Canada wants Ebay sellers to pay up..

[comicdonna]

Wow, a post from Greggy that was...USEFUL!!!

Are you going to stop crying now?

 

I only cry when I see pictures of you dressed up as Wonder Woman.

[aardvark88]

Wow, a post from Greggy that was...USEFUL!!!

 

He simplified the tax regulations for the luddites. greggy left out the part about selling collectibles deemed at a set price. e.g. mutantKeys selling say X-men v. 1 #95-142 as a lot on eBay which will be way more than the $1,000 threshold. This will result in big taxes, if he sold them on eBay.ca or eBay.com.

[codfish]

I personally have no issue with this move or if they move on to casual sellers. I highly doubt they would move on to low volume sellers since then people could obtain business licenses and such and they would end out losing out because then the government would not be able to collect GST, sellers could basically claim most of it by writing off expenses. There is nothing in it for the government to go after low volume sellers.

 

As for high volume sellers. It is an income and/or a business so they should be taxed fair and square. Each one of us has to claim any other income we may draw so why should income made online be exempt?

[Ares]

Wow, a post from Greggy that was...USEFUL!!!

Are you going to stop crying now?

 

I only cry when I see pictures of you dressed up as Wonder Woman.

[Shootydog]

Wow, a post from Greggy that was...USEFUL!!!

Are you going to stop crying now?

 

I only cry when I see pictures of you dressed up as Wonder Woman.

 

AP

Casting has been completed on the new Wonder Woman movie "Amazon Hairspray Junkies". Director, John Waters was said to be taking a vacation before principal filming began and could not be reached for comment."

[lou_fine]

**There is another set of capital property called listed personal property (LPP)**

 

It is defined in the Income Tax Act as follows:

 

"listed personal property" of a taxpayer means the taxpayer's personal-use property that is all or any portion of, or any interest in or right to, any

 

(a) print, etching, drawing, painting, sculpture, or other similar work of art,

 

(b) jewellery,

 

© rare folio, rare manuscript, or rare book,

 

(d) stamp, or

 

(e) coin;

 

In this case, I'm sure that comic books don't fall in category ©. LPP has the same minimum of $1,000 but the proceeds of disposition also has a minimum amount deemed to be $1,000. The difference will LPP is that they can be offset against any LPP gains for the year. Any unused loss can be carried back 3 years or forward 7 years to offset any past or future LPP gains.

 

Greggy;

 

Very informative post, especially the part about the $1,000 PUP! (thumbs u

 

Based upon your cited definition of LPP, however, I would disagree with your interpretation. I am sure that comics (especially rare comics) would fall under Part C as this whole clause seems to be targeting the collectibles market.

 

If for example, Dave Anderson lived in Canada and he sold his Church copy of Action Comics #1, are you trying to imply that CCRA will not go after him for the millions in capital gains. Somehow, I think they would be very interested in these types of transactions.

 

Actually, I have been told by US collectors that the IRS is very vigilant when it comes to collecting taxes from sellers of high-end collectibles. Apparently, Revenue Canada is not even in the same ball park when it comes to chasing after these kinds of revenues.

[fingfangfoom]

Alot of interesting questions posed by Beaumont. I have no dog in this fight but I do find it sad/funny that the fascist socio-economic policies in the great white north have them scrambling to unearth revenue off a website to cover the shortfalls of their pathetic healthcare shell game.

 

[greggy]

Alot of interesting questions posed by Beaumont. I have no dog in this fight but I do find it sad/funny that the fascist socio-economic policies in the great white north have them scrambling to unearth revenue off a website to cover the shortfalls of their pathetic healthcare shell game.

We have a $14B budget surplus for 2007 so the Government isn't hurting for cash. If the Government really wanted to raise funds, they could have not reduced the GST (National Sales Tax) from 7 to 6 per cent. They lost like 4-5 B in revenue just by doing that. This action won't even come close to recovering that type of money. I'll be more worried about your economy if I were you.

[greggy]

**There is another set of capital property called listed personal property (LPP)**

 

It is defined in the Income Tax Act as follows:

 

"listed personal property" of a taxpayer means the taxpayer's personal-use property that is all or any portion of, or any interest in or right to, any

 

(a) print, etching, drawing, painting, sculpture, or other similar work of art,

 

(b) jewellery,

 

© rare folio, rare manuscript, or rare book,

 

(d) stamp, or

 

(e) coin;

 

In this case, I'm sure that comic books don't fall in category ©. LPP has the same minimum of $1,000 but the proceeds of disposition also has a minimum amount deemed to be $1,000. The difference will LPP is that they can be offset against any LPP gains for the year. Any unused loss can be carried back 3 years or forward 7 years to offset any past or future LPP gains.

 

Greggy;

 

Very informative post, especially the part about the $1,000 PUP! (thumbs u

 

Based upon your cited definition of LPP, however, I would disagree with your interpretation. I am sure that comics (especially rare comics) would fall under Part C as this whole clause seems to be targeting the collectibles market.

 

If for example, Dave Anderson lived in Canada and he sold his Church copy of Action Comics #1, are you trying to imply that CCRA will not go after him for the millions in capital gains. Somehow, I think they would be very interested in these types of transactions.

 

Actually, I have been told by US collectors that the IRS is very vigilant when it comes to collecting taxes from sellers of high-end collectibles. Apparently, Revenue Canada is not even in the same ball park when it comes to chasing after these kinds of revenues.

