What's with all the Revenue Canada /PowerSeller posts from 2008?

[femmefan1946]

There are several ancient posts that have been brought back from the grave about the 2008 announcement that eBay was turning over PS records to the CRA.

If there is a new development, please start a new thread instead of reviving ancient history.

Although, it is nice to see some of those old friends again.

[fillthoseholes]

I don't know if anything is up about it but I know I've commented on a few recently.  I don't read the boards very often so when I get a chance I take a good look at them to see what's up.  Usually just the first couple of pages though...and there they were.

[cumos55]

There have been many times  where  there have been discussions  as they relate to CRA and eBay.

I too was surprised to read the discussions... only to discover the date for those discussions.

If we look back eBay first had to provide information to CRA for powersellers... that is sales of $12,000 and higher.

Then  that limit was raised  to $20,000  with a number of sales each year also a part of the equation.

There are many eBay sellers who continue  to fly under the radar... and have never reported any eBay sales.....

Yet as we all agree... If you buy inventory with the sole intent of selling on eBay then  you have income  that must be reported to CRA.

[cumos55]

The discussions  relate to three different topics:

(1) Someone who buys with the sole intent to sell  

---   income must be reported.

(2) What if we  sell our own items?

Many of us started on eBay by selling our own "stuff"  Then we became a business.....under the same ID...

So how do you now separate sales into

---your own inventory and

---business inventory??

(3) Selling items  for others....

--------

The answer to everything is records... records... records....

Perhaps the biggest question relates to selling your own property  using a business ID

Selling it as personal property  and the tax question relates to capital gains

while ...If you sell it as a business item  then the net after deduction is fully taxable....

Questions as they relate to CRA and eBay will always be asked....

and in turn our understanding of  the relationship between CRA and eBay is a lot better  today than in 2005... and getting better with each discussion

[pierrelebel]

"If there is a new development..."

NO. It was one poster who bumped three old threads on the same subject, wanting to know if any eBay sellers had been audited by CRA.

We all know many eBay sellers have been audited (I was one of them). My understanding from communications with other sellers who have been audited, is that no charges were laid since sellers were properly declaring their sales and income.

It is possible a few had to pay additional taxes (I did not) due to miscalculations or different interpretations of tax regulations.  Nothing serious that I am aware of.  But, once again, I was communicating with eBay sellers who had declared theirs sales and income.

The other reality of course is that most eBay sellers are not aware of these boards and would never post if they had been audited or not.

The same applies to sellers who may be aware of these boards but were under-declaring their income.  They certainly will not come up publicly about it.