do I even need to claim income if I have yet to cash out? Secondly, in the event I do cash out, would it all count towards the 2021 tax year, or would I have to determine how much I made each year convert it to Canadian and report late claims for each year. Lastly, how do you report earnings for your taxes for camming? What are we considered? Do you use the T2125 form? And if so what do you state as your industry code and description? Thank you guys soooooo much in advance!!! I have a million questions and feeling super overwhelmed
 
If you haven't cashed out - no. When it hits your bank account yes, you need to claim it for that year.

I'm not sure how chaturbate pays out, but you need to report the amount in Canadian dollars, which requires keeping track of everything throughout the year and possibly manually doing conversions from USD to CAD.

TurboTax is really helpful. If camming is a small thing and you have a different full time job, you can file the amount under other/miscellaneous income when you do your taxes.

If camming/sexwork is your main gig, then you'll want to look into filing as a business so you can claim deductions (again, turbo tax or an accountant is your friend!). It's pretty easy to do sole proprietor on TurboTax (you will need the small business version not the regular version).

Industry code I use 519130 but you could also use 711500.

Oh and you don't claim HST or need an HST number (the CRA might call and confirm that you're exempt idk it's been awhile😅)

If for whatever reason you end up getting audited GET A TAX PROFESSIONAL TO HELP YOU. They will make sure you do things correctly and don't accidentally say something dumb to make you end up having to pay more. More of a PSA to anyone reading this lol. TurboTax has an audit defense add-on if you want some peace of mind (they'll help you through the process if it happens)

This sounds like I am sponsored by TurboTax but I'm not I promise lmao
 
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I file using SimpleTax (fuck turbotax) using the 519130 industry code, and I use the T2125 form. I don't bother with any description since it's not required. For calculating my earnings I just convert from USD to CAD based on the exchange rate on the date of each payment. I also divide my expenses as either an expense or a CCA and put the information in accordingly.
 
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