eBay

oceanfreak20 · ‎05-01-2020

Experts,

I am relatively new especially in selling personal movie collection here. I am hearing something called Canada post small business discount & have some clarifications if you can throw some light please.

If i sign up for canada post small business account/discount, Am I obligated anyway for taxes somewhere or I need to declare somewhere even if i am selling or making not more than $300 per month as an example?

I mean i am trying to understand if there is any implication in signing for this small business discount other than having some discount in shipping?

thanks in advance

femmefan1946 · ‎05-01-2020

https://www.canadapost.ca/cpc/en/business/small-business.page?

The program has been around for over a decade under various names.

You don't have to be a formal business to use it.

Am I obligated anyway for taxes somewhere

Always keep records of everything you buy and sell online.

Generally, if you are selling stuff you bought for your own enjoyment, CRA doesn't want to know.

making not more than $300 per month as an example?

That's $3600 a year.

Definitely keep records.

If you sell over $20,000 a year on your Paypal account, PP will send that information to CRA.

Free advice is worth every penny you paid for it.

oceanfreak20 · ‎05-01-2020

Thank you femmefan1946 for an instant response.

So, the conclusion is, having this account is only beneficial with some discount & does not impact anything as either way even if we do not have this account, better to keep our records

Right? if thats the case, I will go ahead and sign up for it 😉

oceanfreak20 · ‎05-01-2020

one more question pls..
when i tried to register for it, it asked 'Is this account for business purpose'? Can I select No' but still I am getting discount ?
Or, should i select Yes?

ypdc_dennis · ‎05-01-2020

@oceanfreak20 wrote:
... So, the conclusion is, having this account is only beneficial with some discount & does not impact anything ...

Correct. And for the next 3 months, having a Canada Post Solutions for Small Business account will give you bigger discounts than normal for parcels sent inside Canada.

ypdc_dennis · ‎05-01-2020

@oceanfreak20 wrote:
when i tried to register for it, it asked 'Is this account for business purpose'? Can I select No' but still I am getting discount ?
Or, should i select Yes?

You should get a discount either way.

But since you are going to ship stuff in exchange for money, then it is for a business purpose.

-..-

teenytrinkets · ‎05-01-2020

"If you sell over $20,000 a year on your Paypal account, PP will send that information to CRA."

I think this is only if you have a Business PayPal account, no?

reallynicestamps · ‎05-01-2020

If @$20,000 annually is passing through your PP account, there is a pretty good chance it's not just handling the finances from the PTA bake sale, eh?