Katie, just to let you know, I watched to the end of the video. So worth it. Great info on taxes, setting up a business. Even if we don’t think of ourselves as a business, we still have to pay taxes. I have a question. UA-cam takes about 26% in taxes from my YT income. I assume I still need to put money aside for Canadian Taxes, right? So, as a UA-cam creator, my income is taxed on the US side and Canada. This almost makes it seem hardly worth it. Am I right? Taxed on both ends?
hey Sue! thanks for watching to the end 🤗 so as a Canadian you shouldn't have UA-cam withholding taxes, (I actually just learned about this last year!) you need to fill out a form within your adsense account to let them know where you're based, and because of the tax treaty that Canada has with the US, they shouldn't withhold any - take a look here! support.google.com/youtube/answer/10390801?hl=en
Would you recommend creating an LLC from the beginning, or waiting until your content creation is actually making good money? Also, would you name the LLC with your personal name (if your channels use your personal name), or some totally different business name?
so in Canada we don't have LLCs so I can't speak to that directly, but in Canada at least, it makes the most sense to remain a sole proprietor until you're profiting about $100k/year, then it makes sense to register your business as a corporation (similar to LLC) but I don't know if that's the case in the US!
Thank you for being so open about how you go about with your income. I haven't quite started making money, but what I AM going to do is set up an excel sheet/workbook in which I track all my expenses and incomes (from the future income streams) and have it automatically calculate what is for taxes (set that aside of course), what is "free profit"(for small companies here in the Netherlands we can deducted a part of our net profit BEFORE taxes) and all of that. I hope that will give me enough insight and thus make it possible for me to pay everything I need to pay :) I WILL let an accountant check the set up to make sure I don't get into issues 😁 I hope in the future it can help me live my life as a full time author 😃
I totally think this is helpful. Do you have a good place to point someone who wants to set up a coaching program? I think that would fit well with what I do.
💵 First time commenter, but I am soooo glad you spoke on what's being called "passive income" is not actually passive income. That has always never really made sense to me because the process of getting that passive income was NEVER really passive. Thanks for shining a light on this misconception and bringing some clarity. Love your content!
thank you so much!! i feel like it's such a common topic but no one ever seems to acknowledge that passive income is actually a very active pursuit lol
Another awesome video Katie and yes good to cover this topic because we don't want CRS, IRS or HMRC coming after us because we're not paying taxes. Love 🥰 this video and all your videos. Love ❤ Katie. 💵
Hey! Long time listener (personal account), first time caller. 🙂 Love your rebranding of passive income as scalable income. Creating an asset like a video doesn’t do much unless you nurture its growth in some way. Cheers
Thanks for all the helpful advice, my fellow Canadian! I was actually just on the phone with the CRA last week, and it was not at all rainbows and puppies. It's definitely good to stay on top of these things. I'd love to see a deeper dive into how to actually make money on this platform in the future! :) Keep up the awesome work!
💰 🎉 One of these dang days I am going to get over myself and upload content. Sigh. But! Until then, I've been lurking for a while and greatly appreciate the knowledge bombs you offer. ❤
haha I wish!! in a few weeks I'm flying direct Toronto to Tokyo in economy 😂 it would have doubled the cost of our entire trip for Dan and I to fly business, I was blown away by the cost 🙈
@@Travis542 It does look like an export thing. Thats what sucks is that after you have watched the video about a million times, you don't want to do it a million and one times
If you are only been doing it for a few years: You need to spend more. I see it all the time with small creators that they are way too shy to spend money on write-offs.
Still have questions about making money as a content creator? Drop them in the comments ⬇
Do you have any videos on how to make a course?
After 10yrs I started making a little money on my platforms. I made around 10k last year I owe 500 in taxes this year so far 6k
💵 A helpful and informative video (as always)! I follow the 30% rule for taxes and invest the rest either back into the biz or retirement.
your video is the motivation for the small UA-camrs like me. 😊Keep going
Katie, just to let you know, I watched to the end of the video. So worth it. Great info on taxes, setting up a business. Even if we don’t think of ourselves as a business, we still have to pay taxes. I have a question. UA-cam takes about 26% in taxes from my YT income. I assume I still need to put money aside for Canadian Taxes, right? So, as a UA-cam creator, my income is taxed on the US side and Canada. This almost makes it seem hardly worth it. Am I right? Taxed on both ends?
hey Sue! thanks for watching to the end 🤗 so as a Canadian you shouldn't have UA-cam withholding taxes, (I actually just learned about this last year!) you need to fill out a form within your adsense account to let them know where you're based, and because of the tax treaty that Canada has with the US, they shouldn't withhold any - take a look here! support.google.com/youtube/answer/10390801?hl=en
I am totally prepared for what to do with the money after watching your videos for AGES, now I've just gotta make some proper money haha 😂😂
Thank you! This was informative and helpful!
Would you recommend creating an LLC from the beginning, or waiting until your content creation is actually making good money? Also, would you name the LLC with your personal name (if your channels use your personal name), or some totally different business name?
so in Canada we don't have LLCs so I can't speak to that directly, but in Canada at least, it makes the most sense to remain a sole proprietor until you're profiting about $100k/year, then it makes sense to register your business as a corporation (similar to LLC) but I don't know if that's the case in the US!
