In short, the answer to this question is yes, you do have to pay taxes on Shopify. However, there are a few exceptions to this rule.
In general, any income you earn from Shopify is taxable. This includes fees you earn from selling products and services on the platform, as well as any earnings you receive from advertising on Shopify.
If you’re a Canadian resident, you also have to pay Canadian taxes on your Shopify income. This means that any money you make from Shopify will be subject to the 27% Canadian tax rate.
PRO TIP: -Yes, you have to pay taxes on Shopify. The amount you’ll need to pay will vary depending on your location and business type.
-Be sure to consult with a tax professional to ensure that you are paying the correct amount of taxes on your Shopify sales.
However, there are a few exceptions to this rule. Firstly, you don’t have to pay Canadian taxes on any of your Shopify income if you meet certain eligibility requirements.
Secondly, you can offset part of your Canadian taxes by claiming deductions on your tax return.
Finally, if you’re a US resident, you don’t have to pay US taxes on your Shopify income. This means that any money you make from Shopify will be subject to the 35% US tax rate.
Overall, it’s important to keep track of your income and taxes related to Shopify in order to ensure you’re paying the right amount. However, there are a few exceptions to this rule that can help you avoid paying taxes on your earnings.
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