Ebay Canada required to report sales to the Canada Revenue Agency!

[RedOktobre]

Fellow TF collectors,

Bad news!

The taxman is watching us! If you make high volume sales on EBay, you'll have to declare your profits and pay taxes!

Here's the link for more information.

http://www.ctv.ca/servlet/ArticleNew...hub=Newsletter

[jourdo]

I don't see anything wrong with this. I don't know why you (not you in particular... but the general "you") would try and cheat the system. It is still income... unfortunately in this great country you get taxed up the a-hole for making a living.

[Dark Rage]

The article says you'll be charged income tax (it will be considered income) if you sell over $1000 a month, so if you sell under that amount, then CRA will not consider it as reported income?

I skimmed it, so I'm not so sure on the nitty-gritty details.

[soundwaveCA]

This really only effects businesses who use eBay to sell stuff and individuals who sell thousands of dollars worth. From what I’ve read it’s really only being targeted at power sellers so I don’t think the individual who sells the odd item every now and then has to worry about Revenue Canada breathing down their necks.

[Pascal]

Wouldn't you be able to deduct the price to acquire those TFs before selling them? I mean, what if I sold a loose SS for $15 but paid $30 to get it? And Paypal and Ebay fees would need to be deducted as well, and shipping/handling, whatever...