I love tax season. It has not always been so.
When I moved to Canada some seven years ago, tax was a vague concept. We pay tax in Nigeria, but not in a way that the average citizen appreciates.
Here, I learned about tax season and that wonderful phenomenon called returns. For my first year, I went to see a professional. Hannah, an Ethiopian lady. She assured me that I was doing well for my first year as an immigrant. That consultation became a warm memory.
After that, I found out about tax software like Wealthsimple, and I’ve been doing my taxes myself every year since then. Early on, I was influenced by a friend to be focused on optimizing returns. Tax season was very stressful for most years, because my overthinking took over.
In 2023, I decided to file with H&R Block. I asked the accountant if I could file for my music expenses in the previous year. I had spent quite substantially on my first album (Breakfast & Launch), and was eager to see how that could affect my returns. She asked how much I had made from it. I had made approximately $11.7 from my music streaming royalties. She laughed (and brayed) like a donkey, saying that I could not file because I had not made substantial income.
I went home a bit deflated. I thought it made sense—that the CRA would consider it a hobby because it had not made real income. Years later, I came to find out that that is not true at all. She shortchanged me by her confident ignorance.
At the root of this past misfortune begins my newfound love for taxes: the importance of acquiring knowledge—and specifically, financial systems literacy. My eventual discovery of my full rights to claim my music investments on my taxes started with an AI prompt this very year. I felt so fired up that I started an audit going back six years into everything I’d spent on music. I have the right to refile, and get some lost income back.
I was determined to file properly this year and checked with a few tax accountants. None of them seemed familiar with filing for music, so I decided to brave it on my own, after lots of research.
I enjoyed tax season this year because it made me reflect on my personal and professional growth. I filed taxes for two businesses—my coaching business, under Charmbrook Consulting, and my, ahem, music business, Taiwo Ash Music.
I feel so good about this. I was thrilled to be able to draw up a list of expenses—real investments made towards progress. It fascinated me to be at this point of differentiating my skills and interests into real entities, into products, and reporting them via forms the government will review. It prompted me to think, dream and plan in numbers—something that does not come naturally to a poet like me.
I cherish the learning it imposed on me. I love learning vast, systemic concepts, especially ones like this that affect me in such a personal way. Taxes are really simple after all. I mean, sort of. I took pride in not wanting or needing to speak with any professionals. I visited one who, when I said I wanted to file for a career coaching business, thought I meant Korea coaching (martial arts—she made a kung fu sign with her hands when she said this). I clarified and then she thought I meant courier coaching. I realized she could not help me and went on my merry way.
Having gotten a lot of knowledge (massive thanks to AI models), I was tempted to refile for previous years, going all the way back to 2020, to take vengeance on all the wasted returns I missed out on. I was advised to stay my hand for fear of poking the CRA bear needlessly. I cut my losses and am taking my learnings forward. I will be operating like a business man, documenting everything— invoices and receipts, etc. I discovered I do like to plan and live in spreadsheets after all.
Sure, I ran at a loss on both businesses. As I discovered, running at a loss is very good for your tax returns—the government lets off some of your taxable income. And though my returns were nothing too glamorous, it whet my appetite for the future. Just in time, too—lately, I’ve been learning entrepreneurial discipline. My coaching offer is now so streamlined. I realized when you try to do too many things, people don’t understand what you’re doing. Simplicity really is the highest sophistication.
I loved this tax season because it prompted me to learn, plan and see myself in a new way. It’s made me much more organized. I am already planning for next year’s tax season—you should see the neat folders I have on my computer now.
Returns are cool, but you then realize that the real point of tax season is accountability. To the government and to one’s self. In coming years, I’ll be paying substantially—the more money you make, the more taxes you have to pay. I have put aside the myopia of returns-ecstasy, and am more focused on income defensibility and civic responsibility.
How do you feel about tax season?
Cheers to more growth, and real success — measurably so.
