Fletcher Gailey-Snell likes to draw t-rexes and triceratops, hammerhead sharks and belugas.

He doesn91裸聊视频檛 particularly enjoy thinking about taxes.

It91裸聊视频檚 why the Ottawa man and his wife Ashley Faragher hired a professional to help them understand the tax implications of their small business, Fletch Robbins, which sells Gailey-Snell91裸聊视频檚 illustrations of dinosaurs and animals in the form of t-shirts, cards and prints.

91裸聊视频淚t is our side hustle. So even the time it takes to be able to file our taxes properly is not something we necessarily have,91裸聊视频� said Gailey-Snell, who holds a full-time job on top of his artistic passion project.

91裸聊视频淔or us, it91裸聊视频檚 just the two of us running this thing. So anything we can delegate is helpful, to help us focus on the stuff that91裸聊视频檚 important to us.91裸聊视频�

Gailey-Snell is definitely busy, and he91裸聊视频檚 not alone. According to a Maru survey conducted in January on behalf on TurboTax Canada, 23 per cent of Canadians reported having a side gig in addition to their primary employment.

Of those, 85 per cent said the rising cost of living was a factor in their decision to pick up secondary employment, according to the survey.

That makes it fair to assume that with inflation hitting new heights in 2022, many Canadians were likely new to the 91裸聊视频渟ide hustle91裸聊视频� game 91裸聊视频� and just as unsure of the tax implications as Gailey-Snell was when he started his business.

In fact, Emily Verrecchia, a tax expert with TurboTax Canada, said questions related to self-employment and gig work were among the most common questions she heard from clients last year.

91裸聊视频淚 personally see it a lot,91裸聊视频� she said.

91裸聊视频淚 think the best advice I could give for anyone who91裸聊视频檚 doing this for the first time is organization. If you can stay on top of everything that91裸聊视频檚 happening around your business, even if it91裸聊视频檚 just taking notes on things you spend money on, that can really help you when tax season is on your door.91裸聊视频�

While side hustles can vary 91裸聊视频� from tutoring to freelance writing to cake decorating 91裸聊视频� Verrecchia said it91裸聊视频檚 important to keep track of income and expenses because including your side hustle on your tax return is mandatory.

91裸聊视频淭here may be those people out there who think 91裸聊视频榦h, this is just a hobby,91裸聊视频�91裸聊视频� Verrecchia said.

91裸聊视频淏ut as soon as you start to charge for your service, there is an exchange there and a realization of revenues. So you do have to report it.91裸聊视频�

If your side hustle involves working as a contractor for a big tech company 91裸聊视频� for example, you91裸聊视频檙e a driver for Uber 91裸聊视频� you should get a statement from the company detailing your earnings. However, it91裸聊视频檚 still your responsibility to report what91裸聊视频檚 on that statement to the Canada Revenue Agency.

If you91裸聊视频檙e not a contractor and are truly self-employed, there are a number of free apps available that can help you keep track of revenues and expenses.

The good thing is that there are many expenses you can deduct from your income as a self-employed worker. These include supplies, home office space, even professional development.

91裸聊视频淏ut some deductions only apply to some industries, so I strongly suspect talking to an expert if you91裸聊视频檙e not sure,91裸聊视频� Verrecchia said.

Yannick Lemay, spokesman for H&R Block, said while some people need help to not miss deductions they91裸聊视频檙e entitled to, others may think they91裸聊视频檙e entitled to deduct more than they really are.

91裸聊视频淔or example, to be able to deduct the business use of your home, it needs to be your main place of business, and you need to work there more than 50 per cent of the time,91裸聊视频� Lemay said.

91裸聊视频淪o if you go and do work at the homes of your clients 91裸聊视频� mobile massages, for example 91裸聊视频� then you91裸聊视频檙e not working at your home more than 50 per cent of the time, even though you may do your bookkeeping at your kitchen table.91裸聊视频�

Another common pitfall, Lemay said, is that if you91裸聊视频檝e switched to being self-employed and don91裸聊视频檛 have taxes deducted regularly from your paycheque, you will need to start paying your income taxes in installments.

91裸聊视频淭hat first year, the CRA won91裸聊视频檛 send you a letter because they don91裸聊视频檛 know yet that you owe them taxes,91裸聊视频� Lemay said. 91裸聊视频淪o it91裸聊视频檚 on you to pay those tax installments during the year, otherwise you91裸聊视频檒l pay interest.91裸聊视频�

Taking the time to consult a professional can also help you access benefits you91裸聊视频檙e not even aware you91裸聊视频檙e entitled to. The Canada Worker91裸聊视频檚 Benefit, for example, is a refundable tax credit available to Canadian workers 91裸聊视频� including self-employed workers 91裸聊视频� earning revenue of $30,000 or more.

For his part, Gailey-Snell fully recommends getting professional advice, even if your side hustle is just getting started or you91裸聊视频檙e not earning much income yet.

91裸聊视频淚 remember the first time we hired our tax person to help us, we were surprised at how little money it cost to hire a specialist, and we were amazed how much money they were able to help us get back in things we would just never even think of,91裸聊视频� he said.

91裸聊视频淭hey were all things we legitimately can claim against the business, we just never thought of it because it91裸聊视频檚 not our area.91裸聊视频�

91裸聊视频擜manda Stephenson, The Canadian Press