- Trusted Accounting Experts for Entertainment in Toronto
Entertainment and Media Accounting Toronto
Toronto’s entertainment and media professionals — including musicians, actors, filmmakers, content creators, and performance artists — face unique accounting and tax challenges. NRK Accounting specializes in entertainment industry accounting, helping you manage irregular income, multiple revenue streams, royalties, HST requirements, and CRA compliance, so you can focus on your craft.
- CRA Compliant
- Same-Day Response
- Free Consultation
Accounting & Bookkeeping for Artists, Musicians, Creators
Being creative shouldn’t mean being bogged down by finances. We help:
Track income from performances, streaming, royalties, and gigs
Tracking income from performances, streaming, royalties, and gigs
Categorize revenue from different platforms and sources
Categorizing revenue from multiple platforms and sources
Manage studio or production expenses
Managing studio, production, and creative expenses
Reconcile accounts from ticket sales, digital platforms
Reconciling ticket sales and digital platform payouts
Monthly financial reporting tailored for creatives
Monthly financial reports built for creative income
Ongoing accuracy is supported through our Bookkeeping services.
Tax Services for Entertainers and Performers
Income for entertainers often comes from many places — shows, endorsements, agent commissions, royalty income, and union work. We provide:
Accurate T1 personal tax filing with multi-source income
Accurate T1 personal tax filing with multi source income
Strategic tax planning for seasonal or irregular earnings
Tax planning for seasonal and irregular earnings
Maximizing deductions (equipment, travel, costumes, promotion costs)
Maximizing deductions for equipment, travel, costumes, and promotion
Royalty income reporting and tax optimization
Royalty income reporting and optimization
Guidance on incorporation if beneficial
Guidance on incorporation when beneficial
Learn more about our Personal tax services.
Corporate & Production Company Accounting
If you’re running a production company, digital media brand, or entertainment business:
- Corporate tax filing (T2) and planning
- Financial statements for investors or partners
- Payroll setup for crew or employees
- Budget tracking for projects and productions
- Cash flow and profitability analysis
Integrated support is available through our Corporate tax services.
HST & Sales Tax for Entertainment Income
Many entertainment income streams trigger HST requirements — including ticket sales, streaming revenue, merchandise, and workshops. We assist with:
HST registration for performers and entities
HST registration for individuals and entities
HST filings and remittance reporting
HST filing and remittance reporting
Input tax credits for equipment and studio costs
Input tax credits for equipment and studio costs
Avoiding penalties and audits
Prevention of penalties and audits
See our HST filing services for details.
CRA Audit Protection & International Work
Entertainers often travel and work internationally — which can trigger complex tax situations. We help:
- CRA audit support tailored to creative professions
- Non-resident and foreign income reporting
- Treaty considerations for performers working abroad
- Proper reporting of U.S. and cross-border income
Support is available through our Tax audit assistance.
Why Entertainment & Media Pros Choose NRK Accounting
We combine industry understanding with strong tax expertise to deliver:
Customized tax advice for artists and creative professionals
Industry specific tax knowledge for creative professionals
Monthly reporting that reflects the reality of creative income
Reporting that reflects real world creative income
Fast electronic filings and personal support
Fast electronic filing with personal support
Local Toronto & North York service with personal attention
Local Toronto and North York service
FAQs — Entertainment & Media Accounting
Do musicians need to register for HST?
Yes — if your revenue exceeds $30,000 annually or you render taxable services. We assess your situation and handle registration and reporting correctly.
Can performance income come from multiple sources?
Yes. We consolidate streams (tours, streaming, royalties, sponsorships) into accurate tax reporting that maximizes deductions.
Do I need a corporation for entertainment income?
Often yes, especially if income is high or you have significant expenses. We’ll advise based on your financial goals.
What expenses can entertainers claim?
Costs like travel, props, costumes, studio rental, instrument repairs, and promotional costs are often deductible when documented properly.
Need Entertainment and Media help?
Book a free consultation to discuss your Entertainment and Media Accounting needs
Get Accounting Support Built for Creative Professionals
Focus on your craft — we'll handle the numbers.
Location
40 Wynford Drive, Suite 211 North York, Toronto
Phone
416-577-4301
info@nrkaccounting.com