CRA Reporting

[coins_n_cards]

Hello,

Ive read a few post online - but its hard to get a definitive answer.

I'm selling my personal collection of items. By the time I deduct the fees and what I spend on supplies and shipping - I am maybe selling my good for a total of less then 1000$.

Do I have to report this $1000 to CRA?

Also some of these Banknotes I couldve taken to the bank for face value and just deposited into my bank. Do I subtract the face value of the bank note from the profit. So if the $100 dollar bill sold for $200. Technically its just $100 dollar profit? or is that not how it works?

Cheers

[femmefan1946]

Selling personal property is basically garage sale stuff.  And the income generated is not taxable.

Buying for resale is taxable.

It doesn't matter if it is $50 or $1000 or $10,000.

BUT Paypal does report to CRA when payments hit $20,000 That doesn't mean you pay taxes on $20K.

You pay taxes on your profits.

So keep track of all your costs, postage, packaging, fees to eBay and to Paypal.  Refunds if any (unlikely).

If you paid $100 for that banknote, that was a tax deductible cost. The CRA would look more kindly on it if it were a $101 cost.

I am not a tax accountant. Too bad @pierrelebel  has retired.

You may find some better advice by Searching for him.

[coins_n_cards]

Yeah its too bad he retired.

I havent paid anything for these banknotes, coins, comics, etc. Its a collection I've had stored in my room and looking to part ways with as I no longer wish to have this stuff stored around.

Hence why I ask. Half of it, I couldve taken to bank and deposited but I know there are some people out there who like to have collections of this stuff and I'd rather have someone else enjoy it then the bank.

[ypdc_dennis]

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@coins_n_cards wrote:

I havent paid anything for these banknotes, coins, comics, etc.

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Even if you got the money as a gift, treat the face value of the coin/banknote as the original cost when calculating any profit.

[teenytrinkets]

Thanks - I thought it was $15K for some reason, but I didn't know if eBay reported it, or if PayPal did.  I did an annual report thus far and I am at $12K in sales (I've also spent two grand - eeek!). Good to know the CRA isn't coming after me!  Wonder if this amount will change anytime soon?  Whatever the case, I should really think about keeping better records.  I do all my shipping at the counter.  I keep receipts, but man, that would be a pain to go through all of them at tax time!