- April 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring the Financial Situation in the Film Industry
Hi all,
I am currently employed in the film industry, specifically in the union (IATSE), and also engage in some non-union work. In 2021, I made the decision to incorporate based on advice from colleagues in my field who suggested that once income reaches $100k, it is ideal to do so. However, recently I have been feeling that having a corporation may not be as financially beneficial as initially thought.
### Evaluating the Financial Benefits and Drawbacks
A few points to consider:
– I do not possess a significant amount of equipment and tools for my job. The most I have invested in gear was around $8k last year.
– Incorporation through the union has made it challenging to access Employment Insurance (EI). Given the current state of the industry, being able to leverage EI as a self-employed individual or sole proprietor would have been advantageous.
Considering these factors, I am seeking advice on whether it is prudent to dissolve my corporation or maintain its status.
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Sole proprietors can’t really keep money in the business and draw it in later years because all
Income goes on your personal taxes. Corporations give you the ability to pay yourself in dividends. You also get special treatment for vehicles paid for with the corporation. I had the opposite problem where I went t sole prop and should have been a corporation. Look for an accountant who specializes in private corporations for independent contractors. They can review your taxes and provide advice on which is best for you
This is too complex to ask for advice on reddit, you need to seek a professional accountant who can analyze both scenarios for you and give you a memo on their findings.
Paying the sub-$1,000 this analysis will cost you is pennies compared to the thousands it could potentially save you.
At the 100k mark, corps in general are not that useful.
The goal is to give yourself a salary and keep the rest in the Corp for tax optimization.
At 100k, whatever you save is probably less than the costs of the Corp.
More information is needed. How much are you actually making in terms of net AND gross revenue?
I am not super clear on your EI note. Did you register for the self-employed/business-owner EI program?
Film Industry here as well, stunts and animal wrangling. We have kept ours a partnership and not incorporated because for us it’s really feast or famine at times. And as you know since 2020 it’s been brutal for many of us. Having the wrangling income with EI taken off made us eligible for EI during shut downs. Since we are taxed for the animal wrangling at the source it’s actually less of a headache for taxes, although we have paid more depending on how good of a yr we have.
Stunts are not taxed so we still need to save and pay (or not depending on deductions and income on that, residuals as well are not taxed)
My husband was incorporated for quite awhile, but with his ex wife and never bothered after the divorce. He doesn’t notice a huge difference in anything.