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Thread: Is a band a business??

  1. #41
    Senior Member
    Join Date
    Feb 2003
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    North Bay
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    514

    Default Re: Is a band a business??

    Hey Ollie,

    You can claim your gear under self-employment. I believe it is a class 8 item and you can claim up to 20% a year. Strings and odds and ends can be claimed, lodging, percentage of fuel, lease cost if you lease based on your calculated km's used towards gigging. Meals, stationaries, etc. You have to get the forms from revenue Canada, not included in a basic return. If you buy software like QuickTax, the forms are all there. Its very easy to do on your own with the software, just punch in the numbers. Like OU812 said though its not really worth it unless you are making some serious quid that can be easily found. If you make $1000.00 a year doing bar gigs, writing off your $10 000 in gear is not worth it (at least not the full 20%). However as you know the corporate gigs with great pay and all kinds of paperwork (cheques, contracts) it is worth it. I am getting ready to do the old taxes, so if you have any questions fire away, its gonna be fresh in my mind here again soon. Will be able to give you the proper info.

  2. #42
    Moderator fenderbass's Avatar
    Join Date
    Jan 2006
    Location
    not here, but there
    Posts
    1,640

    Default Re: Is a band a business??

    Corporate gigs are the nice money gigs...Wish they all payed as good as that.
    Die Lügen sind wie Schneebälle: je weiter man sie fortwälzt, desto größer werden sie: Lies are like snowballs: the farther they roll, the greater they grow

  3. #43
    Senior Member
    Join Date
    Jun 2006
    Location
    Ontario
    Posts
    2,419

    Default Re: Is a band a business??

    A band can't be a business or they wouldn't be allowed to advertise here.

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