Bill C-2 and Pinball Machine Sales

[ZoomZoomBoomBoom]

Everyone paying attention???

77.5 (1) Every person or entity that is engaged in a business...commits an offence if the person or entity accepts a cash payment, donation or deposit of $10,000 or more in a single transaction or in a prescribed series of related transactions that total $10,000 or more.

 

[MrMikeman]

Ooohhh.. don't buy a car ever again... Or a house for that matter... lol. Like taking things out of context do you?

 

[ZoomZoomBoomBoom]

Ooohhh.. don't buy a car ever again... Or a house for that matter... lol. Like taking things out of context do you?

I don't understand the relevance of your comment at all.
What does buying a car or house have to do with this?
Both of those are purchases that have to be registered and taxed.
I'm not sure what I am taking out of context when I literally wrote the exact text from the bill.

 

[ZoomZoomBoomBoom]

This bill is significant to used pinball sales for two reasons;
1- To tax any personal profit you may make on the sale of goods. (Legally you are obliged to declare any profit over $30,000 as taxable income)
2- This is most likely the first step in applying a sales tax to used goods over $10K, (like a number of US states have already done to all used goods, (Scott's law).

I really hope this bill does not pass.

 

[MrMikeman]

Selling a used game for less than you paid is not profit though. Or am I missing something?

 

[ZoomZoomBoomBoom]

Selling a used game for less than you paid is not profit though. Or am I missing something?

Correct, but some pinball machines are collectibles that appreciate.
So, for an example, an Indiana Jones would sell for more than what you paid if you bought it 5-10 years ago.

And in regards to my second point, regardless of what you sell it for, (profit or loss), a sales tax on used pinball machines would have a massive effect on the used market.

 

[SolidStates]

Everyone paying attention???

77.5 (1) Every person or entity that is engaged in a business...commits an offence if the person or entity accepts a cash payment, donation or deposit of $10,000 or more in a single transaction or in a prescribed series of related transactions that total $10,000 or more.

Bring someone to pick up the game. Have them hand over half the cash. It’s now two transactions.

 

[Smokezz]

Maybe read the actual bill, instead of taking a cherry picked part of it that's been edited... it's most definitely not what you think it is.

 

[ZoomZoomBoomBoom]

Maybe read the actual bill, instead of taking a cherry picked part of it that's been edited... it's most definitely not what you think it is.

I'm the one that edited it, because I read the actual bill and it reads exactly what I think it is.
Maybe you should point out exactly what in the bill is not what I think it is.

 

[Smokezz]

Government Bill (House of Commons) C-2 (45-1) - First Reading - Strong Borders Act - Parliament of Canada

Government Bill (House of Commons) C-2 (45-1) - First Reading - Strong Borders Act - Parliament of Canada

www.parl.ca

Just how... how on earth do you get "they're going to tax everyone on used pinball machines" from THAT???

Just an FYI, if you're in the business of buying and selling pinball machines... like say Mana Pinball, Nitro or Player One - they already have to charge sales tax on a used pinball machine. If you import a used pinball machine, you pay sales tax.

The cash transaction part you quoted is all about fintrac. It has nothing to do with me giving you 10k in cash to buy one of your machines. You're going down a conspiracy rabbit hole.