Taxes - PayPal/Interac E Transfers

[Elon]

Hi guys,
I had a question about paypal and e transfers (canadian) for taxes.

If I just sell and buy gold and like have a few hundred a month transfered to my bank will I have to claim taxes? Like I dont get how it works. Also e transfers, if me and my friend send eachother money via email transfers as loans to each other or he owed me money that I gave him few months ago like 1000 or $2000 do I have to claim this not sure how it works

Any big gold sellers have any insight canadian wise?

 

[Elon]

bump

 

[Pain]

$20,000 is the point of no return in most countries, others are $10,000.

@ $20,000 in the USA (that is received as goods & services) u are required to put ur SSN in - At that stage u are on the radar.

I know this because @ $20,000 you start receiving tax forms each year from paypal to fill out to send to the IRS.

So yes, if u intend to sell $300 in gold a week for a couple months - u'll be fine - but if u intend to sell $300 a week for the next 2 years then not so much.

Just be careful of that limit, if u have $19,999 received u wont receive tax documents from paypal - $20,000 is the magic number in the USA, I literally had $19,781 received in one paypal and received a $20 payment for gold and a automatic limitation kicked in requiring my SSN or it would not allow me to use paypal anymore.

 

[Elon]

$20,000 is the point of no return in most countries, others are $10,000.

@ $20,000 in the USA (that is received as goods & services) u are required to put ur SSN in - At that stage u are on the radar.

I know this because @ $20,000 you start receiving tax forms each year from paypal to fill out to send to the IRS.

So yes, if u intend to sell $300 in gold a week for a couple months - u'll be fine - but if u intend to sell $300 a week for the next 2 years then not so much.

Just be careful of that limit, if u have $19,999 received u wont receive tax documents from paypal - $20,000 is the magic number in the USA, I literally had $19,781 received in one paypal and received a $20 payment for gold and a automatic limitation kicked in requiring my SSN or it would not allow me to use paypal anymore.

Thanks for the info!

Much appreciated