Tax Information for Sellers
BuySellBid does not provide tax advice. The information below is general guidance only. Always consult a qualified tax professional for advice specific to your situation.
Are My Sales Taxable?
In most jurisdictions, income from selling goods online is taxable. Whether your BuySellBid sales are taxable depends on factors including:
- Whether you are selling as an individual or a business
- The volume and frequency of your sales
- The nature of the items (new vs personal used goods)
- Your total income from all sources
- Your country, province or state of residence
Canada
Canadian sellers may be required to charge and remit GST/HST once sales exceed the $30,000 threshold in a 12-month period. Provincial sales taxes may also apply. The Canada Revenue Agency (CRA) website has guidance for online sellers.
United States
US sellers may receive a 1099-K form from Stripe or PayPal if sales exceed IRS reporting thresholds. Sales tax collection requirements vary by state. Consult a US tax professional for guidance.
Record Keeping
Keep records of all your sales, costs and expenses. Your Dashboard → My Orders section provides a complete history of all transactions. Download and save this regularly for your tax records.
BuySellBid and Taxes
BuySellBid does not withhold taxes from your payments. We may be required to report seller information to tax authorities in certain jurisdictions. You are responsible for reporting and paying any taxes owing on your sales.
Get Professional Advice
Tax rules for online sellers are complex and change frequently. We strongly recommend consulting a qualified accountant or tax professional in your area.