Business Number recommendations ?!!!

[Naderbens]

Hi everybody

I'm taking a electronics course in college in new Brunswick and a Permanent Resident since 12/2014.
i found some salvage electronics lots online going on bidding with good prices, except if i want to bid on this items i should have a business number or (HST) how ever don't know the differences.
i'm not willing on open a business i'm just want to buy those electronics for practice repairing electronics on my own, and maybe if i succeed in making them functional i will sale them on Kijiji,
but i'm afraid of the consequences and liability to CRA, will i be fined or pay a lot of taxes because i throw them a way or sell them on kijiji,
can anyone explain to me what should i do and don't and what should i be aware of?

thanks

 

[NetMecca]

HST and business number is not the same.
Having a business number gives you a license to do business and especially register a business name so you can open a bank account in the name of your business. This is regulated by the province and CRA is not involved in this process, though if you want or need an HST number you will probably have to have a business number. If you you are just looking to sell a few things on Kijiji here and there I do not think you really need it.

HST number has to do with charging HST / GST on items you sell, and claiming the benefit of being able to claim back HST/ GST on items you purchase. Under regulation you are generally not required to register for HST / GST unless your gross income from sales exceed $30,000. ( the amount may be different in your province.
https://turbotax.intuit.ca/tips/do-you-have-to-register-your-business-for-gsthst-6187

If you are not planning to sell more than that in value and do not plan to do business (which includes charging HST for goods you sell) you do not need to worry about this.

There is still the personal tax issue however. You may have to declare profits you make on items you sell on your personal taxes. Might want to chat to an accountant about that. If it is just a few items that you are just disposing of (your property and not intended for profit, probably not a big issue though).

If you are expecting to make some money best you at least chat to a licensed accountant to start.

Good luck

 

[Naderbens]

HST and business number is not the same.
Having a business number gives you a license to do business and especially register a business name so you can open a bank account in the name of your business. This is regulated by the province and CRA is not involved in this process, though if you want or need an HST number you will probably have to have a business number. If you you are just looking to sell a few things on Kijiji here and there I do not think you really need it.

HST number has to do with charging HST / GST on items you sell, and claiming the benefit of being able to claim back HST/ GST on items you purchase. Under regulation you are generally not required to register for HST / GST unless your gross income from sales exceed $30,000. ( the amount may be different in your province.
https://turbotax.intuit.ca/tips/do-you-have-to-register-your-business-for-gsthst-6187

If you are not planning to sell more than that in value and do not plan to do business (which includes charging HST for goods you sell) you do not need to worry about this.

There is still the personal tax issue however. You may have to declare profits you make on items you sell on your personal taxes. Might want to chat to an accountant about that. If it is just a few items that you are just disposing of (your property and not intended for profit, probably not a big issue though).

If you are expecting to make some money best you at least chat to a licensed accountant to start.

Good luck

Thank you so much for all the explanations
yes i don't want to have Business Number or HST, it's just a proxy for me to reach purchasing items on bidding that require me to have Business Number and HST number.