CRA vs eBay ????

[a-collector-eh]

With eBay in a tizzy over the ruling by the Cnd. government requiring disclosure of total yearly amounts made by Cdn. Power sellers - has anyone had a phone call, letter, etc., from the CRA [Canadian Revenue Agency] yet?
Your bookkeeping and records are ready, and you will do what is asked when the time comes....but are you ready to throw your hat in the ring BEFORE you hear from the CRA?
AS Well - word has it that starting in 2010 all U.S. power sellers will be required to do the same thing. Anybody thinking of selling their eBay stocks and shares now......before "e-commerce" changes forever as we know it!?

[fatdane]

Had an audit from those wonderful people back in the late 90"s or early 2000's, and they found online sales that were declared, reported, and I had no problem's with them over that. They do keep notes from audits and if you have been declaring your Ebay net income you should have no problem. It might help if where ever on the tax return that they ask for the nature of your business to state online sales including Ebay. I think at the moment they want to get those who have not been reporting any income. They may end up finding that there is more money to be paid when people start submitting receipts for the renovation tax credit and they start checking on contractors who have not been reporting net income or collecting GST/HST.

There are many ways that CRA uses to determine who to audit, not just Ebay gross sales. If a person has been buying a lot of stuff from a wholesaler CRA will often take a look at the books of the person that has been buying a lot of stuff. Living high and reporting low also gets CRA attention. The taxes are a pain in the butt, but its easier to comply than to evade them.