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Subscribe To A Canadian Newspaper Online? You Should Read This
FYIMusicnews.ca drew my attention to this article from earlier this month. SOWNY is hardly the place that hands out financial advice (I'm lucky when I can get my bank account ledger to balance!) but I didn't know about this and I'm betting many others didn't, either.
Beginning next year, the feds have introduced a small tax credit for anyone who subscribes to a Canadian newspaper online. It's not a lot of money, but, hey, every bit counts these days. The only thing that makes me a bit nervous is that the news outlet has to be approved by the government.
"You need to ensure that the news is accessed in a digital or online form and the content provider is recognized as a qualified Canadian journalism organization (QCJO)."
Canada Revenue Agency: Claim This $500 Tax Break Starting in 2021!
How to know if you're eligible
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Re: Subscribe To A Canadian Newspaper Online? You Should Read This
Just spoke to an administrator at the Toronto Star about this tax credit. I wanted to know how you would prove to the CRA that you're a subscriber and actually in line for this benefit. She told me subscribers would have to phone the Star and request a document with that proof, noting they won't be sending them out unless customers ask for them.
I'm not sure if other newspapers are doing the same thing, but it does mean a bit of extra work at tax time if you want to claim the credit. Personally, I think they should be issued automatically like charity receipts are, but for now, that doesn't appear to be in their plans.
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