Discussion When starting a YouTube channel, is it best to register it?

[drpeppercan]

As in registering a company (Sole Proprietorship)?
I am wondering if I should also get a WWW domain name?

Or is it better to wait until I'm bigger and decide then?

Thanks in advance guys/gals

DPC

 

[Red Squirrel]

Youtube does not pay money anymore unless you become huge, so I would not bother making it into a business. If you do grow to the point that you make money then I suppose it would not hurt to make it into a business.

Even when they did pay money I didn't bother making it a business, it's more like a hobby that just happens to make a bit of money too.

Though you got me thinking... wonder if the money you make through Youtube and Adsense etc is considered taxable income. I never bothered myself but wonder if I should have. If I recall my tax person told me not to bother though as it's too small an amount. Not even sure how you would go about claiming that as there's no T4 slip or anything like that. If they do expect taxes then it probably is worth setting it up as a business that way you can write off your costs, and you would be able to avoid paying the taxes as long as you keep your costs the same as what you make. (buy more camera gear, more expensive hosting package etc).

 

[brianmanahan]

Though you got me thinking... wonder if the money you make through Youtube and Adsense etc is considered taxable income.

it certainly is in the US. google sends a 1099 form at the end of the year showing how much you made and they also report it to the IRS, so that has to be handled when filing taxes.

 

[drpeppercan]

Sure the taxes is a point to consider.
But at this point (before I start officially), it's when is most critical when it comes to choosing the company's name (then a domain name). And that's when I thought, well, might as well look into registering a company. Not necessarily that the YT channel would have to be registered as a company, but maybe a separate company with a broader scope (beyond that of the YT channel).
Or just register the YT channel as a company (assuming this is possible), and then later in the future registering that other company to which the YT channel would belong to.
I don't know, I am just thinking out loud.

 

[purbeast0]

Of course you should get a domain if you are starting a business. I personally wouldn't do business with any company that doesn't have a website in 2019.

 

[Ichinisan]

Of course you should get a domain if you are starting a business. I personally wouldn't do business with any company that doesn't have a website in 2019.

Well I watch Fact Fiend on YouTube, but it wouldn't bother me a bit if Karl Smallwood didn't have a domain or web site.

 

[Iron Woode]

Youtube does not pay money anymore unless you become huge, so I would not bother making it into a business. If you do grow to the point that you make money then I suppose it would not hurt to make it into a business.

Even when they did pay money I didn't bother making it a business, it's more like a hobby that just happens to make a bit of money too.

Though you got me thinking... wonder if the money you make through Youtube and Adsense etc is considered taxable income. I never bothered myself but wonder if I should have. If I recall my tax person told me not to bother though as it's too small an amount. Not even sure how you would go about claiming that as there's no T4 slip or anything like that. If they do expect taxes then it probably is worth setting it up as a business that way you can write off your costs, and you would be able to avoid paying the taxes as long as you keep your costs the same as what you make. (buy more camera gear, more expensive hosting package etc).

I knew a guy in London here that was making $13,000 per month from Youtube. I am pretty sure that would need to be reported to the CRA.

 

[Red Squirrel]

I knew a guy in London here that was making $13,000 per month from Youtube. I am pretty sure that would need to be reported to the CRA.

Oh wow yeah that much you'd probably want to start a business so you can file properly under a business name and all that. Probably even get a good business accountant at that point.