A good tax guide for domainers

[domaingenius]

What is "GST" ?

DG

 

[TheLegendaryJP]

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html

GST... currently 5% in Ontario, varies from province to province. Applicable to most goods with exemptions... in this case sales by Canadians to out of country buyers since they are exempt. However a dot ca should always include GST in addition seeing as a dot ca can only be owned by a Canadian presense thus NOT gst exempt. It is a Canadian issue

 

[RTM.net]

Interesting that the Domain Tax Guide is clearly for US residents and covers US taxation issues, yet the vast majority of discussion in this thread is about Canadian tax issues

We could really use an online guide to domain / virtual property transactions and how Canadian tax law(s) apply to them... both at the provincial and federal levels. It's a mystery for now.

Obviously, the revenue from the transactions has to be declared as income, but as far as collecting GST/PST from foreign buyers... that's a bit trickier!

A case in point would be online retailers that sell tangible goods to buyers outside the US; I just visited the Royal Canadian Mint which sells to customers in both Canada and the US. You can add an item to your cart, and then select your country and province. When selecting Canada and a specific province, it then dynamically updates the shopping cart to include the appropriate tax(es). When you switch to the United States as a shipping destination, the tax amount reverts to $0.00 ...

I'm not discounted what has been mentioned above about collecting GST from foreign customers, but it would seem that GST is not being collected from foreign buyers by the vast majority of retailers.

I think the same analogy applies to us Canadians in the reverse sense; when we purchase from online stores in the US, they never collect state taxes on the transaction if we ship to a Canadian address.

Unless I'm missing something here... ?

Cheers to my fellow Canucks...

Rob

 

[Tim Schoon]

dutch taxes is a whole different story >.<

I make sure I buy enough new names so all my 'profit' is reinvested so I wont need to pay any taxes

 

[David.]

I have a quick question.

Say you live in the United States but you then move to the Cayman Islands/Europe.

Do you still have to pay taxes on the money you make from domains or not?

Does it depend on who you sell the domain to and what country they live in?

What about money from parked pages?

 

[Rubber Duck]

I have a quick question.

Say you live in the United States but you then move to the Cayman Islands/Europe.

Do you still have to pay taxes on the money you make from domains or not?

Does it depend on who you sell the domain to and what country they live in?

What about money from parked pages?

I believe for a US Citizen, Death is the only escape.

 

[Compassion]

If you have a working knowledge of the unconstitutional voluntary income tax and differentiate between corporate gains...you'll be fine..

 

[Domainator]

:roll::roll::roll:

If you have a working knowledge of the unconstitutional voluntary income tax and differentiate between corporate gains...you'll be fine..

 

[Compassion]

here is a funny fact:

income is not defined anywhere in the IRS code....

 

[000]

here is a funny fact:

income is not defined anywhere in the IRS code....

The IRS code is not a dictionary, but Publication 525 Taxable and Nontaxable Income may help: "You can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject. Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable."

 

[Compassion]

The IRS code is not a dictionary, but Publication 525 Taxable and Nontaxable Income may help: "You can receive income in the form of money, property, or services. This publication discusses many kinds of income and explains whether they are taxable or nontaxable. It includes discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits. Check the index for the location of a specific subject. Generally, an amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable."

Still, no definition of income.


And those who need further clarification just need to look closely at the facts.

-The 16th amendment was never ratified

-The constitution clearly states ALL TAXES MUST BE APPORTIONED.

The income tax is certainly not an apportioned tax, therefore it is unconstitutional.

 

[000]

income definition: The financial gain (earned or unearned) accruing over a given period of time.
source

 

[Compassion]

income definition: The financial gain (earned or unearned) accruing over a given period of time.
source

that is fine and dandy..... but show me the definition in the IRS code...

 

[000]

I stated in post #30 that the IRS code is not a dictionary. You may have to deduce the IRS definition based on massive contextual usage. Good luck in your quest.

 

[DomainsInc]

It is best to collect GST on all domain sales.

From what I have been told that is the correct thing to do.

-=DCG=-

Only for Canadian to Canadian sales as JP has also pointed out. This is what the rep told me at least when I applied for my GST number.