Tfw you're Canadian and you get taxed 50% on your crypto regardless of what you make

Localbitcoins

are you retarded?

they tax 50% of gains of your personal income tax level

make 100k and they tax 50k at whatever %

My plan is just to spend it all. I have enough spending money for a lifetime of this shit just comes to fruition.

Not for trading income, that is full income tax. Buy and hold the king and you'll be fine.

This is why i dont wanna cash out yet. Im on the lowest bracket and if i do im going up. Also i get free grants from school because im low income so i dont want to lose that just yet

Whats the best move for someome ioth low income but high crypto valuation?

50%? I though it was 20-35% for first year and 15-20% after 1 year.

I also thought you can just use atms or some shit, theres a bunch in Vancouver

what are the tiers they tax X% at? like 30% if you make 100K?

>jewdaus fag regime. no thx
feeling the same way, fucking pedos and homos running this country it's a disgrace
they want you to use their pedo papers (aka loonie)

What about the $30 transaction fee?

Localbitcoins..
Buy shit for bitcoins and sell for cash (purse.io) + millions of other sites.
You can buy cars with bitcoins if you want liabilities instead of assets.
Move to a crypto tax haven in EU, due to EU law there is only singletax. Meaning you only have to pay taxes in your current residing country. And if that country has no taxes on crypto then you can freely pull that shit out.

think outside the box user.

hang every politician

Did you already make crypto to crypto trades? Because if you did, they consider that the same thing as cashing out and you probably already have an extremely high Short Term taxable capital gain.

Im planning to move belarus once i hit 1 mil.

Are therr any countries in the tropics thats a crypto haven?

canada.ca/en/financial-consumer-agency/services/financial-toolkit/taxes-quebec/taxes-quebec-2/5.html

so you're telling me I need to be keeping track of all crypto to crypto trades like the amerifags? I genuinely thought we just pay a capital gains tax

>I genuinely thought we just pay a capital gains tax
Yeah man we're also equally as fucked

>Whats the best move for someome ioth low income but high crypto valuation?

Change all your crypto into monero.

Put it on a wallet.

Report it stolen.

I of course did some trades. But who the heck is keeping track of all this? Im spread out on 4 exchanges all of which os outside canadian jurisdiction

Whats the max widthraw on a localbitcoin atm?

This isnt america it isnt by trades. Its by how much you invested initially relative to how much gains you take out

They said crypto is like barter trades

Yes, leafs are also taxed on "Fair Market Value".

and then get prosecuted for tax fraud and money laundering whenever you wanna cash out or use that money for anything significant
great plan m7

Yeah i was thinking that... Monero really is the answer huh?

I just wonder how drug dealers do it.. They make 200k in dealing with crypto but they cant obviously report that for taxes

>Its by how much you invested initially relative to how much gains you take out
yes, but applicable to every single trade

is it like this or not? I thought it was but now I'm tripping tf out

theres no fuckin way I can go back and record all my crypto to crypto trades

>They said crypto is like barter trades
.... which are taxed by Fair market value..

If you can't do better, fly here to eastern europe. I can withdraw at 15% tax + 3% fee for muh profit.

>is it like this or not? I thought it was but now I'm tripping tf out
it is
>theres no fuckin way I can go back and record all my crypto to crypto trades
tough luck, you'd be in violation of every single disclosure obligation in the book

no idea if my country has laws on crypto yet, i dont think so lol.

cost of living anywhere that is a tax haven and tropical is usually insanely high

> applicable to every single trade

If I am trading that means i have to report that trade as a taxable gain or loss after I trade it into... cash or another crypto?

And then crypto into cash as another gain?

>Fair market value.

Yeah, you invested 200$ back in November, now you have 20,000$, they tax u on 19,800$, thats what I saw from the government website

every single trade, crypto or cash doesn't matter to them

>And then crypto into cash as another gain?
yes, unless of course it's a loss

If you trade it for anything, yes. Cash, crypto, gold, socks. Doesn't matter.

It's fucking saddening. I hate it.

No, I don't agree with that. Some of those gains could be unrealized. If you traded your whole stack recently though and the prices didn't change, then all of it is realized though.

>Everyone here makes fun of Amerikeks
>But all of them get taxed 6 gorillion percent on their internet monies
Something something glass houses. Ironically the only ones winning on this board are pajeets since they don't pay anything and they keep scamming everyone for badinga coin.

How do drug dealers do it? They obviously cant report the tax

god this is fucking retarded
This is ridiculous dudes, makes me wanna stop doing this shit entirely

how can I start recording my trades? just go through every exchange I've used and export everything? what about shit like EtherDelta?

Wait what? I'm a little confused here.
As far as i understand its income tax, and regular gst considering you're bartering when trading crypto, so..
If I'm a neet and I made 1m ind cad this year from crypto, and lets say i live in Alberta, then:

>First $307,547 is taxed approx $36,905.64
>Followed by 15% on $692,453 which is $103,867.95
>Lets be generous and just say that %5 gst is automatically deducted from the clean 1m, so $50,000
>Results: You keep $809,226.46 Cad
> Lost $190,773.54 Cad to the jews

I'm a brainlet who barely passed highschool here, so if some chad can tell me why this is wrong that would help.

reeeeeeeeeeeeeeee

i aint reporting shit im going through an ATM. Im not going to be doing anything illegal so they can go fk off with their accounting bullshit

nvm ATM's have finger print scanners,

I guess you really cant cash out huh

Im gonna ask my boy about it. He deals with blackmarket and crypto. Theres no way he reports taxes on that.

