How much tax do I have to pay Canada Revenue Agency?

[pokemoncookie]

Hi everyone,

I sell my personal things on ebay as a hobbyist. Last week, ebay told me that it had submitted a 2024 digital sales report to CRA because I sold more than $2800 last year. My annual sales summary is shown below.

Total number of transactions = 16
Total transaction amount = $4,072.00 CAD
Total fees = - $592.19 CAD
Gross refunds = $0.00 CAD
Total taxes = - $364.55 CAD
Net adjustments = $0.00 CAD
Consideration = $3,115.26 CAD

Based on the information above, how much tax do I have to pay CRA?

Thank you for your help.

[phc64 · Accepted solution]

If you only sold 'personal use property' (stuff you had lying around the house or items from your personal collection) and did not sell anything for more than $1,000, you do not have to report anything and do not have to pay any tax. (It is still a good idea to maintain records of all your sales.)

Gains on the sale of 'personal use property' are considered capital gains, not business income. When calculating the taxable capital gain on 'personal use property', the 'adjusted cost base' is the greater of the amount you actually paid for the item or $1,000; which means that there is no taxable capital gain when 'personal use property' is sold for less than $1,000.

[raanana · Accepted solution]

Some collectables that you accumulated over decades and paid with after tax $$ now can be sol cheaper amd also if with a profit,ho to calculate it.If I bough postcards and stamps 30 year ago in other country lets say for 1000$ and sold it now for 1200 (but can be 700 as well )),who can calculate taxable gain with if consider inflation.Also,if I sell something,that was bough bu grandfather or father long ago and have to sale due to financial problems.They want to tax everything ,it looks like soon they will come after FB marketplace and Kijiji

[pokemoncookie · Accepted solution]

Thank you very much for your detailed explanation. I've learned a lot from you.

[pokemoncookie · Accepted solution]

Thank you.