Hi All. I've started to finally make some income from affiliate marketing and am keeping aside some of my revenues to pay taxes. I just wanna double check that what I have to keep a track of for tax purposes is how much I'm being sent (by affiliate companies and adsense) and then just basically add that to what I"m making at my 9-5 as my revenue? Thanks.
You don't need to keep track of your 9-5 as you get your T4 at the end of the year. You can do affiliate marketing as a home business separate from your regular job. And no you don't need to register a business/name to write it off as business income / expenses.
Declare it like professional income but also declare all your expenses(hosting, Adword, publicity....) Or create an official company like I did($40/year). It still added to your work income but it also help to be a company. My 2c
Hi There, I've been working for an accountant this summer. What you should do is simply start a business on the side. This can be a sole propriotership, but you can also choose to have a corporation (private one). The last option costs about $200 yearly depending in which province you are. Otherwise it's just $40 or so. You won't need to collect PST or GST since ClickBank already takes care of this. However, you should declare your income. In a Quebec tax return, you would fill in lines 162 to 170 with your business income info. Simply Accounting is a great help to calculate profitibility. Otherwise, I'm struggling with affiliate marketing. If this reply helped you a bit, maybe you can PM me and help me out. I would even be able to help you more in-depth with your taxes... Thanks!
damianm2 I was looking for this infor and spent sometim on the net , your post has helped me ...I was wondering if I need to declare PST and GST for my clickbank sales.....I make decent money online and can help you on this...send me a pm and we can take it up from there