A Chinese company in Hong Kong called JLCPCB says I was charged a grand total of $146.64 USD. The Bank Of Canada says on 2024-03-15 (which is the date the payment was made) $146.64 USD was worth 198.45 CAD. My bank says I was charged 205.56 CAD.
205.56 - 198.45 = 7.11. My tax rate is 5%. But 5% of 205.56 is 10.278. That's a difference of 3.1$.
Why? Did someone use an older exchange rate? CAD and USD are very stable, so even if someone used an exchange rate that was a couple weeks old, it should only make a difference of a few cents, not $3, right?
What else could have caused this? Tax incentives? I live in Alberta Canada.
When I enter this into my sales tracker, should I say the tax was $10.28 (5%)? JLCPCB cannot tell me how much tax I paid. They said they have nothing to do with it.
Of course 3$ is insignificant, but this can add up over time.
I am working on selling things online, so I will need to file income tax, which means this has to be accurate. Also, when do I need to file income tax? Is it only when I make over a certain amount of profit? Links to official sources explaining this would be very helpful.
