Quoted from gorydeath

  thanks.  good to know.  still no matter what i want a place before halloween.

Pin night at Gory's!

Quoted from gorydeath

  thanks.  good to know.  still no matter what i want a place before halloween.

Don't you live at your shop anyway?  

I am gonna let you guys all in on a little secret.

You know this hobby we have where we buy and sell games and such.

Well call it a side business and you can friggin deduct it as an expense against your other income.
Your parts, your games, your supplies, customs, duties, shipping, parts of your house, your heat, your light, etc, etc.
Every dollar you spend can be used as a tax deduction as long as keep records of everything and you try to make a profit.

And guess what, you can file GST/HST returns, and if you pay more GST/HST than you receive, the government will pay you back the difference. (you'll need a GST/business number).

So turn your crazy hobby into a business and save a few bucks.
Merry Christmas.

Quoted from coaster33

I am gonna let you guys all in on a little secret.

You know this hobby we have where we buy and sell games and such.

Well call it a side business and you can friggin deduct it as an expense against your other income.

I'd be very careful going down that path. It is only a business if it is a business. Plain and simple. For most of us, we lose money especially if you start calculating all the parts and such we buy for our own machines.

A business cann't continue to lose money year after year without the Government getting suspicious and initiating an audit. You don't want an audit.

Sure if you are selling 50 games a year, it's a business. If you are selling one or two to buy another, I don't think that would constitute a business.

Either way, before going down this path, do your research and talk to some professionals.

My .02

Duane

Or don't do it - it's up to you.

But it is perfectly legal. Ask your accountant beforehand. (I did)

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/wht-eng.html

Coaster33: It is legal only if it IS a legit business and the key word here is "business".  If it's not a true business, if you're just dealing with a couple of pins a year and you end up keeping those for a period of time, that would be noticeable by an auditor.  It is not worth the risk and offering this advice to others is damn dangerous. For every accountant who'll tell you it's ok to do as you ask, you'll find several more who will say "ah... wait a minute".  There is a reason why that link you quoted has the word "evidence" in bold.

You can do whatever you want but be careful when offering "free" advice to others.

Duane =

Actually, ANY time you sell something in Ontario, it IS considered business and you own PST, and income tax on the profit.  If you have a legit business and pay you dues, you can deduct expenses, but you can only take a loss for so long before they disallow.

Or you do as so many Metro Cops have done before. Say nothing, publish nothing. Deal in cash. 'nuff said.

Make your own decision based on your own situation - http://www.cra-arc.gc.ca/E/pub/tp/it459/it459-e.html

I purchase property, then improve it's marketability, and make efforts to attract purchasers.
I try to sell the property for more than I paid, and have the intention to make a profit.
IMO, under CRA definition, I operate a business.