Question regarding income tax on large sale

[cl0ck-watcher]

So quick background, I've been unemployed for the past 4 years. Been playing poker semi-professionally and been living off a decade of grind and bank for the past few years.  Slowed down and haven't made much at all in a couple years, so I've hadn't had to file income tax since I quit my job in 2015.

I recently bought a $150 box of hockey cards, pulled a really rare, highly in demand autographed card, got it graded, and it came back a perfect grade. The suggested retail value of this particular item is over $15,000.

I know that all financial institutions in Canada are required to report any incoming wire or EFT of $10k or more, to revenue Canada.

My question would this sale fall under a taxable income?

Sure the profit margin was almost $15k in itself, but it was also a gamble. The odds of pulling this card from a $150 box is over 1 in 275,000 chance. And the total amount of dollars I've invested in hockey card boxes over the past several years, trying to pull a rare card like this, is in the thousands. Not sure if any of this would be considered by revenue Canada though.

Thoughts?

[esclyons]

Might be something you may wish to sell privately. Check the market, and see what the actual sell value is. Just because it books for 15,000$ doesn't mean it is worth that, or will sell for that.

Check your many options for selling, and see what makes sense for you..

[cumos55]

You have a signed hockey card that has been graded.

Search online to find out if it has sold elsehwere and by how much...

Then on eBay, you may choose to list it as an auction listing....  starting at a very good price, and with a reserve price....

You will ship it in a large box...  in order to be well protected during transit..... fully insured  using something like UPS as a shipping option.....fully insured is very imporant... signature required when delivered.

The important questions are  ..

Did you buy to collect?..The card is your personal property.   When it sells it becomes a capital gain...  Check the Canada Revenue Agency  website to find out how this capital gain would be reported.... and taxed ...or   ..... Check with a tax accountant

Did you buy to sell all of the hockey cards?    Then the sale of this unique card is 100 % taxable... minus the costs to grade, sell and ship the hockey  card....

[reallynicestamps]

While you may not have to pay income tax, you are required to file income tax.

It is possible to get a refund on the taxes you do not pay. In addition you may qualify for social benefits if your income is low enough, including pharmacare, dental, bus passes, etc.