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So I have written a book that is being published by a major publisher. I'm Canadian, the publisher is in the US. I have a contract with the US based publisher, and will collect royalties once the book is for sale. I'd like to buy some computer stuff for my home office, which I'd partially use for the purpose of putting the final touches on the book - promotion online, working on the proofs, etc. It struck me that this is kind of a business-like activity. So I thought - maybe I could register a business and write these items off on my taxes? As I started down this path things got very murky. The Canada Revenue Agency doesn't seem to list writing as a business activity on their arts site. Aside from Reddit, Canada doesn't seem to have any good forums for entrepreneur communities and all the guides I've found pertain to self-authorship. Does anyone have experience with a situation like this? 
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Oct 15, 2016 21:22
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| # ? Apr 25, 2024 01:44 |
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You can call the CRA to get this information, but if I were you I'd talk to an accountant. I am pretty sure an author is a businessperson for tax purposes, and you don't need to register unless you are required to collect HST. You probably aren't, but I'd check. You may be able to write off a portion of the depreciation of computer equipment that you buy, since it is not exclusively used for business. I don't know the rule on partial use. You could potentially also write off research expenses, advertising, related travel, your accountant's fees, etc. so it is worth looking into.
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Oct 16, 2016 00:09
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