I did my research solely on what's available on the internet. I'll do some further research on what constitutes a "rare book" next week at work. I never said that no one would go after Dave Anderson. I said that they are more likely to go after people with larger amount of sales regardless of the amount of volume. The Government loves to highlight when larger "fishes" are caught rather than the small ones. Dave's hypothetical sale, would definitely be big news.

[tkg2627]

I know how Government bureaucracy works so who knows how they would use the information. Believe me, I'm sure that they would rather go after a limited number of higher amount, higher profile cases than concentrate on the smaller sellers.

Like Gold & Silver Powersellers (do they have Platinum?). Bronze less likely. Basically, common sense in terms of going after the big money sellers because the amounts potentially owed are larger.

[DrWatson]

Wow, a post from Greggy that was...USEFUL!!!

Are you going to stop crying now?

 

I only cry when I see pictures of you dressed up as Wonder Woman.

Wow, I wonder if those things are bullet proof?

[fingfangfoom]

 

Originally Posted By: fingfangfoom

Alot of interesting questions posed by Beaumont. I have no dog in this fight but I do find it sad/funny that the fascist socio-economic policies in the great white north have them scrambling to unearth revenue off a website to cover the shortfalls of their pathetic healthcare shell game.

 

We have a $14B budget surplus for 2007 so the Government isn't hurting for cash. If the Government really wanted to raise funds, they could have not reduced the GST (National Sales Tax) from 7 to 6 per cent. They lost like 4-5 B in revenue just by doing that. This action won't even come close to recovering that type of money. I'll be more worried about your economy if I were you.

 

...Just get me that Wonder Woman #203 I asked about and don't be concerned about our FREE MARKET driven economy down here

[greggy]

I know how Government bureaucracy works so who knows how they would use the information. Believe me, I'm sure that they would rather go after a limited number of higher amount, higher profile cases than concentrate on the smaller sellers.

Like Gold & Silver Powersellers (do they have Platinum?). Bronze less likely. Basically, common sense in terms of going after the big money sellers because the amounts potentially owed are larger.

They probably asked for all Powersellers' information now because it's easier to ask for more information now than ask only for the larger ones and then fight to get more information.

 

If I was the Government, I'll concentrate on the Gold level first. The chances that these people aren't running a regular business is low at that level so there isn't a PUP issue with the minimum $1,000 ACB. I can't really see them concentrating on the Bronze level because there are so more of them plus it's so easy to get that level with a single group of auctions and then they take forever to strip you if you do nothing for months and months.

[tkg2627]

If I was the Government, I'll concentrate on the Gold level first. The chances that these people aren't running a regular business is low at that level so there isn't a PUP issue with the minimum $1,000 ACB. I can't really see them concentrating on the Bronze level because there are so more of them plus it's so easy to get that level with a single group of auctions and then they take forever to strip you if you do nothing for months and months.

Yes, I agree. Amounts received for a typical Bronze PS might not even cover the man hours/resources put in.

[greggy]

If I was the Government, I'll concentrate on the Gold level first. The chances that these people aren't running a regular business is low at that level so there isn't a PUP issue with the minimum $1,000 ACB. I can't really see them concentrating on the Bronze level because there are so more of them plus it's so easy to get that level with a single group of auctions and then they take forever to strip you if you do nothing for months and months.

Yes, I agree. Amounts received for a typical Bronze PS might not even cover the man hours/resources put in.

I'll make an exception to all the people living in Richmond.

[tkg2627]

If I was the Government, I'll concentrate on the Gold level first. The chances that these people aren't running a regular business is low at that level so there isn't a PUP issue with the minimum $1,000 ACB. I can't really see them concentrating on the Bronze level because there are so more of them plus it's so easy to get that level with a single group of auctions and then they take forever to strip you if you do nothing for months and months.

Yes, I agree. Amounts received for a typical Bronze PS might not even cover the man hours/resources put in.

I'll make an exception to all the people living in Richmond.

[greggy]

If I was the Government, I'll concentrate on the Gold level first. The chances that these people aren't running a regular business is low at that level so there isn't a PUP issue with the minimum $1,000 ACB. I can't really see them concentrating on the Bronze level because there are so more of them plus it's so easy to get that level with a single group of auctions and then they take forever to strip you if you do nothing for months and months.

Yes, I agree. Amounts received for a typical Bronze PS might not even cover the man hours/resources put in.

I'll make an exception to all the people living in Richmond.

I'll be more worried about them considering you being a poker pro.

[DrWatson]

You changed your avatar. Is it nap time?

[tkg2627]

If I was the Government, I'll concentrate on the Gold level first. The chances that these people aren't running a regular business is low at that level so there isn't a PUP issue with the minimum $1,000 ACB. I can't really see them concentrating on the Bronze level because there are so more of them plus it's so easy to get that level with a single group of auctions and then they take forever to strip you if you do nothing for months and months.

Yes, I agree. Amounts received for a typical Bronze PS might not even cover the man hours/resources put in.

I'll make an exception to all the people living in Richmond.

I'll be more worried about them considering you being a poker pro.

I'm just your average poker donkey.

[greggy]

You changed your avatar. Is it nap time?

Flee made it on his own based on a request for a new one.