Top 10 tips for your platform economy tax obligations
Each area of the platform economy is unique, and participants can have different tax obligations.
For example, in general, if you provide goods or services and earn more than $30,000 over four calendar quarters, then you must collect and send the related goods and services tax / harmonized sales tax (GST/HST) to the Canada Revenue Agency (CRA). However, if you earn income from ridesharing, you must collect and send the GST/HST to the CRA regardless of the amount you earn.
Are you a peer-to-peer seller? Here’s what you need to know
What is a peer-to-peer sale?
A peer-to-peer (P2P) transaction involves the selling of goods from one person or party directly to another. You may be taking part in P2P selling if you are connecting with buyers through digital platforms like websites, online marketplaces or mobile applications (such as Etsy, eBay or Amazon).
Are you a peer-to-peer seller? Here’s what you need to know
A peer-to-peer (P2P) transaction involves the selling of goods from one person or party directly to another. You may be taking part in P2P selling if you are connecting with buyers through digital platforms like websites, online marketplaces or mobile applications (such as Etsy, eBay or Amazon).
As a resident of Canada, you must report your income from all sources on your income tax return. This includes any income you earn inside and outside of Canada, whether through P2P or other transactions. If you paid foreign income tax, you could be eligible for a tax credit.