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CrystalMr
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jimjum12 reacted to a post in a topic:
Canadian Resident: Do I need to worry about taxes for a private collection sale?
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Thank you everyone. I have reached out to a lawyer at this point. We agreed that the business aspect of this needs to be cleared up. Consignment agreement has been created and I will be making invoices for every sale.
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I live in Canada, and a friend of mine stumbled across a rather large comic book collection (approx 10,000 comics) all of which are major keys and what not. I think an easy estimate would approx be 100-150k in value. He asked me to sell them for him. This is not done through a business or anything, its just myself, selling to locals and or other people in Canada. I am taking 20% for myself and the rest goes to my friend. Would I have to worry about CRA coming for the money? I am not sure how it works so I wanted to ask first.
