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Question "How Would Define Who Is A Coin Dealer ? "

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Pillar of the Community
Canada
972 Posts
 Posted 05/01/2015  4:22 pm  Show Profile   Bookmark this reply Add wireman09 to your friends list Get a Link to this Reply
My understanding on collecting GST and provincial taxes are that once a seller has reached $30,000.00 in sales he must then collect GST and provincial taxes on all sales beyond this point. The first 30,000 are GST exempt as long as you don't collect GST for these sales. The total sales is all sales from shows, Ebay, web sites, a retail local, etc.
This is why Ebay keeps a total sales record for all sellers. Just in-case the tax man came asking how much you have sold they are required to tell them.
Bedrock of the Community
United States
19167 Posts
 Posted 05/04/2015  10:20 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply

Quote:
My understanding on collecting GST and provincial taxes are that once a seller has reached $30,000.00 in sales he must then collect GST and provincial taxes on all sales beyond this point. The first 30,000 are GST exempt as long as you don't collect GST for these sales. The total sales is all sales from shows, Ebay, web sites, a retail local, etc.

Possibly a good reason that at all the coin shows I go to I've never seen dealers doing any documentation as to what and how much they sell. Shouldn't really say never because I have seen some sort of taking notes. I wonder if any of them ever mention their sales on taxes. Sort of no one keeps track of sales at flea markets or garage sales.
just carl
Pillar of the Community
Canada
3227 Posts
 Posted 05/04/2015  11:40 am  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
The best way is to just play by the rules and do it properly. As Carl says a lot of dealers at shows do little paper work and do not keep track of sales or purchases. One would guess they are just playing the percentages that they will not get caught by the tax authorities.
It can get real messy if they do get audited.
When I go to shows to buy ,I insist on an invoice. If the dealer says ,oh I just do cash or oh I do not have an invoice book, I do one of two things. Pass and buy elsewhere or you sign my Purchase Order book. Less problems especially since I do a lot of cross border shows and am GST registered. On Saturday we came back from the Tukwila PNNA and were tied up at the border for an hour. Sure glad we keep it clean . Customs requires proper documents. Also the tax people require it as well and I like to sleep at night.
Pillar of the Community
United States
2543 Posts
 Posted 05/04/2015  12:28 pm  Show Profile   Bookmark this reply Add denco7 to your friends list Get a Link to this Reply

Quote:
I like to sleep at night.


That probably says it all Coin seller, coin dealer, flipper, "just getting rid of my extra stuff" ....... it is all just semantics to the tax man. Anytime you sell something for money, that is a taxable transaction, bottom line.

In the eyes of the tax man, it is merely the level you choose to take it to, ie: corporation, s-corp, sole proprietor or guy who sells to buy more. profit is taxable, if you use that profit to buy more, that can be deductible as a re-investment.

I tend to steer away from the "cash only" ; "no paperwork" dealers at shows. How far is the step from "cheat on your income tax" to "cheat your customers"
Edited by denco7
05/04/2015 12:28 pm
Pillar of the Community
Canada
3227 Posts
 Posted 05/05/2015  09:54 am  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Denco your last point is well taken.
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United States
83971 Posts
 Posted 05/05/2015  10:39 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
How far is the step from "cheat on your income tax" to "cheat your customers"
CCF Advertiser
United States
39 Posts
 Posted 02/16/2020  11:03 pm  Show Profile   Bookmark this reply Add Paradime Coins to your friends list Get a Link to this Reply
A coin dealer would always be a person who buys and sells with the intend to make a profit. Now how to perform that role working along with the business regulations is what goes along with it and also whether it is done for the love of it or hobby.
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