Selling Gold and Taxes.(Canada)

Does anyone know anything about Canadian tax laws in reguards to selling gold? A google search turned up nothing. Like I'm talking if someone was making like $50 000/year doing it, not this nickle and dime stuff. Basicly I'm asking if the profit from the sale of virtual goods is considered taxable income or not.

 

Pm me your MSN I can help you.

 

If you have more income in a given year than what they call the "Basic Personal Amount" and none of the other tax credits apply to you (which they probably don't) you are legally obligated to file taxes on your income.

Right now, the Federal basic personal amount sits around 10k[sup]1[/sup] so the amount of income over 10k you would be required to pay the lowest tax bracket on (15% in 2011[sup]2[/sup]). Of course, you would also have to pay provincial tax which is calculated roughly the same with different numbers and a lower tax percentage.

1. http://www.cra-arc.gc.ca/nwsrm/fctshts/2010/m12/fs101201-eng.html
2. http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html