I am doing that with HST, however I deducted the 20% as an expense fee on top of putting my net income. I believe Ive done this wrong for the past 2 years and Im worried they will charge me a lot for this. Im not sure who can help me.

You can not claim the 20% OF fees if you working from your net as your income.

I work from my Net amount as if that is the total of income I earn. That’s what goes into my bank.

If you are making 30k a year. As soon as you hit that amount you need to register for HST. It doesn’t matter that your sales may be aboard. Because you earn via OF you have to pay HST according to where you live on the entire amount of net income.

I work it out as if my income is inclusive of HST. I do this because I was audited and CRA agreed I can do that. So I have to set aside from my net earning the amount that that where I reside says to

That has to be submitted every 3 months. That is not your year end taxes. They are on top of that. So we have to make sure we are putting money aside. Hope
That helps

Just to confirm, we claim the net income rather than gross, but also claim the 20% fee as expenses?

That’s what I thought, it’s how it is with other cam site platforms.

You know your percentage cut straight away and their records do not show how much their percentage split is.

You only know how much you are paid in your sales and commission page and that is all.

I’m not sure what else to try. Are the Skrill/Cosmo and Paxum options feasible? Do they charge crazy rates?

Hi J
My Direct email is cfinch@fbc.ca. I would be happy to discuss your future move to Canada with you and possible tax hurdles you may have.
Again Barry if I am not allowed to post my email on here let me know.

Hi Chris, are you able to share your firms info? moving to canada soon and will face similar onlyfans tax complications!

I am incorporated as an OnlyFans Content Creator. It doesn’t help the HST situation that registered creators are having to deal with. I have been informed by CRA/HST that basically I need to be invoicing OnlyFans charging them the HST I’m having to collect and remit on my earnings. There is no present system in place for this to happen for Canadian Creators – which is really, really bad. CRA need to chase them down. So for HST purposes CRA is allowing my earning to be inclusive of HST otherwise I would have to add on top.

Sure Incorporating you Only fans is Easy
1. Hire a lawyer to do your incorporation (it is better to pay extra money now) if you make a mistake a lawyer will be needed to fix it and will charge even more.
1a. when incorporating make sure the share structure is correct Fenix International requires that the Performer be at least 51% shareholder in the case of couples whoevers name is on the original account must be the 51% shareholder and sole director (this is to protect performers from illegal trafficking)
2. with a corporate return you should also have an accountant T2 (corporate tax return is much more complicated then a T1(personal tax return)
3. after getting your professionals in order you will need a bank account in the companies name (you will have to disclose the nature of your business to the bank)
4. you must contact Fenix international to let them know you have incorporated and they will ask you for your certificate and articles of incorporation.
5. you must have all money come from Fenix to your corporate bank and any money left inside the company is taxed at 9% federally and what ever your provincial rate is largest in Canada in Ontario at 3.2%
6. You then come up with a plan with your accountant and financial advisor on how best to take your money out of your corporation or invest within your corporation every situation is different.