| Discussion Forum: Thread 325111 |
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| | | Author: | BeastMode1735  | | Posted: | Aug 4, 2022 14:16 | | Subject: | Thinking about starting a bricklink shop | | Viewed: | 209 times | | Topic: | Taxes | |
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| Hi I was thinking about starting a bricklink shop for myself as I got some expensive
minifigs and parts I don't need. I was wondering how the Canadian tax and
provincial tax worked and how/if I need to declare it on a tax form. Hoping someone
with first hand experience on this could comment on this.
Thanks
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| | | | | Author: | Nubs_Select | | Posted: | Aug 4, 2022 14:30 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 36 times | | Topic: | Taxes | |
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| A simple run down. if you make less than 30k every 12 consecutive months (not
1 calendar year (boy was that a fun thing to find out too late  )) you don't
need to collect sales tax
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| | | | | | | Author: | BeastMode1735 | | Posted: | Aug 4, 2022 14:36 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 34 times | | Topic: | Taxes | |
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| | So does this include sales tax on a tax form and tax from each sale? |
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| | | | | | | | | Author: | Nubs_Select | | Posted: | Aug 4, 2022 14:39 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 33 times | | Topic: | Taxes | |
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| I'm not gonna lie I dont know what the first thing you said is (I have a
lot of help with my tax returns) but hopefully, my first message I wrote helps
a bit and someone who didn't have to file some returns that they forgot to
file recently (cough cough Nub's Select) will be able to help more
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| | | | | | | | | | | Author: | BeastMode1735 | | Posted: | Aug 4, 2022 14:43 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 30 times | | Topic: | Taxes | |
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| Do I need to declare anything on my tax returns form for bricklink? Or as you
what I assume you meant was that if my sales are under 30k for 12 consecutive
months than I wouldn't have to.
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| | | | | | | | | | | | | Author: | Nubs_Select | | Posted: | Aug 4, 2022 14:48 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 23 times | | Topic: | Taxes | |
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| That's a great question which I should know the answer to but other than
for the collection of sales tax I cant really help much with that sorry. I put
pretty much everything tax-related out of my mind as soon as tax season is done
and don't remember much... Sorry 
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| | | | | | | | | | | | | | | Author: | BeastMode1735 | | Posted: | Aug 4, 2022 14:50 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 26 times | | Topic: | Taxes | |
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| | Ok thanks for the help at least got one part of my question answered. |
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| | | | | | | | | | | | | | | | | Author: | Nubs_Select | | Posted: | Aug 4, 2022 14:51 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 26 times | | Topic: | Taxes | |
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| | Glad I was able to help a little bit! |
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| | | | | Author: | axaday | | Posted: | Aug 4, 2022 14:46 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 32 times | | Topic: | Taxes | |
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| In Taxes, BeastMode1735 writes:
| | Hi I was thinking about starting a bricklink shop for myself as I got some expensive
minifigs and parts I don't need. I was wondering how the Canadian tax and
provincial tax worked and how/if I need to declare it on a tax form. Hoping someone
with first hand experience on this could comment on this.
Thanks
|
I am unfamiliar with Canadian law and don't want you to take this as expert
advice, but just as a way of looking at things differently. The intention of
the tax laws is generally for businesses. It doesn't sound like you intend
to buy inventory for the purpose of selling, but are just setting up to sell
off items that you bought for yourself. Generally that sort of thing is handled
differently. Especially if you are selling used items that will sell for less
than you originally paid.
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| | | | | | | Author: | BeastMode1735 | | Posted: | Aug 4, 2022 15:34 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 46 times | | Topic: | Taxes | |
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| | Ok thanks for the input will keep that in mind for the future. |
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| | | | | Author: | popsicle | | Posted: | Aug 4, 2022 15:00 | | Subject: | (Cancelled) | | Viewed: | 55 times | | Topic: | Taxes | |
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| | (Cancelled) |
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| | | | | | | Author: | BeastMode1735 | | Posted: | Aug 4, 2022 15:08 | | Subject: | Re: Thinking about starting a bricklink shop | | Viewed: | 44 times | | Topic: | Taxes | |
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| what I meant by firsthand experience was the way to do Canadian tax forms based
on sale from bricklink from Canadian sellers, no need to slander someone for
asking a genuine question.
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| | | | | | | | | Author: | popsicle | | Posted: | Aug 4, 2022 15:20 | | Subject: | (Cancelled) | | Viewed: | 69 times | | Topic: | Taxes | |
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| | (Cancelled) |
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| | | | | | | | | Author: | popsicle | | Posted: | Aug 4, 2022 17:49 | | Subject: | (Cancelled) | | Viewed: | 68 times | | Topic: | Taxes | |
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| | (Cancelled) |
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Canada, Ontario
USA, Oklahoma
