Alysha Newman is not just a Canadian pole vaulter who has captivated the world with her athletic prowess; she is also a symbol of personal empowerment and a pioneer in managing a multifaceted career. As an Olympic athlete who has competed at the highest levels and a renowned OnlyFans creator, Alysha’s story is one of hard work, relentless determination, resilience, and savvy navigation of financial independence.
Alysha’s Athletic Journey
Alysha Newman’s journey in athletics began at a young age in London, Ontario. Her talent in gymnastics initially paved the way, but after injuries steered her towards track and field, pole vaulting captured her passion. Alysha’s dedication to her sport is evident from her record-breaking performances at various levels, including NCAA championships and national competitions.
She continued suffering injuries and setbacks, working her way back every time. After representing Canada and finishing 17th at the Rio Olympics in 2016, she sustained a concussion right before the Tokyo 2020 Olympics and wasn’t able to qualify. But like a true hero, she picked herself up once more and won a bronze medal in women’s pole vault at the 2024 Paris Olympics, setting a new Canadian national record with a vault of 4.85 meters and becoming the first Canadian woman to win an Olympic medal in pole vault.
Alysha’s Career as an OnlyFans Creator
What’s even more remarkable is that, parallel to her sports career, Alysha boldly and openly supported herself financially by engaging with fans and creating content on OnlyFans. Training for the Olympics means you’ll never make enough money to worry about a net worth audit, so her decision marks not just a step towards personal empowerment but also a strategic move to establish financial stability beyond the track.
For Alysha, it has been a way to control her narrative, connect more personally with fans, and manage her financial future in a profession known for its unpredictability.
Navigating the Unexpected Financial Terrain of OnlyFans
The rise of OnlyFans has revolutionized the way content creators engage with their audience and monetize their offerings. With this digital platform enabling direct connections between creators and their fans, many young creators have found themselves suddenly earning substantial incomes. However, this unexpected financial boon comes with its own set of challenges, primarily around taxation.
It’s common for all young entrepreneurs to dive in and test the waters before choosing a business structure and registering it with the CRA – it’s one of the most common mistakes made by business owners. Then there’s the understanding and managing of your finances, receipts, and paperwork, which can make filing taxes feel like a complex and overwhelming process. Before you know it, you’ve been earning income from OnlyFans for a couple of years without paying taxes.
How Sam Faris Can Help
Here’s how partnering with a tax problem solver and OnlyFans taxation specialist like Sam Faris can give you instant peace of mind and alleviate your tax-related stress:
- Clearing up Outstanding Tax Returns and Assistance with Audits and Legal Issues. Sam will assess your situation and help you gather all the necessary paperwork and information needed to apply to the Voluntary Disclosures Program (if needed), file all your outstanding tax returns, and minimize any interest or penalties owing. He can also represent you in an audit, saving you the high cost of lawyer’s fees.
- Strategic Tax Planning. Effective tax planning involves more than just preparing annual tax returns. It includes strategizing throughout the year to take advantage of all possible tax deductions and credits, minimizing tax liabilities and maximizing take-home earnings.
- Expert Guidance on Tax Compliance. Tax laws are complex and ever-changing. A specialized tax accountant stays updated on all tax regulations affecting digital content creators, ensuring your compliance and taking advantage of the latest tax credits and benefits.
- Financial Growth and Stability. Beyond immediate tax needs, an OnlyFans tax specialist can provide financial advice to secure your financial future.
For OnlyFans creators, partnering with an experienced tax advisor like Sam Faris removes the burden of tax management, allowing you to focus more on your content and less on the complexities of taxation.
Tax Considerations for OnlyFans Creators
Here are some essential tax considerations for OnlyFans creators:
- Income Reporting. All income earned through OnlyFans, whether it is from subscriptions, direct messages, or tips, must be reported as income on tax returns. Creators need to maintain accurate records of all transactions, as this will be essential when filing taxes.
- Deductible Expenses. Creators can deduct expenses that are directly related to their content creation. This includes costs for photography equipment, costumes, and even part of their internet and phone bills if used for OnlyFans activities. Understanding what qualifies as a deductible expense can significantly reduce taxable income.
- GST/HST Obligations. In Canada, if a creator’s income surpasses $30,000 in 4 consecutive quarters, they need to register for and collect GST/HST. This adds another layer of complexity to tax management, requiring meticulous record-keeping and periodic filings.
- Use of Home for Business. If a creator uses part of their home exclusively to create OnlyFans content, they may be eligible to claim a portion of their housing costs, such as rent and utilities, as business expenses.
Learn more in our Tax Guide for OnlyFans models.
Finding Empowerment Through Financial Literacy
Alysha Newman’s dual career as an Olympian and OnlyFans creator is a testament to female determination and empowerment. Her journey underscores the significance of financial literacy and strategic financial planning, highlighting that success is not just measured by medals and accolades but also by one’s ability to navigate the complex world of personal finance.
For young women following in her footsteps, whether in athletics, digital content creation, or other fields, understanding the financial and tax implications of your endeavours is essential. Empowerment comes with knowledge, and in the world of finance, this knowledge translates into security, stability, and freedom.
