Its tax time again and with the deadline looming the online tax tools like QuickTax are getting slower and slower as more people log on to get the inevitable done and filed. What better a time to consider some Canadian on-line tax tips:
- All income should be recorded and reported even Second Life income – if you sell property or make money on any of the virtual worlds remember to record it
- To speed up processing, use Netfile and or Corporations Canada online to file your taxes online.
- All expenses incurred to promote and grow your company on-line should be included in your returns.
- If your business is solely an online entity, be aware that tax rates are the same in the virtual world as they are in real life. Remember to claim expenses for your home office if applicable.
For more information on the tax considerations for e-commerce and the Internet go to CRA and Canada Business and if in doubt contact an accountant.