In January 2025, Reverb will be required to provide tax authorities with information regarding all Canadian sellers who meet the reporting criteria.
If you’re a seller who lives in Canada, Reverb is required to send your information to tax authorities; when:
- You complete 30 or more transactions in a calendar year, or
- You make $2,800 or more in sales after taxes and fees in a calendar year.
Which seller data is Reverb required to report under the Platform Operators Regulations?
The information that Reverb is required to share with the tax authorities depends on whether you’re registered as an individual or a business entity.
View information Reverb is required to report for individuals
- First and last name
- Primary address
- Date of birth
- Seller’s tax identification number, including the jurisdiction of issuance
- The name of the bank account holder and bank account number that your sales funds are paid or credited to (where available)
- GST/HST Identification number (where available)
View information Reverb is required to report for business entities
- Legal name
- Primary address
- Seller’s tax identification number, including the jurisdiction of issuance
- Business registration number
- The name of the bank account holder and bank account number that your sales funds are paid or credited to
- GST/HST Identification number (where available)
Reverb is legally required to collect the above information to report to local authorities in order to comply with Canada Revenue Agency (CRA) reporting rules. Please review and update your tax information to make sure it’s accurate for reporting.
What if I don’t submit the required information?
If Reverb reaches out to you to request your information, but you don’t provide it within the timeframe specified in the email, it may result in your account being locked. You won’t be able to unlock your account until you provide the required information.
What if my reported information is incorrect?
If you’re having trouble saving your tax information, you may have formatted your tax ID incorrectly or provided an invalid address. Learn more about formatting your tax ID.
Please review your tax profile page to make sure that your information is accurate and up-to-date for reporting. If you don’t enter your information successfully, it may result in your account being locked.
Financial data collected
Reverb is also obligated to share information on sellers’ transactions with tax authorities, including:
- Total number of transactions completed during the period.
- Total amount paid or credited to the seller during each quarter of the period. The total amount paid is your total gross sales minus any refunds, fees, and Reverb-remitted taxes.
- Total amount of fees, commissions, or taxes withheld or charged by Reverb during each quarter of the period.