Taxes for Artists Workshop

artsnb in partnership with the New Brunswick Museum and accountant, Gary Belding, will be presenting a workshop on Business and Taxes for Artists. With tax season fast approaching, this workshop has proven to be popular with artists as it was filled to capacity the last time the program ran. The workshop will be presented in English only.

Who should attend: Anyone in the arts sector interested in basis information and rules on the treatment of business income and expenditures

Topics covered:

• Proprietor vs incorporation - Advantages and Disadvantages

• Treatment of Business Income and Expenses

• Home Based Expenses

• Use of Personal Vehicle for business

• Harmonized Sales Tax

• Filing a Statement of Business activities with the Canada Revenue Agency

• Basic Financial Statements

If time permits, topics of raising funds for your business:

• Bank financing

• Government Assistance Programs

• Crowd Funding and Venture Capital

At the end of the session, artists should be able to determine the income and expenses they can claim on their income tax return including use of their home and personal vehicle, proper record keeping, whether or not you chose to incorporate their business, and when to register for Harmonized Sales Tax (‘HST’). This information session will be helpful to new and existing artists who wish to improve their knowledge of record keeping and reporting their income and expenses beyond the level of a hobby business.

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