venture one card

Hey I have a quick question does anyone here have a venture one card , also what is the process do you need to pay taxes as you are considered a "small business" my postal clerk tells me I should sign up but I looked online and it seems like you need to provide a bunch of info so if anyone actually has one or tried to get one by going through the process did you have to start paying taxes? 

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venture one card

I just asked for one at the post office counter.

She gave me a temporary number and the cards arrived in the mail a few weeks later.

Anyone can get one.

Post OFFICE not postal outlet in the back of the drugstore.

 

However, it is worth noting that you get better discounts using Paypal labels than Venture One.

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venture one card

I just asked for one at the post office counter.

She gave me a temporary number and the cards arrived in the mail a few weeks later.

Anyone can get one.

Post OFFICE not postal outlet in the back of the drugstore.

 

However, it is worth noting that you get better discounts using Paypal labels than Venture One.

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venture one card

"what is the process do you need to pay taxes"

 

Paying taxes on the net profit you make from selling online (eBay and elsewhere) has nothing to do with Canada Post and Venture Card.

 

Basically, as a Canadian seller, there are two types of taxes to be concerned with when purchasing goods for resale, presumably at a profit.

 

a) income tax - you add up all your revenues (selling price and shipping charges, subtract your cost of goods sold and expenses related to your sales (shipping, packing, fees, etc...) this will leave you with your net profit which must be reported on line 135 of your income tax return.  It is then added to your other income (salary, commission, pension, investment, etc...) to arrive at your total income and eventually taxable income.  There is no minimum amount to report.

 

b) GST/HST - Canadians are required to register with GST/HST if their annual worldwide revenues reach Cdn$ 30,000. Based on a quick look at your sales, do not worry about it.

 

Canadians selling used personal goods do not need to worry about taxes.  Period.

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venture one card

a1-OK thanks , I also don't sell big items that i need to use Paypal shipping most of my items are oversize letter mail which is why I am interested .

 

a2-Also thanks for explaining how taxes work and why I get a pass I just thought I had to register as a small business which I don't even call myself  to the government but I see that's not that case.

 

Thanks for both answers!

 

I'll ask my postal clerk for one.

 

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venture one card

" a small business which I don't even call myself  to the government "

 

Unfortunately, the government does not care whether you call or consider yourself a small business or not.  They expect their share of your net profits if you purchase goods for resale.

 

The overall volume is irrelevant. If you purchase $100 worth of goods and you resell them for $200 (net after expenses) you made $100 net profit and the government requires that amount to be shown on your tax return and added to your other sources of income.

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venture one card


@pierrelebel wrote:

 

They expect their share of your net profits if you purchase goods for resale.

 


Or, just to be clear for any sellers reading this who may be in my category, if you create or manufacture goods for resale.

 

In that case, cost of goods sold will not be the acquisition cost of the sold items (which is usually nil), but the cost of the materials that go into them (usually - hopefully! - a lower proportion than buying similar goods for resale).  

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venture one card

a1-OK thanks , I also don't sell big items that i need to use Paypal shipping most of my items are oversize letter mail which is why I am interested .

 

I don't think that you receive a discount for stamps with venture one. You would be better off buying bulk stamps from ebay or other sites as the savings often work out to more than 5%. Stamp sellers here can tell you what to look for and what not to buy.

 

You can apply online for venture one at the following url. The page also has some info about the program.

 

http://www.canadapost.ca/web/business/ventureone.page

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venture one card

most of stuff I sell is [oversize letter 3.33 100-200 g]

 

it is done at post office they print a sticker off.

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venture one card

Ok, I'll rephrase my comment.

I'm sure that there is not a venture one discount for lettermail  regardless if you use stamps or get a sticker from the post office.

 

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