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Seller_T1QyLSCYx1VMj

Reporting Income in Canada

Hi,

I live in Canada and am looking to start selling through amazon FBA and only want to sell in Canada. I'm wondering when it comes to tax reporting season, what taxes should I expect to be paying? Should I keep money aside from my profits for tax season?

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Tags:Payments, Registration, Seller Central, Tax documents, Taxes
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Seller_T1QyLSCYx1VMj

Reporting Income in Canada

Hi,

I live in Canada and am looking to start selling through amazon FBA and only want to sell in Canada. I'm wondering when it comes to tax reporting season, what taxes should I expect to be paying? Should I keep money aside from my profits for tax season?

Account setup
Tags:Payments, Registration, Seller Central, Tax documents, Taxes
00
90 views
1 reply
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1 reply
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Seller_y7W9ccUlauftE
In reply to: Seller_T1QyLSCYx1VMj’s post

If you are not incorporated as a company than your sales will be treated as Self-employment income (see tax guide T4002). Lines 13499 and 13500 on your personal income tax form. Tax will be on your profit, which is sales income minus expenses (cost of goods, amazon fees, and other expenses). Income tax rate will depend on which province you are located and which tax bracket you fall in (take a look at your return for 2022 to get an idea).

Setting aside some money to cover your income tax is a good idea and will make the tax season less painful.

Sales tax: If you have more than $30000 in sales (not profit) over 12 months you will be required to register for GST/HST.

-;-

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Seller_T1QyLSCYx1VMj

Reporting Income in Canada

Hi,

I live in Canada and am looking to start selling through amazon FBA and only want to sell in Canada. I'm wondering when it comes to tax reporting season, what taxes should I expect to be paying? Should I keep money aside from my profits for tax season?

90 views
1 reply
Account setup
Tags:Payments, Registration, Seller Central, Tax documents, Taxes
00
Reply
user profile
Seller_T1QyLSCYx1VMj

Reporting Income in Canada

Hi,

I live in Canada and am looking to start selling through amazon FBA and only want to sell in Canada. I'm wondering when it comes to tax reporting season, what taxes should I expect to be paying? Should I keep money aside from my profits for tax season?

Account setup
Tags:Payments, Registration, Seller Central, Tax documents, Taxes
00
90 views
1 reply
Reply
user profile

Reporting Income in Canada

by Seller_T1QyLSCYx1VMj

Hi,

I live in Canada and am looking to start selling through amazon FBA and only want to sell in Canada. I'm wondering when it comes to tax reporting season, what taxes should I expect to be paying? Should I keep money aside from my profits for tax season?

Account setup
Tags:Payments, Registration, Seller Central, Tax documents, Taxes
00
90 views
1 reply
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Seller_y7W9ccUlauftE
In reply to: Seller_T1QyLSCYx1VMj’s post

If you are not incorporated as a company than your sales will be treated as Self-employment income (see tax guide T4002). Lines 13499 and 13500 on your personal income tax form. Tax will be on your profit, which is sales income minus expenses (cost of goods, amazon fees, and other expenses). Income tax rate will depend on which province you are located and which tax bracket you fall in (take a look at your return for 2022 to get an idea).

Setting aside some money to cover your income tax is a good idea and will make the tax season less painful.

Sales tax: If you have more than $30000 in sales (not profit) over 12 months you will be required to register for GST/HST.

-;-

10
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user profile
Seller_y7W9ccUlauftE
In reply to: Seller_T1QyLSCYx1VMj’s post

If you are not incorporated as a company than your sales will be treated as Self-employment income (see tax guide T4002). Lines 13499 and 13500 on your personal income tax form. Tax will be on your profit, which is sales income minus expenses (cost of goods, amazon fees, and other expenses). Income tax rate will depend on which province you are located and which tax bracket you fall in (take a look at your return for 2022 to get an idea).

Setting aside some money to cover your income tax is a good idea and will make the tax season less painful.

Sales tax: If you have more than $30000 in sales (not profit) over 12 months you will be required to register for GST/HST.

-;-

10
user profile
Seller_y7W9ccUlauftE
In reply to: Seller_T1QyLSCYx1VMj’s post

If you are not incorporated as a company than your sales will be treated as Self-employment income (see tax guide T4002). Lines 13499 and 13500 on your personal income tax form. Tax will be on your profit, which is sales income minus expenses (cost of goods, amazon fees, and other expenses). Income tax rate will depend on which province you are located and which tax bracket you fall in (take a look at your return for 2022 to get an idea).

Setting aside some money to cover your income tax is a good idea and will make the tax season less painful.

Sales tax: If you have more than $30000 in sales (not profit) over 12 months you will be required to register for GST/HST.

-;-

10
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