I have sold quite a few things online and I am wondering what amount of money is needed for it having to be claimed on next years income taxes?
I have sold over $1500 US worth of goods so far this year. At what point do I need to claim it? I can't find information on this topic in the canada government website.
What Dollar amount am I allowed to sell online before I have to claim it as income in Canada?
The sale of personal use property (i.e. your own furniture, your household goods) does not incur a capital gain if the proceeds of disposition FOR EACH ITEM is less than $1,000.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/...
Reply:Technically, anything that's income MUST be claimed (you don't want them to find it in an audit 4 years from now and screw everything up). So once you've made a $1 profit, it should be claimed. Especially on a site where sales are traceable like EBay.
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