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- - report tax (https://www.aspkin.com/forums/ebay-discussion/106343-report-tax.html)

koobar

03-31-2017 09:50 AM

report tax

Hi guys. I have over 200k USD transferred to my bank account in Canada in 2016. According to the law we have to report tax if your revenue is over 30k, but the income is from stealth account. Do I have to report tax? Can I say the tax was collected in US, because my ebay account is an US stealth account.

phaz0rz

03-31-2017 11:25 AM

Re: report tax

Personally I stay as honest as possible. If you're a Canadian citizen I would report the income to the CA gov't.

I'm not familiar with the process in Canada but in USA we only pay tax on profits, not gross sales volumes. So assuming you aren't selling at a 100% margin you should be able to deduct quite a bit of that $200k.

e2free

03-31-2017 07:02 PM

Re: report tax

Quote:

Originally Posted by phaz0rz (Post 839442)

Only tax? No VAT or something similar ? In canada I know it's hst

Op may get more problems after declaring Sale of 200k as then he also needs to lay hst I believe

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