JoeCanuck

Please login or register.

Login with username, password and session length
Advanced search  

News:

Red and white once again! We've restored the classic look of JoeCanuck.

Author Topic: ebay: Canadian power sellers have to file taxes  (Read 2509 times)

Pete The Greek

  • Administrator
  • Mudslinger Wannabe
  • *****
  • Posts: 2886
    • View Profile
ebay: Canadian power sellers have to file taxes
« on: November 17, 2008, 01:22:07 PM »

Looks like ebay lost some court case and hence:

Quote
Canadians who auction their goods on eBay can now expect to have their personal information released to the Canada Revenue Agency.

The online auction site has sent a letter to affected customers telling them the law now requires it to send the tax agency the names and gross sales figures of so-called "power sellers." These are eBay sellers who make more than US$1,000 a month in sales over three consecutive months on the site.

"While eBay strenuously objects to these requests made by the CRA, we are obliged to comply with the legal ruling," the company said in the letter.

The company is following a ruling by the Federal Court of Appeal last April, which upheld a lower court decision ordering the company to release personal information about their users' sales activities. .....

Source: CTV.ca

Once again, "big brother" wants there piece of the pie, including used goods that have been already taxed.   That is the part that really annoys me and I don't even sell on ebay.   Even more reason to set up shop at a toy show or at a convension to pocket the money.
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »
Logged
Go Leafs Go - just end '67

Raptor

  • Mudslinger Wannabe
  • *****
  • Posts: 2381
    • View Profile
Re: ebay: Canadian power sellers have to file taxes
« Reply #1 on: November 17, 2008, 02:09:23 PM »

Yep, I expect Ebay to be gone inside of 5 years. Every single announcement that I've heard in the last 2 years has been about making it less profitable and more difficult for sellers.

- R
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »
Logged
\"\'Must-look-akward-ya-hoo!\"

BHMike

  • Administrator
  • Pimp Daddy Destro
  • *****
  • Posts: 7616
    • View Profile
    • http://www.bountyhuntertoys.com
Re: ebay: Canadian power sellers have to file taxes
« Reply #2 on: November 17, 2008, 03:21:13 PM »

Quote from: "Pete The Greek"
Once again, "big brother" wants there piece of the pie, including used goods that have been already taxed.   That is the part that really annoys me and I don't even sell on ebay.   Even more reason to set up shop at a toy show or at a convention to pocket the money.

Actually, you're "supposed" to have a valid vendors permit when you sell anything at a toy show.  You're also supposed to keep a running total of all sales for the day, and charge sales tax at your booth.

I've never seen the government enforce this or anything - not in the 18 years I've been doing them. Then again, the government doesn't work Sunday, do they?


As for ebay, I've always submitted what money I make on ebay anyway. Ebay even has a section for you to print off your total sales, profits, costs, fees, etc.

It's pretty handy come tax-time.
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »
Logged

grunt 4 mvp

  • Back-Stop Wannabe
  • *****
  • Posts: 1145
    • View Profile
Re: ebay: Canadian power sellers have to file taxes
« Reply #3 on: November 17, 2008, 08:43:50 PM »

Quote from: "Raptor"
Yep, I expect Ebay to be gone inside of 5 years. Every single announcement that I've heard in the last 2 years has been about making it less profitable and more difficult for sellers.

- R

Wow! Really?  I've never sold, but I've found some absolutely obscure stuff there, that sellers would never be able to unload in any other format I can think of. 
I don't see it running into trouble, but if the new competition sites ever gave them a run for their money, they'd adapt - they wouldn't disappear...IMO.

Quote from: "THE MIke"
Then again, the government doesn't work Sunday, do they?

Line of the day!   :)
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »
Logged
If you've got complete 90's figures FTS, PM me!

ARROW

  • phpBB HATE Mechanic
  • *****
  • Posts: 602
    • View Profile
Re: ebay: Canadian power sellers have to file taxes
« Reply #4 on: November 17, 2008, 10:18:53 PM »

I don't see what the problem is with this, because it can work in a hobbyists favour.
Revenue Canada's own literature states that " any endeavour with a reasonable expectation of profit can be considered a business"--which means that when you report the income, you also get to make the deductions from business expenses.

That meas you can essentially write off the cost of your collection and collecting purchases as business expenses.

The key things about how Revenue Canada states this ( and you can confirm this with the,--I already have) is that the business need only have a reasonable expectation of profit--something that is very hard to quantify--and CAN show a loss, even over time.
So you do not have to make a bundle, you could make just $1 in profit and its all good.

The thing about going serious/legit with this is that ANYTHING related to your collecting can be written off: display shelves, gas money for hunts, trips to toy shows or conventions, internet use to learn info on new stuff etc. As long as it can be seen as being used toward the "business" its all good.
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »
Logged

Raptor

  • Mudslinger Wannabe
  • *****
  • Posts: 2381
    • View Profile
Re: ebay: Canadian power sellers have to file taxes
« Reply #5 on: November 18, 2008, 12:00:20 AM »

Quote from: "ARROW"
That meas you can essentially write off the cost of your collection and collecting purchases as business expenses.

Against the profit made from the specific enterprise, not income from other sources.

And yes, occasionally the government does have to work Sunday. ($#%@.)

- R
« Last Edit: December 31, 1969, 07:00:00 PM by Guest »
Logged
\"\'Must-look-akward-ya-hoo!\"