Tax implications on selling high end

[mack_and_mangos]

Hello guys,

I was wondering about something the other day. Not sure if its the right place to ask, but back in October I moved the UK for the next two years for work. I opened up UK bank accounts, etc. Now, say I were to purchase high end cards (approx 1000$ cards) and eventually down the line, I decide to sell them when im back in Canada. Will I get taxed on these earnings? Does it all have to be declared?

would anyone be able to answer my question.

Thanks!
JD

 

[wkoch530]

In the US, selling collectibles you get taxed 28% on the profit. Don't know for Canada.

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[dahabsfan]

It depends on the scope of what you do. If you're the average hobbyist there are provisions in the Canadian tax code regarding hobbies and it boils down to "reasonable expectation" of profit. For most guys busting wax and selling cards here and there, that is pretty much zero in the long run. If you are a guy buying cases at cost and able to rip and flip for profit then you would fall under the business category and subject to tax.

Darren