I am doing some research on feasibility on proprietorship Vs Incorporated Biz in Ontario, Canada.
Heres some finer points that I am not reading into the fine print ;
"
Most persons and organizations engaged in commercial activities in Canada who have worldwide taxable sales of more than $30 000
in any previous four consecutive calendar quarters or in any one
calendar quarter must register for and collect GST or Harmonized Sales
Tax (HST)"
SO does this mean I can have sales Upton $30K /Qtr ? A net net of sales of < 120K annum and I don't need to have a GST number ?
However in the very next para I also read ;
"if your total annual sales are less than or equal to $30 000,
you are considered to be a small supplier and are not required to have
a Business Number for the purpose of GST. If you do not obtain a
Business Number, you do not charge GST."
This is pretty clear cut, If I make more then $30K, I need a GST#. OK thats a no big deal. However, I think the verbiage needs to be redefined on the CCRA site.
What do you folks thinks ??
Secondly, how does The government of Canada, track and trace E-bay and other models of virtual transactions ?? What is the tax liabilities that a person can face on this ? or is there any at all- just plain capital gains ?? Let me know your thoughts !
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