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By Occasional Contributors | 3 Minutes Read June 4, 2014

New reporting requirements for Internet-based businesses

reporting-requirements-internet-based-businessBeginning with the 2013 taxation year, a corporation, partnership or self-employed individual earning income from one or more Internet webpages or websites must comply with certain reporting requirements and must file certain forms along with their tax return.
Income generating webpages or websites must be disclosed, whether hosted inside or outside Canada. If the entity or individual has more than five webpages or websites, only the five top income generators must be disclosed. The types of webpages or websites to be disclosed include the following:

  • Webpages or websites where the business’ goods and/or services are sold. For example, those that have a shopping cart, where payment transactions are processed by the business or through a third-party service;
  • Webpages or websites that do not support transactions but that allow customers to call, complete, and submit a form, or email the business to make a purchase, order or booking;
  • Webpages or websites
… Continue reading “New reporting requirements for Internet-based businesses”

Article by Occasional Contributors / Business, Finance and Accounting / 2013 taxation year, Advertising, blogs, Canada Revenue Agency, corporation, CRA, earning income from one or more Internet webpages, Form T2042, Form T2121, Form T2125, goods and/or services, hosted inside or outside Canada, Income generating webpages or websites, Internet business activities, Internet-based businesses, marketplace, partnership or self-employed individual, payment transactions, reporting requirements, shopping cart, Statement of Business or Professional Activities, Statement of Farming Activities, Statement of Fishing Activities, tax return, taxation law, third-party service, tracking transactions, webpages, websites

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