CRA reporting sale vs payout after Dec 31

[biglittleape]

So payouts are not made the same day as a sale.  If I have a sale on Dec 31 2021 but the payout doesn't hit my bank till Jan 2nd 2022 am I including this in the '21 tax year reporting or does it get pushed to '22 year?

[ypdc_dennis]

When the sale was made (2021). 

[recped]

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@biglittleape wrote:

So payouts are not made the same day as a sale.  If I have a sale on Dec 31 2021 but the payout doesn't hit my bank till Jan 2nd 2022 am I including this in the '21 tax year reporting or does it get pushed to '22 year?

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You can do it either way but what ever you choose you must be consistent from year to year.

Personally I go by date of sale but in an earlier incarnation of my eBay business I went by date of payment (which back in the early days was rarely the same as the date of sale).

Much of it depends on if you are using accrual or cash accounting systems.

[biglittleape]

OK thanks

[cumos55]

I always report a transaction on the day the item was sold and the buyer paid

The most important consideration is to report the transaction... whether December 31  or January 1......  It gets reported.....