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Question For Canadians Who've Sold Using US Auction Houses

Started by pemart1966,

2 posts in this topic

aardvark88

aardvark88

Posted
Posted

You pay taxes on world income in Canada. Your collectible item or set (e.g. SA Silver Surfer #1-18 if sold as 1 lot) will have adjusted cost base deemed by CRA as the greater of $1,000 Cdn or actual cost. Your net proceeds of the comic or set/lot will be deducted to calculate your Listed Personal Property (LPP) gain unless you are a retailer. Average income tax rate seems to average out to be 22% of the gain.

e.g. You sell a comic for net $1,000 Cdn. You bought it for $500. Your LPP gain is calculated at nil. You pay nil taxes on it, but greggy knows best.

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