Selling basketball cards from Canada

[franky121212]

Hello guys!

I am new with eBay, and I want to sell Basketball cards. I have a great collection.

My first question would be, do you sell items under your own name or you have a company? Is it better to stay with your own name, or to have a Canada inc. company and sell on eBay?

Also, we still have to pay taxes on our profit at the end of the year, right (if it's over 30k I believe)? So, do you simply add the amount of your yearly profit to your taxes declaration, under other revenues? What is the best way to do it you think?

Thanks you very much for your help, and have a great day!

[pjcdn2005]

There is no need to start an incorporated business.  You can sell under your personal eBay ID but you will need to link a chequing account at a Canadian bank to your account as that is how you will get paid.  There is a bit of a learning curve to selling so you should read up on it first.

https://www.ebay.ca/help/selling/selling/selling?id=4081&st=3&pos=1&query=All%20about%20selling&inte...

[reallynicestamps]

The good thing about using an existing ID is that you have built up positive feedback as a buyer.

The bad thing is that you really should have separate buying and selling accounts.

So use this ID for selling in future and open a new one for buying.

You need a Managed Payments account.

You will be asked for your chequing account information. Some seller open a dedicated (often online) account for this.

You will be asked for secondary identification. This can be your SIN, but I used my passport and DH used his driving license.

You will have restrictions on the number and value of your early listings.

List cheap stuff first, expensive items and new sellers (even those with some FB) are fresh meat for scammers.

Your early payments will be Held against your customer service, but you can use the Held funds to buy shipping labels,

Shipping is the hardest part of selling online.