Revenue Canada is cracking down on Ebay sellers.
http://www.thestarphoenix.com/Feds+plan ... story.htmlLong and the short of it is that if you have been a steady, extensive seller of goods via ebay, but have not been declaring the income, then Rev Can will probably be contacting you.
Their mandate is clearly stated, as are the tax laws on this, and if the income is not declared voluntarily, they've got ya.
But, there is a bright side to this:
If you have been selling on Ebay, and taken in income--even if you have NOT made a profit--your efforts still constitute a business.
Therefor you can write off expenses as business deductions, for income tax purposes.
That would mean that everything from your internet service fees, to your computer costs to
the costs of your own toy collection and collecting can be construed as a needed business expense.
If you are audited under these circumstances, but have the receipts for these kinds of things handy anyway, you could stand to pay nothing, or perhaps even gain a refund.
If unsure of where you stand, contact an accountant, or Rev Can themselves.
