For Sale Cra: Reporting Internet Business Activities

[PopCaro]

have you seen this new 2013 tax law, for the T2125
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/cmm/ncm/wbncm-eng.html

they said that
If you filed your 2013 return before April 4, 2014, include your Internet income information with your 2014 return.

they want to know the website you have and the % of income they say:
"Generally, if your webpage or website does not directly generate income, you do not report it. Examples of webpages or websites that you should not include are:

• telephone directory websites that list your webpage or website.
• information-only webpages and websites. Like directories or ads, these pages and sites give basic information such as a business name, address, telephone number, and general information about goods and/or services provided."

What the eel they mean by income: PPC ? or only actual online transaction?


Does someone have some info to share about it?

I call CRA last month to know how to declare capital gains deduction if not incorporated but the guy what knot that kind and say that I have to make a special demand here:
Income Tax Rulings Directorate
Policy and Legislation Branch
Canada Revenue Agency
16th floor, Tower A
Place de Ville
320 Queen Street
Ottawa ON K1A 0L5

Such a headache probably have to register a company

 

[GeorgeK]

I read about that new requirement. It doesn't appear too complicated, the way that the form is currently set out, given that we only need to list the top 5 websites, and then an aggregate (or even approximate) internet revenue percentage (which some folks might approximate as 100%, if most of their business is online).

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/cmm/ncm/wbncm-eng.html

If you cannot determine the exact percentage, give a reasonable estimate.

The reporting requirements would have been much worse if we had to break down the percentages for each individual website (many folks don't track things that carefully).

If you follow the links and read the form itself:

http://www.cra-arc.gc.ca/E/pbg/tf/t2sch88/t2sch88-13e.pdf

it does include revenue from advertising such as Google AdSense, and "other types of traffic programs."