Influencers and content creators who earn income (or business profits) through social media platforms - like YouTube, Instagram, TikTok, and Twitch - can also deduct business expenses that are directly associated to the business. In turn, this will reduce your tax balance owing to the Canada Revenue Agency (“CRA”) at the end of the year.
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:
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:
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