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Your life could be a write-off - Expert advice from a rock’n’roll accountant
In the songwriting business, “reasonable expectation of profit” can be significantly different from other businesses. The Canadian Revenue Agency (CRA) admits that there’s often a longer ramp-up period before a songwriter starts making a profit. That’s why it’s important for artists to work with an accountant who knows the business.
So you want to tour in the US?
Despite the economy, artists still want to travel in the US. Especially those living in Ontario and comparing drive lengths between Toronto-Edmonton versus Toronto-Albany, it makes sense for us to dip down south of the border to try our luck there.
While that’s true geographically, all artists need to be aware of the paperwork required to make this happen legally. There’s nothing worse than booking shows, organizing a tour and then getting turned away at the border.
Creative Commons 401(K) 2012
Rights, royalties, revenues & remuneration – How do we make money in this business?
Royalties are your songwriting revenues. They are the standard method of moneymaking in the music industry for songwriters.
As a songwriter, a creator of original material, you are the first rights holder. This is automatically granted to you under copyright law, thanks to the Canadian Copyright Act. Your diligence as a rights holder is key.
Crowdfunding for Canadian Songwriters
The idea of crowdfunding is not new. In fact, it is common for anyone launching a new venture to “begin at home” when securing initial support and uptake of services. I liken it to mowing lawns when I was a lad; I’d start off by doing it for my dad for a bit of loose change and, before long, I’d be cutting grass for the neighbours.
Radio Tracking is a Waste of Money?
Is investing in radio tracking a waste of money? Bobby Gale, a 30-year veteran of the music industry, says yes.
Does Spotify Make Cents for Creators?
There has been a lot written about Spotify in recent days. As of now Spotify operates in Europe and the US only, but there are very similar services in the works here in Canada, and the discussion below may well apply to them as well.