Quote:
Originally Posted by jjjleftturn
Im curious as to what extent does the taxman start to care? I mean theres kids buying a ipod for 20$ and selling it for 50$.. not trying to say its right. But are there any cases of the tax man coming after people selling petty stuff on a classified ads? I mean realisticlty... more than half of richmond restaraunts only accept cash.. and i wonder for what reasons hmm..
The things i sell range from small profit.. 10-20$ to larger profit 100-150$. Overhead is very low demand is high
Im sorry i cant give away my products as they are a very tight niche and took weeks of research to understand the product market.. lol
However i will give you one example my friend does. He usd to buy bar stools on sale at costco for 30$ and sold them for 120$ a pop..
U wouldnt believe how many he sold a week.. i think there was a month where he made almost 4k profit. Yes its stupidly ridiculous.. but somehow not everyone has a costco card and would rather buy it off a stranger on craigalist. Who knows maybe its a more personal approach lol.
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its not about when the tax man cares - he ALWAYS cares (under $50 is probably fine, per year, as this is the amount of investment income you can make without having to declare it).
why you should always declare: if you do get audited, and they find out, you're fucked, waste of your time and money, but more importantly, karma - don't be a dick and dick your fellow residents of BC around by not paying tax on your income - yes 'eveyrone does it', but most people are dicks who will fuck themselves over
i guess i like going to bed every night knowing that i have no risk or worries... yet i still pay no more tax than you (all else being equal)