GST and HST on consignments

[albeaulieu]

Seems fair to me.

Taxes-- just be grateful you don't get all the government you pay for.

[Prophet River]

Jesus, you ate up to 15% out of your consignment fees? You’re a lot more generous than I’d have been.

only on the odd one going to the Atlantic provinces is it 15%. But, yes, it was not too bad but some sellers thought we were taking too much, not realizing how high the taxes and credit card fees are.

[lil_juiced_coupe]

I’m no mathematician but charging 15% consignment and eating upwards of 16-17% of taxes and fees don’t make much sense.

[All in fun]

Seems fair to me.

Taxes-- just be grateful you don't get all the government you pay for.

When I last checked, we were running a deficit. I think that means we not only are getting more government than we're paying for, we get the honour of borrowing money to pay the balance.

[Prophet River]

I’m no mathematician but charging 15% consignment and eating upwards of 16-17% of taxes and fees don’t make much sense.

Most sales the tax is 5% and for items under 1000.00 we take 30%.

[tj tapper]

Raise your consignment rate. 15% is ridiculous. Nothing in it for you but hassle.

Seems like free money because you had no upfront cost.

Im in a different retail space but mine is 25%. Ill do 15% on items over 10k and even then it doesn't feel like its worth it sometimes if things go bumpy.

Just words of advice from another small biz owner.

[Prophet River]

Raise your consignment rate. 15% is ridiculous. Nothing in it for you but hassle.

Seems like free money because you had no upfront cost.

Im in a different retail space but mine is 25%. Ill do 15% on items over 10k and even then it doesn't feel like its worth it sometimes if things go bumpy.

Just words of advice from another small biz owner.

On high value items, we do 'custom' rates. Normally, we get a number from the owner on how much he wants in his pocket. This works well as we can then allow for all expenses and because guys will often want to work in trades.

[VinnyQC]

On high value items, we do 'custom' rates. Normally, we get a number from the owner on how much he wants in his pocket. This works well as we can then allow for all expenses and because guys will often want to work in trades.

How do you guys work exchanges? Say I bring in a gun you give me 400$ for it, and I buy another gun, retailing at 1000$. You charge taxes on 1000$ or 600$?

Also, for Quebec, you charge GST only or GST+PST?

[Nikola]

How do you guys work exchanges? Say I bring in a gun you give me 400$ for it, and I buy another gun, retailing at 1000$. You charge taxes on 1000$ or 600$?

Also, for Quebec, you charge GST only or GST+PST?

Legally speaking, each transaction is a separate event and needs to be recorded as such.

Whether you choose to report it that way is up to the business owner as taxes are self reported.

[VinnyQC]

Legally speaking, each transaction is a separate event and needs to be recorded as such.

Whether you choose to report it that way is up to the business owner as taxes are self reported.

Not really. Legally speaking, this is just one transaction, and if you choose to make it 2, then there's a sales tax credit on the 400$, so it evens out to 600$ anyway. Dealerships works like that with used cars.