öÏÓãÊÓƵapp

“Let’s say I have an old couch that I don’t use anymore. I’ll put it on (Facebook) Marketplace,â€� he explained. “I’ll sell it off. It’s likely I’m not making money on that couch since it’s likely I bought it for a lot more than what it was sold for.â€�

If you make a profit on something you’ve sold, it is taxable

Where things change is if you’ve made a gain on the personal item you’re selling — or if you’re operating as a business that generates profit from selling on these online marketplaces.

Vittoratos said if you profit from selling personal items, which includes collectibles such as comics or other things that have risen in value over the years, then it’s considered a capital gain. This means 50 per cent of the gain is added to your taxable income.

“If you’re just selling personal items that you just want to get rid of in the house and for some reason sold at a profit then, unfortunately yes, you will have to declare it as personal-use property,â€� he said.

What is a capital gain?

Scotiabank defines  as the profit that occurs when you sell an asset for more than you paid for it.

If you flip things for profit regularly, you need to declare the income

Vittoratos said if you are buying (or getting for free) and selling things for profit online regularly, that’s a business and you will need to .

“Now it’s a full fledged business, “he said. “You’re doing a commercial activity.â€�

In this case, you’ll want to be tracking your income and expenses, so you can properly declare your earnings for the year.

“It’s never been easier to do that with apps,â€� he said.

Vittoratos said for people who are self-employed and operate businesses, you file correctly.

When is the deadline to file my taxes in Canada?

The Canada Revenue Agency reports for most individuals, the deadline to file personal taxes is April 30, 2025. Any amounts owed must also be paid by this date.

By filing on time, you will begin or continue to receive the benefit and credit payments you are eligible for and you may even get a refund, CRA said. 

If you, or your spouse or common-law partner who was living with you at any time in the year, are self-employed, you generally have until June 15, 2025, to file your taxes.

Since this date falls on a Sunday, the CRA will consider your income tax and benefit return filed on time if it is received on or before June 16, 2025.

The CRA provides free tax help to support small business owners and self-employed individuals understand their tax obligations through meetings with a .

To avoid paying interest, amounts owed to the CRA must be paid by April 30, 2025. Several payment options are available to accommodate different situations and include online banking, debit and credit card. If a payment cannot be made on time or in full, you can contact the CRA to set up a payment arrangement.