Taxes for Artists Webinars
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2019 WEBINAR SERIES
This three-part online workshop series focused on tax essentials for artists. Each one hour session was taught by CPA Nora Macnee and allowed artists from across the country to learn the ins and outs of their taxes – all from the comfort of their home or studio. This webinar series was designed to give artists practical help with preparing their taxes this season. You can download your tax software before webinar #1 and have your taxes ready to file by the end of webinar #3. You can still purchase the three webinar bundle for just $45 for VANS Members ($75 for Non-Members).
Although the live sessions have ended, you can still register to be sent the links to the webinar recordings and resources.
Understanding the Current Tax Landscape for Artists
The workshop will discuss the criteria that CRA uses to determine if “a taxpayer’s artistic activity…constitutes the carrying on of a business or is merely the furtherance of a hobby”. Learn the steps in establishing your artist practice as a business, including registering a name with Joint Stocks, requirements leading to HST registration, online services with CRA, and hiring employees. The workshop will also discuss managing different sources of income (self-employment, sales, grants, commissions, and employment) and how to organize yourself for the tax season.
Wednesday, February 13, 6 – 7pm AT
Register to be sent a link to the recorded session.
The Mechanics of Filing Taxes Using Online Software
This workshop aims to leave you with a better understanding of how to report different types of income on your tax return. We’ll use StudioTax as our sample software (free for download and tax filing). We’ll start with the basics of the layout of a tax return and the flow of the numbers in the tax calculations. Understand the differences between a tax deduction and tax credits. We’ll do a deep dive into the Statement of Business Income where you’ll be reporting income and expenses from your artist practice. This is where it all happens.
Wednesday, February 20, 6 – 7pm AT
Register to be sent a link to the recorded session.
The Brass Tacks of Business Expenses
We will spend time in this workshop looking in more detail at special areas of business expenses. We’ll explore the differences between current expenses and capital expenses, wrestle with the concept of Capital Cost Allowance (depreciation), cost of goods sold and inventory. These are important areas for artists who invest in equipment (computers, cameras, tools etc.) and artisans who are production based. We also look at what is required to claim vehicle expenses.
Wednesday, February 27, 6 – 7pm AT
Register to be sent a link to the recorded session.
Nora Macnee is a Chartered Professional Accountant who has spent the last 15 years working in the non-profit field. Nora is CFO at MetroWorks, which operates social enterprises designed to provide training and work opportunities for persons with barriers to employment. Nora has served on the VANS Board of Directors as Treasurer since 2014 and volunteers her time with individual artists by helping them find their way through issues of taxation and small business management.
Let’s be honest, it is hard to get motivated to leave your house or studio and travel in winter weather to attend a workshop. This webinar series is short, jam-packed with great information and you can learn without leaving home.
