What is the name of your state? Canada ontario.
I'm sorry if i'm not supposed to be here if i'm canadian but i'm just trying to look for answers.
Basically I guess you could say I run my own business. What I do is "merchant" virtual currency online. To be more specific, the game is Runescape. I am very trusted on a Runescape blackmarket site. What I do is buy the gold for cheap (0.4/m) and sell for higher (0.7/m). This can net me anywhere from $1000-$3000 monthly in profit. Every once in awhile I deposit $500 into my bank directly from paypal.
To go a bit more in detail..
I usually buy my Runescape gold in bulk quantities, which is why I get it for so cheap. Say 4000m. I pay the suppliers through paypal (as a service) and they are happy. I then sell it for more and get the payments sent to me through paypal (as a service.)
I also have another way of selling my gold: Western Union
Basically I go to a Western Union to pick up cash that people have sent me to pay for the gold I am selling them (by gold I mean virtual currency in Runescape.) Since I am a merchant, when I deposit the cash in my bank I am worried that they might think I am doing something wrong. I can deposit $15 000/month in cash, but the majority of that isn't profit and just gets cycled back into my paypal so I can buy more gold. Out of that $15 000 pure cash that gets deposited a month, maybe $2000 of it is profit, so only $2000 really stays in my bank.
Basically I want to know if what I am doing is legal? Is merchanting virtual currency online for real profit a legitimate way to earn cash?
Also on top of that, assuming it is legal, I assume i'm going to have to declare some sort of tax since this is a job I guess. How would I go about paying taxes for my online virtual currency merchanting job?
Thank you for any help
I'm sorry if i'm not supposed to be here if i'm canadian but i'm just trying to look for answers.
Basically I guess you could say I run my own business. What I do is "merchant" virtual currency online. To be more specific, the game is Runescape. I am very trusted on a Runescape blackmarket site. What I do is buy the gold for cheap (0.4/m) and sell for higher (0.7/m). This can net me anywhere from $1000-$3000 monthly in profit. Every once in awhile I deposit $500 into my bank directly from paypal.
To go a bit more in detail..
I usually buy my Runescape gold in bulk quantities, which is why I get it for so cheap. Say 4000m. I pay the suppliers through paypal (as a service) and they are happy. I then sell it for more and get the payments sent to me through paypal (as a service.)
I also have another way of selling my gold: Western Union
Basically I go to a Western Union to pick up cash that people have sent me to pay for the gold I am selling them (by gold I mean virtual currency in Runescape.) Since I am a merchant, when I deposit the cash in my bank I am worried that they might think I am doing something wrong. I can deposit $15 000/month in cash, but the majority of that isn't profit and just gets cycled back into my paypal so I can buy more gold. Out of that $15 000 pure cash that gets deposited a month, maybe $2000 of it is profit, so only $2000 really stays in my bank.
Basically I want to know if what I am doing is legal? Is merchanting virtual currency online for real profit a legitimate way to earn cash?
Also on top of that, assuming it is legal, I assume i'm going to have to declare some sort of tax since this is a job I guess. How would I go about paying taxes for my online virtual currency merchanting job?
Thank you for any help
