eBay

sapphyres-designer-jewellery · ‎11-13-2025

There was a big argument in the forum about when CRA reporting starts... accountants were telling people it starts in 2025 (sales from Jan 1 2025 and onward, and it would be reported in January next year). Other people said 2024.

I'm settling this argument...

The reporting started January 1, 2024, in 2025 (like today) all my 2024 sales were reported to the CRA.

So if you didn't declare your 2024 earnings and you have this report, CRA is going to find out. The report says how many transactions and a breakdown by quarter. I don't want to share my sales information, but if you qualify for this report you should find it in your eBay.

C.

sapphyres-designer-jewellery · ‎11-21-2025

@widgetc wrote:
I once knew someone that genuinely tried to run a business but had losses for 4 consecutive years. The CRA invalidated the the busiiness loss claims on the basis that in spite of intentions there was no reasonable epectation of ever turning a profit so it was not really a business.

I believe I reported losses from 2005 to 2015 (jewellery sales), but they weren't going to invalidate my business as a "hobby" because of how much I was selling at the market. Part of having losses was due to growing the business (or attempting to), so my sales were increasing each year until they stopped... and then I switched and started selling coins, then I started selling stamps. I expect to have a zero net income for 2025 after all the allowable deductions. But I paid tax on profit for the last three consecutive years, so not too worried about CRA.

If someone is reporting thousands of dollars of loss and only a couple hundred in income, I see them invalidating that. When you're reporting $12,000 in sales and $14,000 in expenses, they're not going to say "you're just a hobby". The more money I make, the more I spend, the more I sell, the more inventory I buy to replace what's sold. I buy a lot of consumable items for my various businesses.

C.