Minimize tax payment on Rumble earnings

DavidMcNab

Well-known member
I've been fortunate enough to make sufficient money with Rumble to have the Canada Revenue Agency wanting their share. It's actually a good problem to have. And it's easy to keep a good portion of your earnings if you have the same problem. Video production is a very good profession for legitimate tax deductions.
***I'm not an accountant or a tax lawyer and I didn't impress any of my math teachers. This is also a Canadian scenario, although it's likely similar in USA and other countries. You'll want professional advice to confirm this.

What I have learned is this:

Expenses incurred in the genuine pursuit of income can be used in part, or in whole to offset earnings. You have to be spending the money with the hope of making more than you spend. But it doesn't have to be a successful attempt in every case for it to be a valid deduction.
I can claim part of the expense of a vacation, mileage for driving to where videos were shot, computer and camera expenses, some food etc.
I have claimed deductions for some surprising things; a big bag of corn (deer feed), scuba diving, tepanyaki dinners, humpback whale excursions, a fancy bra (I ruined one of my wife's with a video of her garden hack...felt the need to explain that one), a fish foot spa, and dozens of other things.
You need to have made a video that relates to the expenses to avoid scrutiny.

Definitely confirm your tax deductions with a qualified tax consultant before trying it in your country, but don't forget the expenses that you have incurred when you claim your Rumble income.
I went to Tonga specifically to record humpback whales. It might seem like a stretch to use the cost as a tax deduction, but if one of my whale videos goes viral, you know I'll be paying. It's only fair that I can keep what I'm entitled to as well. Don't throw away your money needlessly.
Good luck Rumblers!
 
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