What us Peer-to-Peer selling?
The sale of goods or services from one person or party directly to another. Sales on websites or online marketplaces (such as Etsy, Facebook Marketplace or Kijiji) may be included.
Income Tax for P2P Sales
Canadian residents have to report income from all sources, including peer-to-peer sales, both inside and outside of Canada. Paid foreign tax income could be eligible for a tax credit. Maintaining proper financial records of all sales and expenses both in Canada and elsewhere is crucial.
if your total taxable supply is valued at more than $30,000 over four calendar quarters you will need to register with the CRA to collect and pay the goods and service tax/harmonized sales tax (GST/HST) for taxable sales inside and outside of Canada.
Read more about peer-to-peer selling and how to correct tax affairs if you haven’t been reporting your P2P sales at Canada.ca
The above information is for informational purposes.