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If I buy a chair from my neighbors and he does not declare the income and I pay no tax, is this a black market? What kind of market is this? (lemmy.perthchat.org)

submitted 1 year ago* (last edited 1 year ago) by ThePhoenixFire@lemmy.perthchat.org to c/nostupidquestions@lemmy.ca

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Answer: Informal Market.

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[–] Rentlar@lemmy.ca 3 points 1 year ago (1 children)

I don't know the official term for the kind of market...

In Canada in most provinces you don't have to collect tax and you aren't required to have a registered GST/HST number until you collect 30k CAD a year Some province have Provincial Sales Tax charged separately, in which case either a different minimum may apply ($10 000 in MB, BC) or there is no minimum (such as in Saskatchewan).

[–] lazylion_ca@lemmy.ca 2 points 1 year ago

It also depends if they are selling it for profit or if they are just selling something they no longer need.