I started selling old trading cards and other miscellaneous video games on eBay. I did not keep track of my revenue, as this was just a way to clear my closet and make some money. I don't know how much I spent in shipping costs, supplies or have an exact number of how much I made...
Should I be concerned? I have an estimate as to how much I made, and how much my expenses were, but no exact number.
How should I go about claiming this as this is just old junk that happened to be somewhat valuable to people on eBay?
Thanks in advance!
Generally, you do not need to report income earned from selling personal items such as the ones you listed or sold on eBay. If an individual item is sold for over $1,000, or had an original value (ACB) that exceeded $1,000, you may be required to claim a Capital Gain for that particular item.
If you are not near the $1,000 threshold for any of your items sold, you likely will not have any income to report to CRA, nor would you be able to report any "losses" if you were to sell an item below its original cost. If you are selling alot of items regularly or purchasing items and "reselling" them, you will need to report this as business income, and claiming any expenses to offset the income. You may be required to register for the GST/HST as well if your income is over the $30,000 threshold.
The following links further explain Personal Use Property, and if and when you would report the sale of them on your personal income tax return.
Here's an interesting article from the EBay Community regarding GST: