It’s that time of the year, where people are rushing around readying their paperwork so Canada Revenue can take their money.
Artists do not typically have deductions made throughout the year, so tax time, and the tax bill, can be a stressful thing. Keep as much of your money as you can, by making sure your accountant is aware of the following:
Bulletin 504R2, “Visual Artists and Writers”
Bulletin IT514 “Work Space in Home Expenses”
Bulletin IT473R “Inventory Valuation”
Other bulletins of interest found at the CRA Site (eg: claiming car expenses).
Full credit to Chris Tyrell.
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