Cyberworld sales running up real-world tax bills


 

The headquarters of eBay in San Jose, Californ...

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Canadians who have been selling thousands of dollars worth of merchandise on eBay have been quietly coming forward to admit dodging taxes, iPolitics has learned.

However, the number who have made voluntary declarations about their eBay profits appears to pale in comparison to the number of Canadians who have been wheeling and dealing on the popular website.

By Oct. 31, Canada Revenue Agency had received more than 160 voluntary disclosures from Canadians who had made money on eBay. To date, it has completed 157 cases and identified almost $3 million in previously unreported income.

However, the agency could not say how much tax was payable on that income or whether interest charges or penalties have been levied. Nor did it say whether it had begun audits of others selling large amounts of merchandise on eBay.

via Cyberworld sales running up real-world tax bills.

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