About taxes on online sales

[femmefan1946]

Good reminder in today's Globe and Mail Report on Business

https://globe2go.pressreader.com/the-globe-and-mail-ontario-edition/20210813/282050510131448

For once, no paywall.

[marnotom!]

First time I’ve read a G&M piece on PressReader. The absence of a paywall is likely the result of the article being on that site and not the G&M site.

[femmefan1946]

I get the paper copy hot off the ferry.

I thought it was a staff columnist but anyway the story was worth sharing.

Keep records!

[mr.special-editions]

@femmefan1946  Great article, the author spells out everything my accountant has told me.  The only thing I would question is the author claims they can go back as far as they want.  From my understanding there's a limit on how far they can go back.  I assume that's why you need a good tax representative, they will protect you from the CRA 'Taxman' by ensuring they don't over reach or trick you into revealing information that can land you in more trouble.   

$187,000 over four years, less than 50k a year.  That seller wasn't even a big fish.   If the amount was just his gross sales which is unclear, that gives me anxiety.

With the surge in online sales in 2020 and 2021 I would expect the CRA to be on the hunt and you never know if or when they will strike!  

This should be pinned.