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Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Hi all,
I've been using stealth successfully for 2 years now but im a little concerned about my bookkeeping and taxes. What do you guys do when it comes to tax time for those with many stealth accounts and many bank accounts.

Does the CRA find it fishy and investigate? Do they ask for your ebay id or paypal email info?

I feel like having stealth accounts might raise a red flag and have them want to look even deeper into the situation, thinking if im using different identities maybe i have other hidden accounts with unreported income ( totally not the case in my scenario) i just dont want to get in any trouble. Im reaching the 20k mark this year.

Thanks!

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

No one with any info on this?

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Perhaps talk to a professional?
I would go see an accountant and ask for their advice.

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Your going to want to talk to an accountant RE this

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

this is my first time stealth account last year and sold over 20K.....I am also needs help reporting this through my tax filing....but I don't understand how I am going to explain this to my accountant? I am using stealth account with a different name? someone should come up with a guide for this and sell it.....idea !

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Government won't really frown upon stealth if you pay your taxes - you just tell your accountant straight that you did sales and wish to have help to report taxes.

A guide like this is touchy info in the wrong hands...

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

thanks RSOT as always.....I will sit down with my accountant and try to find a way to report this......should be interesting.

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Hope you aren't being sarcastic...you don't need to tell him about stealth and such - you just need to say you did sales, you have invoices, statements, etc - I have dealt with accountants in the past and never stated about stealth details.

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

ofcourse not....I will try to say the exact things u mentioned. thanks

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Ok bclarr - I'm pretty sure you'll be fine - just discuss your sales - dont need to get into stealth details.

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

I am not bookkeeper, but this is what I would do. I don't think CRA goes through paypal account so you can maybe tax it only when you withdraw to bank? Do you sell on ebay.ca? Did they send you T4?

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Hi everyone.
I am from canada....
Would I be able to use a stealth account from US or UK?
Please help me....

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

You can do yes, you would need an IP from that country though and ideally also a bank account

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Welcome to the forums - James is correct....I do have accounts like that as well

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Have you registered your business yet? I'm curious how you guys set things up especially if you are building separate brands too in different niches. Do you declare everything togethor or do you have a parent company that manages the other ones. i'm also curious about how you manage liability aswell. I want to be as fully covered as possible once i hit 20k, i'm already halfway there....

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

in CRA website or on pp?

Re: Stealth Ebay and Paypal Tax and bookkeeping info (cra) canada!
 

CRA here .. CAD 10000 canadian dollars
Electronic Funds Transfer Reporting