Google Adsense income tax reports in Canada?
Question:
I live in Canada and is there like a minimum amount of earnings you do not have to report? because I've heard that if you don't earn more than 600 dollars, you don't have to report your earnings. Is this true? because this is just a little hobby for me, and i don't plan to make much, and I'm guessing the whole tax thing is going to make it very complicated.
and if I still have pay taxes no matter what, could you explain a bit about how I'm supposed to pay/report tax? Thank you so much!
Answers:
Hello,
You have to claim income in Canada starting at the first dollar. There are minimal income tax effects at the lower levels, but the income still needs to be reported.
Remember that you can deduct reasonable expenses from the income that you earn. As your business is a website things such as internet fees, a portion of a computer being used for business and likely a portion of your housing costs could be used. If you aren't making a lot of revenue then it's possible to reduce the taxable business income to $0 with the allowed expenses.
Read through the information at the below website.
Best luck!
More Affiliate Questions and Answers...