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

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wireman09 Pillar of the Community Canada 972 Posts	Posted 05/01/2015 4:22 pm 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. Report this Post to the Staff
just carl Bedrock of the Community United States 20753 Posts	Posted 05/04/2015 10:20 am 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. Report this Post to the Staff
Pacificoin Pillar of the Community Canada 5394 Posts	Posted 05/04/2015 11:40 am 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. Report this Post to the Staff
denco7 Pillar of the Community United States 2543 Posts	Posted 05/04/2015 12:28 pm 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 Report this Post to the Staff
Pacificoin Pillar of the Community Canada 5394 Posts	Posted 05/05/2015 09:54 am Denco your last point is well taken. Report this Post to the Staff
jbuck Moderator United States 188549 Posts	Posted 05/05/2015 10:39 am Quote: How far is the step from "cheat on your income tax" to "cheat your customers" Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Paradime Coins Valued Member United States 112 Posts	Posted 02/16/2020 11:03 pm 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. Report this Post to the Staff
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