Hey Jessica, Thank you for the amazing content. Your videos are really helpful. I would be grateful if you could help me understand a bit about sole proprietor tax. I am working full-time and planning to day trade while making videos on UA-cam as a side hustle. Am I eligible for sole proprietor filing? If so, can I write off expenses for both day trading and content creation?
For any income you'd earn as a content creator and as a day trader, you'd be taxed at your full marginal tax rate. Here are some resources to explore the day trading tax component more, but if you do plan on being a sole prop with different business streams, highly recommend working with an accountant. www.humbledtrader.com/blog/filing-day-trading-taxes-in-canada-101 turbotax.intuit.ca/tips/how-to-calculate-capital-gains-when-day-trading-in-canada-6251 www.td.com/ca/en/investing/direct-investing/articles/day-trading
Hey Jessica, Thank you for the amazing content. Your videos are really helpful.
I would be grateful if you could help me understand a bit about sole proprietor tax.
I am working full-time and planning to day trade while making videos on UA-cam as a side hustle. Am I eligible for sole proprietor filing? If so, can I write off expenses for both day trading and content creation?
For any income you'd earn as a content creator and as a day trader, you'd be taxed at your full marginal tax rate. Here are some resources to explore the day trading tax component more, but if you do plan on being a sole prop with different business streams, highly recommend working with an accountant. www.humbledtrader.com/blog/filing-day-trading-taxes-in-canada-101 turbotax.intuit.ca/tips/how-to-calculate-capital-gains-when-day-trading-in-canada-6251 www.td.com/ca/en/investing/direct-investing/articles/day-trading
@@jessicamoorhouse Thanks. :)