Tax Matters
Doing your taxes needs grade school arithmetic
and some knowledge of the principles.
Let’s get started:
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Organising your tax and finances
won’t make you a better artist, or a richer one,
but it will help you to get what you’re owed
and keep what you get.
You Have To File
The Easiest Way
Some artists rely on moving about and rarely filing.
When CRA calls, they have lost credits and gained tax and penalties, and months of miserable catch-up.
Do your return by hand
Put your employed and self-employed income on the T1 General from the post office
and download Form 2125 for your expenses.
or
Use a tax program
Tax program companies now offer their services online,
Free if your net is under about $25,000.
or
Use a tax preparer
Store-front tax services really only do very easy tax returns for employed people.
A specialist artists’ tax preparer knows what questions to ask to save you tax.
Even a great tax preparer relies on your having the income and expenses details organised.
Ask your friends for suggestions, talk to the likely preparers, then hire the one you feel most comfortable with.