Residency Rules: Navigating Tax Implications for Pro Athletes
Dream Big and We'll Make It Happen.
Concierge-style business management services for Influencers, Content Creators, Media Personalities and more.
At Crowe Soberman, we help digital talent develop their business, letting them focus on creating the best possible content.
Creative business solutions for a brand that is as unique as yours.
Being an online personality is incredibly rewarding: not only do you have a platform to share your voice, you are able to build, connect and inspire a like-minded community – not to mention getting paid to do what you love. Our concierge-style financial services are geared towards making your life easier – requiring as little input (and hassle) from you as possible but offering peace of mind that the business-side is looked after, your finances are managed professionally, and opportunities are not missed.
From a strategic perspective, we structure your business and income streams in a coordinated manner while ensuring your tax affairs are planned optimally. Monitor the success of your business across any device in real-time as we utilize a package of industry leading cloud-based software.
What We Do
Business Services
Minimize Your Taxes
Proactive Planning
Strategic Advisors
Business Services
- Bookkeeping (XERO Cloud)
- Bill Payment
- Tax & Accounting Compliance
- Business Advice
- Legal Stewardship
- Forecasting & Budgeting
- Revenue Stream
- Cost & Margin Analysis
- Savings & Investment Planning
Minimize Your Taxes
We act as your strategic advisory team, identifying and taking advantage of every tax-minimizing opportunity available to protect the money you've earned.
Proactive Planning
Our services are tailored for proactively managing your business using up to date numbers, and delivering real-time insights and recommendations.
Strategic Advisors
We're more than just accountants. We're your trusted business advisors, providing expert advice tailored to your specific needs as a dynamic business owner and media personality.
Real-time insights for real-time decisions.
When you wait to do your books once a year, you lose the ability to instantaneously take advantage of and monetize opportunities. Real-time accounting allows you to focus on the present and understand exactly where you stand with your account balances, revenue, and profit.
Crowe Soberman’s business management services bring immediate insights and optimization, where the benefits include:
- Streamlined cash flow management
- Faster identification of any tax liabilities, as well as the ability to reduce or eliminate penalties from paying late or underestimating taxes due
- Ability to generate real time income statements
- Reduce accounting costs and increase accuracy of information generated
- Ability to be more proactive in your business management, capitalizing on opportunities that present themselves in the numbers
- Built-in entertainment industry connections through our existing network
- More peace of mind
Top Tax Deductions for Canadian Influencers
Merchandise
The cost of purchasing branded clothing that you bring to shows or sell online are deductible.
Clothing, cosmetics, & hair care
Should you need to purchase clothing or get embellished for a show, a portion of the glam expenses can be deducted.
Advertising
Advertisements and paid posts on platforms like YouTube, Instagram, and TikTok to promote your brand are deductible.
Merchandise
The cost of purchasing branded clothing that you bring to shows or sell online are deductible.
Clothing, cosmetics, & hair care
Should you need to purchase clothing or get embellished for a show, a portion of the glam expenses can be deducted.
Advertising
Advertisements and paid posts on platforms like YouTube, Instagram, and TikTok to promote your brand are deductible.
Phone & internet
For social media influencers, your phone and internet plans are essential for earning business income. The good news is that any business-related phone, internet, and data-usage bills are deductible.
Meals & entertainment
Hang on to your dining receipts! Meals and entertainment may be 50 per cent deductible. This includes occasions like taking colleagues out for dinner or purchasing event tickets (i.e.: sports, concert, etc.) to promote your brand.
Professional
Bringing in a proactive team of professionals is essential to any influencer’s success. The good news is that your accounting, legal, and consulting fees are all deductible in the business.
Phone & internet
For social media influencers, your phone and internet plans are essential for earning business income. The good news is that any business-related phone, internet, and data-usage bills are deductible.
Meals & entertainment
Hang on to your dining receipts! Meals and entertainment may be 50 per cent deductible. This includes occasions like taking colleagues out for dinner or purchasing event tickets (i.e.: sports, concert, etc.) to promote your brand.
Professional
Bringing in a proactive team of professionals is essential to any influencer’s success. The good news is that your accounting, legal, and consulting fees are all deductible in the business.
Travel
If you travel in order to earn business income, your related expenses are likely deductible. Examples of related travel expenses may include lodging (hotel rooms, Airbnb rentals, etc.), transportation (flights, train tickets, public transit fare, ride sharing apps, car rentals, etc.), and meals (dining at a restaurant, ordering take out, etc.) If the expense is related to travel for earning business income, it is considered deductible.
Home office
If you work out of your home and have a dedicated space that you use to earn business income, you are allowed to claim a portion of your home expenses that included, but not limited to:
- Home phone and internet;
- Property insurance;
- Utilities (Electricity, Water, Hydro); and
- Cleaning.
Vehicle
If you are an influencer that meets with people, or a food blogger that needs to drive to a restaurant, you can deduct a portion of your vehicle expenses for business purposes such as:
- Gas;
- Maintenance;
- Insurance;
- Lease payments;
- Parking; and
- Car washes.
Travel
If you travel in order to earn business income, your related expenses are likely deductible. Examples of related travel expenses may include lodging (hotel rooms, Airbnb rentals, etc.), transportation (flights, train tickets, public transit fare, ride sharing apps, car rentals, etc.), and meals (dining at a restaurant, ordering take out, etc.) If the expense is related to travel for earning business income, it is considered deductible.
Home office
If you work out of your home and have a dedicated space that you use to earn business income, you are allowed to claim a portion of your home expenses that included, but not limited to:
- Home phone and internet;
- Property insurance;
- Utilities (Electricity, Water, Hydro); and
- Cleaning.
Vehicle
If you are an influencer that meets with people, or a food blogger that needs to drive to a restaurant, you can deduct a portion of your vehicle expenses for business purposes such as:
- Gas;
- Maintenance;
- Insurance;
- Lease payments;
- Parking; and
- Car washes.
Leave a Legacy, not a Lawsuit
Performing or Working in Quebec?
Taxing Times - Athletes Face Off Against Canadian Sales Tax
Foreign Reporting Requirements for Canadian & U.S. Athletes
Proposed Joint Venture Election Rules for GST/HST purposes
How can we help?
Whether you’re talent looking for financial advice or an agency interested in business management services for your clients, we are here to help.
Contact Us
Supporting clients from competitive, diverse and constantly evolving industries is part of our DNA - just ask any of the professional athletes, artists, performers and producers who fill our roster. Whether you are launching a new career or are already a seasoned veteran, our team of professionals can help you establish solutions for today's issues and take advantage of tomorrow's opportunities.
Partner, Business Management & Transactional Services
Partner, Audit & Business Management Services
Senior Manager, Business Management and Audit & Advisory