Crypto Taxes in Canada

my plan:

I kept a record of how much cash I had in my exchange on at 11:59 on December 31st 2017.

I will be paying capital gains tax on that minus my initial investment, despite not putting the cash into the bank yet.

Capital gains tax is your normal tax rate -50%, so its acceptable.

Technically its not for day trading and I did some day trading but they arent going to able to track trading I did on binance in china lol.
Also most of my gains for from holding, mostly just lost money day trading.

Any thoughts?

income tax is more than capital gains tax.. its twice as much, actually

TurboTax CA's input. Looks like you just need to pay on the gains:

turbotax.intuit.ca/tips/how-bitcoins-might-impact-your-income-taxes-333

didnt read, is that only if you cash out? If I HODL my crypto for the whole year will I be taxed?

that sounds good. Personally I'm only going to pay capital gains on what I've cashed out minus my initial investment.

not unless you declare it. not sure why you would

I'm personally only going to pay on the money I've actually withdrawn to my bank account this year since I doubt I can just get away with that.

I mainly held 10 btc I bought in 2013 until this year but I also did a ton of okex/bitmex trading. I'm a student though and didn't have a job at all this year so I'm worried they might make me classify it as income which would fucking blow.

obsolutely that makes sense, but I wanted to pay tax for the 2017 year even though I didnt really need too, because Ill probably have a job in 2018 meaning my tax rate will be higher, so I wanted to take advantage and pay tax on as much of my crypto as i could in 2017.

Good luck to you leaf

Also anyone into weed stocks? Is it too late?
Ive noticed they are mooning the fuck out lately

you're exempt then, because you're a fucking retard

Yeah, looks like it's only when you cash out. If you don't cash out, you won' be taxed. Alternatively, you could just cash out your original investment and HODL the gains and not owe any taxes, but the minute you cash out any of the remaining gains, you owe capital gains taxes.

I'm going to tell them to fuck off if they come for me.

If they want to tax me on every trade, they can do the work to figure it out.

Taxation is theft. Just need a way to do Monero to debit and we will be fine.

You're taxed as capital gains. Pretty simple.

(money pulled out - money put in) / 2

CPA student in Canada here, my taxation teacher basically said its the wild west and the CRA is behind on making laws. I was told to treat it exactly like a stock when exchanging for FIAT, you can claim your fees on schedule 4 as well just like broker fees. You basically need to prove the cost base of the BTC you cash out from the ALT trades that made the value but that is all you need to report on your return. Only report actual cash going to you.

Don't declare until you cash out - there's no way they can keep track of it anyway. When you cash out, declare as capital gains.

0xd41b8dFfbd3C8878E5fE8Cc1a7A90410A05EDB8C

can I declare before I cash out voluntairy if its in my favor?

No.5791797

It’s easy actually for them. If you can’t provide trade logs then 100% will be taxed as income. If you want the lower tax rate provide logs.

This has been unclear, but afaik the consensus is no because there's really no way for CRA to track it anyway before you withdraw.

Kek do you fit into one of the aforementioned categories? I'm sorry, user. I'm sorry that life dealt you such an unfair hand.

Can't most of these exchanges tell CRA to fuck off though? What is stopping me from faking logs? It's not like they can get it straigh from places like binance or kucoin

What's to stop me from just going on canadianbitcoins.com and cashing out in cold hard off the books cash. Yes bank deposits have to raise alarms, but if you keep that shit off the books Walter White style you should be good no?

How about I just don't pay the taxes?

You need full verification to withdraw on cbtc

It's probably a CRA honeypot

Just buy gold/silver with crypto or cash out with localbitcoins?

>woops lost my ledger
what tax are we talking about

You can still jump in before July.

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I still have my gains but I cashed out a small amount. Less than a hundred dollars. Will the CRA find out how much crypto I'm holding? What should I do?

What are some good weed companies?

Can I use a bitcoin ATM to avoid taxes or do they ask for ID?

Cannopy, Aphria, Aurora.

You only need verification if you fuck around with banks. If you show up to their office and sell in person they're not gonna write down your ID # and shit

My experience so far is that only a small number of btc ATMs have a withdraw option. The withdrawal options aren't very good because you maybe paying well over 20% in atm fees.

T. Ameriorc

Get in before it's legal, once everything is legit then you're looking at the actual moon once normies think they're gonna get rich. That's this whole game, it took me a while to figure out, all you need to do is be 2 steps ahead of the normies and you'll be fine. I'm already +120% on canopy but I'll hold until the legalization. Then probably only sell half as these guys actually seem to have a plan, connections and are killing it right now.

How can you get taxed on a currency exchange?

>CANADA
>CAN ADA
>ADA
TIME TO BUY MORE ADA

No but this is a true story. I self-identify as a handicapped lgbtqiaalskjdf single mother minority muslim-convert. It works everytime because imagine if they offended me with their racist sexist islamophic homophobe taxes against women!

Enjoy paying penalties out the fucking ass if they find out you cashed out

Why would you cash out less than 100 dollars?

What do you think of FFT? Also are the ones you mentioned still in early moon phase?

do chinks still count as a minority in canada?

>currency exchange

>When you file your taxes you must report any gains or losses from selling or buying digital currencies.

>Digital currencies are considered a commodity and are subject to the barter rules of the Income Tax Act.

>Not reporting income from such transactions is illegal.
>illegal

>canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

fuck this gay earth. No, they probably don't. Somalis soon to follow.

Say you cashed out and gain a sized amount that if you made that in a year it would put you in a higher tax bracket, would you stay in the tax bracket you are in now?

>Also anyone into weed stocks? Is it too late?

Oh no. We're just getting started. Pick some stocks, watch them and wait for a 15% or more drop in a day, buy in then. This happens frequently so you won't be waiting long.

You pay what ever taxes bracket you qualify in that year

You figure out your bracket when you do your taxes and realize you got bumped up extra cuz you cashed out. Enjoy

I'm too stupid to get what you meant. moving on

>FFT

Buy. I've had that stock since it was 45 cents. The company is good, well managed, and aggressive on acquisitions.

fuck weed stocks

go blockchain stocks

buy datametrex ai and healthspace data systems

thank me later

Thank you!

Best bet, get in before the senate passes the bill. When it passed the house of commons there was a sector wide pump that all of the popular companies have retained and built beyond. It will happen again as i know there are a lot of whales, old boomer whales, who don't like the risk of entering the market before the government has done all the necessary approvals and set a solid official date for legalization. Senate pass will be their entry point.

how the fuck u even buy stocks?

So what is this bill?

Recreational marijuana legalization bill. It has passed the house of commons and is currently up for review. When it passes the senate the only thing left is for weedboy Trudeau to sign it in to law. It will pass senate without delay as the conservative senators who have been fuding the sector and threatening filibusyer delay do not actually have the numbers to stop it. Weedboy need only fill the vacant seats with partisan senators, which he can at any time, if they even try.

Furthermore, with the amount of money involved, it's unlikely the conservative party would benefit in any way from delay. They'll piss off more of their conservative voter base than they'll please by a move like that. I believe this to be the case as i am usually a conservative voter myself. I want weed legal because 1) i'm getting rich off it and 2) it shouldn't have been made illegal in the first place, jams up the justice system with bullshit cases over possession, wastes tax money.

I'll just make all my purchases with BTC. Fuck Trudeau giving my taxes to ISIS and killing babies.

so you will only be taxed on capital gain when you cash out?
I started putting in fiat in 2018, and If I hold my coins for 2 years and cash out in 2019, do I need to report anything for 2017 and 2018?
thanks

* in 2017