No Options But To Close My Store...CRA

[Anonymous]

With ths CRA wanting their cut of my little to nothing income that I make selling thrifty goodies, that have been taxed OVER & OVER, what are my options? Ive been hacked on ebay and I refuse to hand them over my SIN. Do I close up shop now or how long before the CRA slaps me with $500 fine for not complying?

[reallynicestamps]

It's a graduated  income tax.

If you make a pittance on eBay, obey the law and declare it.

It probably won't make any difference to the amount of tax you pay.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individu...

You only pay 15% on your income under $57,375 or less, and most people don't pay any tax on the first $17K or so because of normal deductions.

If you don't give eBay your SIN, they will not transfer your customer payments to your checking account.

Based on your Sold listings so far, you are probably going to garner nearly $3000 this year.

[mrdutch1001]

"With ths CRA wanting their cut of my little to nothing income that I make selling thrifty goodies..."

If you are sourcing vintage items for re-selling, you are a business.

I believe it is more about honesty and transparency and if folks follow the rules, there is nothing to worry about...

[reel_to_reel_plus]

A sin number is not a tax number. I had a business. I would onlyl divulge my SIN number to CRA or the GST/HST people.

You are risking a lot providing your driver license and other id coupled with  YOUR SOCIAL INSURANCE number. 

A hack could easily result in full on identity theft. 

CRA should not require people to disclose social insurance numbers to companies to help them collect. 

[john_koenig99]

---

@reel_to_reel_plus wrote:

A hack could easily result in full on identity theft. 

Tens of thousands of taxpayer accounts hacked as CRA repeatedly paid out millions in bogus refunds |...

---

[marnotom!]

---

@Anonymous wrote:

With ths CRA wanting their cut of my little to nothing income that I make selling thrifty goodies, that have been taxed OVER & OVER, what are my options? Ive been hacked on ebay and I refuse to hand them over my SIN. Do I close up shop now or how long before the CRA slaps me with $500 fine for not complying?

---

This is nothing new, though. In the 40 or so years I’ve been filing tax returns, there’s always been a declaration to sign at the end to signify that I’ve declared my income from all sources.

My spouse and I were fortunate enough to have a financial advisor for a neighbour and he informed us when we started selling on eBay in the late 90s that our eBay sales were considered income and needed to be declared on one of our tax returns. Sorry you didn’t receive a similar memo.

Ending your eBay sales now is no preventative measure for CRA approaching you for an audit of your activities from one of the past seven years.

Good luck with however you decide to handle this. 🍀

[marnotom!]

---

@reel_to_reel_plus wrote:

CRA should not require people to disclose social insurance numbers to companies to help them collect. 

---

How do you suggest that the credit unions or banks that we deal with get this information so that they can issue us T5 forms?

Or employers so they can issue us T4s, for that matter?

[easoss]

I don't think the CRA cares about sellers making 10,20 or even 30 thousand in sales. The changes were meant for larger fish, especially those importing as a side hustle or people with higher end collectibles like sports cards, toys, comics etc. There simply aren't enough CRA agents to go through everyone's files. 

[reallynicestamps]

And again.

GRADUATED INCOME TAX.

If your total income is less than $17,000 you probably won't pay any income tax.

If your income is up to $57,375 including eBay profit* , your income tax will be 15% of that> around $8500 if you have no deductions at all.

But you likely have that average of $17K in deductions, so really $6K or so in income tax. Most of which was paid as part of your paycheque deductions already if you are working for someone else.

A lot of people seem to think their income tax is higher than it is because they don't understand that they pay on each tranche a different amount.

Tax rate Taxable income threshold

14.5% Footnote 1	on the portion of taxable income that is $57,375 or less, plus
20.5%	on the portion of taxable income over $57,375 up to $114,750, plus
26%	on the portion of taxable income over $114,750 up to $177,882, plus
29%	on the portion of taxable income over $177,882 up to $253,414, plus
33%	on the portion of taxable income over $253,414

So when an anti-government, right wing fright site like the Taxpayers Association or National Post tells you you are paying 25% of your income in taxes, they are knowingly lying.

*And profit is what you have left after procurement costs, eBay fees, shipping costs, packaging costs, and insurance not to mention losses.

[mrdutch1001]

This thread is NO longer relevant as OP is "No longer a registered user."

[mrdutch1001]

@kh-phdan 

>>>This thread is NO longer relevant as OP is "No longer a registered user."

[reallynicestamps]

Wow.
Usually it takes three to six months for a seller's account to be closed when the seller asks for it.

When it takes place in days, usually it is eBay closing the account for ; reasons.

[marnotom!]

---

@mrdutch1001 wrote:

This thread is NO longer relevant as OP is "No longer a registered user."

---

The OP can still return to read it without having to log in. Also, it might be relevant to other users. Note that another user has piggybacked onto it.

I think we're sometimes a bit too quick to

jump on inactive threads if their bones are still relevant and not outdated.  Agree that it's problematic when someone asks something of the OP when they bailed out of the conversation two years ago.