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Apr 30, 2021 · Income tax implications. As a resident of Canada, you have to report your income from all sources inside and outside of the country, including P2P transactions, on your tax return. If you paid tax on foreign income, you could be eligible for a tax credit. It is important to maintain proper financial records of all your sales and expenses.
No. If you were purchasing items for the sole purpose of reselling and as mentioned, generating a profit regularly, then yes the profit could be considered income. Selling things in your home that you no longer want or need is not taxable income.
Learn about ad posting limits in the services categories, as well as the benefits of listing fees.
The fact that you bought things with the intent to resell them means it's income and will need to be reported as such, though you can also claim expenses (e.g. the cost of the things you bought). If you don't otherwise have a job, it doesn't really matter because you're probably not making enough to pay taxes.
Line 31270 – Home buyers' amount. You can claim up to $10,000 for the purchase of a qualifying home in 2023 if you meet both of the following conditions: You (or your spouse or common-law partner) acquired a qualifying home.
This means unless you are selling items for more than $1,000 each (I will repeat that, $1,000 EACH) there are no tax consequences, and you do not need to report the amounts on your income tax return. Further, chances are you are selling things for less than you paid for it, so it is a loss anyway (which the CRA will not allow you to claim).
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If you bought or sold your home this year or plan to buy or sell a home soon, the Canada Revenue Agency (CRA) has information to help you. Principal residence exemption. When you sell your principal residence, did you know that any profit (capital gain) may be exempt from taxes?
