Canadian eBay Sellers Forced to Pay Taxes
Canadians selling items on eBay will be forced to pay taxes on any sales after the government launched an investigation into online sellers.
The Canada Revenue Agency was provided with the names of eBay sellers and their contact information and are matching it up to their sales records and tax paid. The tax agency issued a strong warning that online sellers will face prosecution if they don't declare their revenues.
Income earned online is taxable, said federal Minister of National Revenue Jean-Pierre Blackburn, and anyone who has sold products on the web site could avoid audits, fines and penalties by voluntarily coming forward and declaring the revenue to the agency.
The tax agency also issued a stern warning yesterday to Internet entrepreneurs who buy and sell online that they face prosecution if they don't declare their revenues.