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 Replies: 38 / Views: 5,358 |
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Valued Member
Canada
429 Posts |
I juste received an e-mail from ebay. All transactions done in Canada Will be charged with taxes (TPS,TVQ,etc) starting 1 july. Anybody get the same email? |
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Pillar of the Community
Canada
1505 Posts |
Yup! Too bad we can't apply for an exemption if under annual threshold.
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Pillar of the Community
 Canada
5391 Posts |
Certainly evens the playing field . But as usual a typical ebay clustered Pile of goo ! Sure going to be fun explaining on the quarterly Phone calls from the CRA as to why I am getting Refund after refund . To those of us already registered for GST / HST a real mess ! |
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Pillar of the Community
 Canada
5584 Posts |
I wonder if I will be charged, living in Canada and having things shipped to Buffalo. I'm already charged US sales tax, based on the State that was the vendor. Yes, I got the email today as well.
Edited by okiecoiner
06/06/2022 5:38 pm
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Valued Member
Canada
342 Posts |
What about silver coins No sales tax on silver? are they still going to collect sales tax
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Pillar of the Community
Canada
1765 Posts |
No email here. I already look for private sellers now to avoid businesses tax charges. So am I correct in assuming that this a hit on the "services" end of the HST. Who gets hit? Sounds like the seller.
"We are poor little lambs...who have lost our way...Baa...Baa...Baa"
In memory of those members who left us too soon...
In memory of Tootallious March 31, 1964 - April 15, 2020
In memory of crazyb0 July 27 2020. RIP.
In memory of T-BOP Oct. 12, 1949 - Jan. 19, 2024
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Pillar of the Community
Canada
999 Posts |
Coincidence that it's starting on Canada Day? I received the email too. I suppose ebay will automatically add it to the purchase price on any transaction involving a Canadian-based buyer and Canadian-based seller. Given that precious metals are exempt from tax, will ebay be smart enough to exclude it? I'm not sure how that's going to work. |
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Moderator
Canada
10456 Posts |
Quote:
Who gets hit? Sounds like the seller. The buyer. It gets automatically added to the invoice. If the seller has a registered GST number, they cannot charge the taxes themselves (like they used to). Those sellers have to remit for tax refunds with CRA. ebay is doing this, because CRA has mandated for them to do so. The CRA is looking for those who "flip" coins/collectables/art/junk for income and who do not claim that as "other income" on their personal income taxes. What this does now, is create a paper trail back to the seller. So ebay remits the tax collected the CRA will know how much $$$ any given seller has made. "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
1765 Posts |
I get it now. Still don't like the fact the taxman is hunting down some private sellers just trying to unload their collection as they age. Don't like that I'll be the one paying, I don't sell. Next they will want to know how much you made at the garage sale last Saturday. Sheeks.
"We are poor little lambs...who have lost our way...Baa...Baa...Baa"
In memory of those members who left us too soon...
In memory of Tootallious March 31, 1964 - April 15, 2020
In memory of crazyb0 July 27 2020. RIP.
In memory of T-BOP Oct. 12, 1949 - Jan. 19, 2024
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Moderator
Canada
10456 Posts |
Selling your private collection is one thing. Buying and flipping coins is another. Frankly, I don't see the big deal (as a seller). I have been claiming my ebay sales as "other income" for almost a decade, and it allows me to write off related expenses, such as coin supplies, a percentage of my internet, certification fees, etc... I keep it below $30K annually, so that a GST number is not necessary. It is the buyer that has to pay, and I am not sure if ebay will even care if pure bullion, for example, is tax exempt or not. If anything, this could prompt a few more collectors to go out to coin shows, where cash is still king. "Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Pillar of the Community
Canada
1505 Posts |
Quote:
CRA is looking for those who "flip" coins/collectables/art/junk for income and who do not claim that as "other income" on their personal income taxes I'm not sure how many they hope to catch. Coins are considered to be Listed Personal Property, flipping would be an interesting test case for collectibles. Not sure how long you have to hold something to be considered personal use, especially as collectibles, where you are frequently doing upgrades. As it is, you only have to consider personal use property for tax purposes if you sell an item above $1000, where you then claim as a gain/loss. Edited by purelywasted
06/07/2022 4:38 pm
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Pillar of the Community
Canada
1765 Posts |
Well ain't that a kick in the pants. It looks like the CRA is making ebay a henchman. I wonder if sales will drop because of it? Bring on the shows.....oh they will get busy now. purelywasted makes a good point. Gray area there. "We are poor little lambs...who have lost our way...Baa...Baa...Baa"
In memory of those members who left us too soon...
In memory of Tootallious March 31, 1964 - April 15, 2020
In memory of crazyb0 July 27 2020. RIP.
In memory of T-BOP Oct. 12, 1949 - Jan. 19, 2024
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Pillar of the Community
Canada
5584 Posts |
I think that we all either know or have heard of ebay sellers stating that "from private collection, so no tax" with annual sales well into the 5 figures. |
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Pillar of the Community
Canada
1505 Posts |
Sales tax (PST/GST/HST/etc...) are a different animal, once you cross the threshold above a certain sales level, you need to start charging, which I think is true for personal property as well. I'm only talking about declaring it as income.
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Pillar of the Community
Canada
1765 Posts |
What I'm trying to wrap my head around is, the buyer pays the tax, the seller receives it on top of the selling price, so the seller is now holding the tax. How do they remit it on a true private collection sale? Or, if it's not above the threshold, do they keep it? Is it worth the CRA going after a couple hundred bucks from Grandpa next door?
"We are poor little lambs...who have lost our way...Baa...Baa...Baa"
In memory of those members who left us too soon...
In memory of Tootallious March 31, 1964 - April 15, 2020
In memory of crazyb0 July 27 2020. RIP.
In memory of T-BOP Oct. 12, 1949 - Jan. 19, 2024
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Pillar of the Community
Canada
9862 Posts |
The seller will not receive it. ebay receives it along with their fees and remits it. "Dipping" is not considered cleaning...
-from PCGS website
Edited by DBM
06/07/2022 6:20 pm
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Replies: 38 / Views: 5,358 |
Posted 06/06/2022 12:15 pm
