My wife has been making money through her blogging. And she is quite happy with her so-called "income" from pro-blogging and has been thinking that they are tax-free. Well, not for long. Canada Revenue Agency [CRA] has been asking for information from eBay and soon Paypal to find out the other sources of income from its taxpayer and hopefully be able to tax them for this "unreported" income.
"As more Canadians buy and sell online, retailer eBay Canada says it expects to disclose information on its so-called "power sellers" to Canada Revenue Agency this week.
The release of data is in response to a ruling by the Federal Court of Appeal last April.
The court ordered eBay to turn over to the tax agency the names and gross sales figures of Canadians who earn at least $1,000 a month from online sales for three straight months.
In a recent letter to affected customers, eBay said it strenuously objects to the federal requests, but it must comply.
In 2006, Revenue Canada started looking into whether power sellers had reported all their eBay earnings on their 2004 and 2005 income taxes.
It's estimated about 32,000 Canadians make all or part of their income selling on eBay.
Meantime, many more Canadians are shopping online, with 2007 sales rising to $12.8 billion, Statistics Canada says." -- SOURCE
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