report tax

[koobar]

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]

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]

Originally Posted by phaz0rz

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.

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