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02-20-2010, 12:09 AM
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#1
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14 dolla balla aint got nothing on me!
Join Date: Jan 2004
Location: Abbotsford
Posts: 614
Thanked 107 Times in 23 Posts
Failed 77 Times in 9 Posts
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Purchasing something from an individual, tax?
If I'm selling something to someone else, do I have to charge them tax legally? How does this work? I'm an individual and do not own a business.
I understand if you buy a car you end up paying pst when you insure at icbc. But what about regular items?
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02-20-2010, 12:27 AM
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#2
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MiX iT Up!
Join Date: May 2006
Location: vancouver
Posts: 8,153
Thanked 2,076 Times in 871 Posts
Failed 642 Times in 183 Posts
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as long as ur business income is  0k you dont need to charge tax. once its more, u MUST charge, and remit to cra.
__________________
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Make the effort and take the risk..
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02-20-2010, 09:36 AM
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#3
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14 dolla balla aint got nothing on me!
Join Date: Jan 2004
Location: Abbotsford
Posts: 614
Thanked 107 Times in 23 Posts
Failed 77 Times in 9 Posts
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thanks 
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02-20-2010, 09:18 PM
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#4
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Rs has made me the man i am today!
Join Date: Apr 2004
Location: Vancouver
Posts: 3,073
Thanked 69 Times in 47 Posts
Failed 11 Times in 6 Posts
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if your profit is over 1000 then you have to pay tax
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03-13-2010, 12:43 PM
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#5
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Captain Happy Bubble is my Homeboy
Join Date: Jul 2007
Posts: 319
Thanked 294 Times in 53 Posts
Failed 4 Times in 4 Posts
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Quote:
Originally Posted by waddy41
if your profit is over 1000 then you have to pay tax
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Do you mean to say income tax? I think the OP is referring to value added taxes like GST and PST.
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03-13-2010, 12:45 PM
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#6
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Captain Happy Bubble is my Homeboy
Join Date: Jul 2007
Posts: 319
Thanked 294 Times in 53 Posts
Failed 4 Times in 4 Posts
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Quote:
Originally Posted by tiger_handheld
as long as ur business income is 0k you dont need to charge tax. once its more, u MUST charge, and remit to cra. |
True; however, if you're a GST registrant then you have to charge taxes even if your business income is < $30K.
It's worth mentioning that if you are a GST registrant (even with business < $30K) then you'll be able to claim your input tax credits too!
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