Ebay tax reporting drops from $20,000 to $600

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#28

02-24-2022, 10:40 AM

Ray Van

Ray VDB

member

Join Date: May 2009

Posts: 122

Canada Tax Rules are Different

So I was speaking with my tax advisor who validated that any sales below $1000 are not subject to Capital Gains tax in Canada. Collectibles are classified as Listed Personal Property (LPP) which is "personal use property that usually increases in value over time". Sales of these items are subject to capital gains tax unless the acquiring cost and selling price are both below $1000 for an individual item.

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