Do any Canadians here sell their cards on Ebay?

[cjb]

If so, do you have to somehow apply PST and GST on all your sales?

Most cards I buy on Ebay don't ask for a sales tax, but does that seller have to in some form pay taxes on the money they make off the sale,eventually to the government?

just curious.

[subban7677]

You don't have to collect sales tax unless you are a business. As far as I know you are technically supposed to report your earnings to Revenue Canada, but you only pay income taxes on your profits minus any expenses. So for me, that's nothing.

[cjb]

I guess what i'm trying to ask is, if i have an old item which I bought 35 years ago and i want to sell it, I wouldn't have to report the money I made as part of my income would I?

[subban7677]

I'll put it this way...I believe the law states you must report the amount for which you sold it, and you then deduct the cost to acquire it and any expenses such as shipping, packing materials, etc. You will then pay taxes on that amount. If you're selling a $50 card I wouldn't even think about it. I sell at a profit overall, but it's so small I don't waste my time. If you're selling a $10,000 card you may want to ask a tax accountant.

The government won't bat an eye at a few bucks here and there. If you're selling for thousands, it may be a different story. I looked at what I had sold the first half of this year as an experiment. I took my sold prices and deducted my purchase prices. I didn't even look at my expenses. My profit was $6. If I factored on my expenses I could have declared the loss for a teenie tiny tax credit.

[cjb]

sigh.....alright thanks

god I hate government