I LIVED for this video. it is not talked about enough. THANK YOU
Thank you SO much for making this video! It's helping me SO much! ✨🌹✨
Great tips 💸
If you're in the U.S. paying quarterly taxes works well
I was gonna say the same thing.
Great information! Thx for creating and sharing! ❤❤
Very good advice, there are lots of options for revenue and I was taught the two most certain things are death and taxes.
Appreciate the insights Katie still figuring out how to sell my creativity and market it online hoping all is well these days 💡
Thank you for being so open about how you go about with your income.
I haven't quite started making money, but what I AM going to do is set up an excel sheet/workbook in which I track all my expenses and incomes (from the future income streams) and have it automatically calculate what is for taxes (set that aside of course), what is "free profit"(for small companies here in the Netherlands we can deducted a part of our net profit BEFORE taxes) and all of that. I hope that will give me enough insight and thus make it possible for me to pay everything I need to pay :)
I WILL let an accountant check the set up to make sure I don't get into issues 😁
I hope in the future it can help me live my life as a full time author 😃
Such an informative and helpful video for us small creators! Thank you for sharing your knowledge ☺️
Thank you for sharing! I love your videos like this and can't wait for more!
I totally think this is helpful. Do you have a good place to point someone who wants to set up a coaching program? I think that would fit well with what I do.
Hi Katy, There;s a glitch at 13:18, fyi.
💸💸💸 another great one! Thanks Katie
💵 First time commenter, but I am soooo glad you spoke on what's being called "passive income" is not actually passive income. That has always never really made sense to me because the process of getting that passive income was NEVER really passive. Thanks for shining a light on this misconception and bringing some clarity. Love your content!
thank you so much!! i feel like it's such a common topic but no one ever seems to acknowledge that passive income is actually a very active pursuit lol
Thank you so much for breaking this down, I am a Canadian myself, very helpful.
I'm so glad it was helpful!
This video was so informative for small creators like ❤
So glad to hear that 🤗
💸 Helpful and full of great information, thanks Katie 😃
💵 Great to hear a sensible approach to finances and those dreaded taxes. Keep up the great work.
thanks Bella!
Another awesome video Katie and yes good to cover this topic because we don't want CRS, IRS or HMRC coming after us because we're not paying taxes. Love 🥰 this video and all your videos. Love ❤ Katie. 💵
This is a lot of great advice!!😊 💵
Hey! Long time listener (personal account), first time caller. 🙂
Love your rebranding of passive income as scalable income. Creating an asset like a video doesn’t do much unless you nurture its growth in some way.
Cheers
great advice about savings, taxes and lifestyle 💸
Helpful as always 💸💵
Thanks for all the helpful advice, my fellow Canadian! I was actually just on the phone with the CRA last week, and it was not at all rainbows and puppies. It's definitely good to stay on top of these things. I'd love to see a deeper dive into how to actually make money on this platform in the future! :) Keep up the awesome work!
ahh it's never a good day if you gotta call the CRA... though I will say the times I have, they're always very friendly and helpful
💵 Such a great video, as usual. Thank you!!!
Thank you for such an informative video, I really enjoyed it! 🙏
Thank you so much ❤🎉
💰 🎉 One of these dang days I am going to get over myself and upload content. Sigh. But! Until then, I've been lurking for a while and greatly appreciate the knowledge bombs you offer. ❤
you should do it Kristie!! just go for it! ✨
Same! I’m just going to start next week! You should start soon, too!
That’s cool :o I like that you have an app, that’s cool totally worth it
Long haul flights should always be business class at least! 😂❤😊
haha I wish!! in a few weeks I'm flying direct Toronto to Tokyo in economy 😂 it would have doubled the cost of our entire trip for Dan and I to fly business, I was blown away by the cost 🙈
@@katie take a look at last minute deals just before you go to upgrade, it’s often much cheaper then 😉
💸 great video!
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Thank you for doing this video, I'm a tiny content creator, but I know some day I may get monetized. Hopefully! ❤❤
Right :v we have to follow the rules of money where we live
Does Uscreen allow members to chat in different chatrooms?
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13:18 it glitches out a bit
Dang that is so weird!! No idea why it did that 🙄
I’ve had a couple videos do that recently. I think it happens during the export.
@@Travis542 It does look like an export thing. Thats what sucks is that after you have watched the video about a million times, you don't want to do it a million and one times
@@WelcomeToTheOutdoors right. By the time I’m done editing I never want to check it again.
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I have like....10 subscribers. I don't even know why I'm watching this. 😂
Still watched till the end though 💸💪
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If you are only been doing it for a few years: You need to spend more. I see it all the time with small creators that they are way too shy to spend money on write-offs.
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💸💸 I've only posted shorts BUT I'm manifesting good things for when I finally post my first long form video 😂
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You’re Canadian?🇨🇦👀 how is this news to me? 😮
haha I guess I don't say "about" often enough!
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Hmmm
Still on my way to one thousand subscribers and watch hour
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You are inspiring. Definitely going to use your services when I start my channel after I move. 💰 imoji
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