Questions about opening a gold shop (Canada)

[spencerpk]

Allright so I was hoping in the future to open a gold shop but I have some preliminary questions I was hoping to get answered.

1. Since it is illegal to sell gold how would I transfer the money I make from selling to my bank account or is that even possible without the bank raising questions and requiring you to fill out tax forms.

2. If the government found out about you selling online and insisted you pay taxes on your shop how would you write it off - again since selling gold is illegal.

3. What are the legal downfalls to selling gold.

4. Since selling gold to a large amount of people is bound to have some scammers who chargeback how can you prove to paypal that you fufilled your end of the deal - would they care about you selling gold?

Thats all my questions for now, if I have more II will edit this post, thanks in advance!

 

[heineken]

Honestly paypal could give a shit less. I sold multiple accounts and gold they called me and asked me what i was doing to recieve these payments and i was straight up with them. They said ok no problem and they hung up. As for the legal part of it i have no idea and don't want to provide you with false information.

 

[spencerpk]

bump plox

 

[needcashplox]

I have the same problem. Few days ago I sold large ammount of gold via PayPal and besides some motherfuckers charged back total of $200, PayPal locked my account with few thousands $. I read on internet that PayPal is a scam company and when you earn some money they'll hold it for 180 days (or even more) to invest your money lol. And it's legal, you can't do anything.

I was thinking about Bitcoin. http://www.bitcoin.org/

Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:

* Bitcoins can be sent easily through the Internet, without having to trust middlemen.
* Transactions are designed to be computationally prohibitive to reverse.
* Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin system’s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.

But it's not popular yet so I don't think you will find many buyers. I hope more people will start using it, at least in virtual transactions.

 

[lttle pkz]

best paypal way to go, is if you buy with paypal, use a prepayed credit card,
when receiving a payment, request that they send to you as gift. if not that, make them put a not in the box before sending "i have received my virtual item(s)"
government and paypal really dont care if you sell rs stuff, it dont benefit them in any way.
only thing you gotta watch for is scammers,
which is good to use a mm in a trade,
hope that helps.

 

[shot08]

yea just watch the scammers, and dont trust strangers lol

 

[sandals6]

just make sure the money is sent as a gift saying for virtual goods i already received. and actually selling rsgp is not against the law. it is against runescape rules nothing will come about your taxes or anything. the worse thing that could happen is they ban your account in other words use a level 3 for the money lol. and watch out for scammers unless the person is a legit guy and has many vouches/posts do not go first.

 

[spencerpk]

if your starting off a gold shop start of at $0.9/m get about 40 vouches and the nstart selling for $1/m

Not really the information I asked for but thanks for the spam

I'm trying to figure out the IRL aspects and whether or not ill get taxed to shit for this.