Canadian here as well. How the fuck do I get away with my crypto gainz? I don't wanna pay a fucking penny to the tax.

fuck that i'll gladly pay my fucking taxes but how the hell are we supposed to keep track of all these fucking trades?

I want to pay taxes but strategically... And i dont want to bump my low income status so im okay not cashing out for a while.

Im gonna cash out at 1 mil where i can afford a lawyer. And im gonna mimize my trades from now on and just hold 3-6 coins.

impossible, there is an exit tax whenever you choose to leave

you pay taxes on REALIZED fiat profits

AKA MONEY SENT TO YOUR BANK ACCOUNT

you dont need to track every trade, we dont live in shithole U S of A. it is your cost basis vs your profits. if you have no cost basis it is assumed to be 0

please god tell me you're right

have you ever cashed out a decent amount?

this is the fucking worst start to a Saturday morning ever reading this shit

this is exactly right. basically on any 6 figure plus sums you arent going to pay more than 20~25%. you can get it lower if you are smart.

You pay ONLY 50% of the capital gains, at your normal income tax rate

you would pay no exit tax if you renounced beceause they dont know you have crypto you retard

yes dyor these people are retards

t. crypto millionaire

Mate I live in fucking Sweden of all places and even we don't even come close to your taxes. Isn't it 40% federal tax + 6-15% state tax? It's just 30% here, but most of all we don't have to do that horrid "keep track of every trade to tax it" bullshit.

I'm trying to research this shit but everywhere is conflicting answers

im fuckin sweating

>you would pay no exit tax if you renounced beceause they dont know you have crypto you retard
that's straight up tax evasion. enjoy being on the run your entire life once they find out and invoke the extradition clause

Whats the best move to cash out if youre a low income student?

>you pay taxes on REALIZED fiat profits
no you fucking don't. you pay taxes on every single trade you make.

I think i will get a lawyer before i cash out at least 500k

find me a source on that, that's absolutely not true

>move to another country
>wait 6 months
>"oh I bought *insert 1000x coin here* and sold at ATH in these 6 months, all this money was made here"
>can't prove otherwise
>done

Why are you people such bootlicking cucks? Oh no what is the mighty government of Canada gonna do, kidnap you in another country for suspected evasion?

Enjoy

>Do tax rules apply when digital currency is used?

Yes. Where digital currency is used to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency. For example, paying for movies with digital currency is a barter transaction. The value of the movies purchased using digital currency must be included in the seller’s income for tax purposes. The amount to be included would be the value of the movies in Canadian dollars.

More information on the tax implications of barter transactions is available by consulting the Canada Revenue Agency’s Interpretation Bulletin IT-490, Barter Transactions.

Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer. Paragraphs 9 to 32 of Interpretation Bulletin IT-479R, Transactions in Securities, provide information that can help in determining whether transactions are income or capital in nature.

>Should I be concerned about reporting requirements when using digital currency?

Not reporting income from domestic or foreign sources is illegal. Canadians should know that the Canada Revenue Agency (CRA) is very active in pursuing cases of non-compliance, in order to ensure that the tax system remains fair for everyone.

If required, you should take this opportunity to correct your tax affairs through the CRA’s Voluntary Disclosures Program. For more information, go to www.cra.gc.ca/voluntarydisclosures.

canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html

>>"oh I bought *insert 1000x coin here* and sold at ATH in these 6 months, all this money was made here"
you do realize you're always gonna have to be able to demonstrate your paper trail at any given point in time? you can't just say that you money was made at X in Y at Z unless you falsify records

does not say anything about transactions between digital currencies, crypto for crypto.

this is not true, sorry

I don't think I make enough fiat to pay taxes

Gonna call the cra about this

basically even if you did tax every trade, it would be the same as if you took gains-losses for the year and taxed that.

also they dont even have quadrigas info, let alone fucking binance

literally read what it says
>Where digital currency is used to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency
also you should refer to IT490 and IT479R which clearly supports it

money.stackexchange.com/questions/202/how-many-days-do-i-have-to-hold-a-stock-before-it-is-considered-a-capital-gain-b

canada does not distinguish between short term and long term capital gains

The first paragraph says you pay tax based on the value of the good or service you purchase with "digital currency". Then it says the same rules apply to trading cryptos because:

>Digital currency can also be bought or sold like a commodity.
>Any resulting gains or losses could be taxable income or capital for the taxpayer.
You're toast.

Yeah it doesnt but I think they this statement is vague

>Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer

If I trade my FUN coins for BTC, I am buying BTC and selling FUN, so dont I need to track the trade and then constsantly track trades until I cash out to fiat?

Wait you're right that kind of doesnt make sense. Why would I have to track each trade if in the end the sum total would literally be the same

Is it required to even say how many trades and not just say I put in 100$ and made $50,000 here tax me on $49,900?

>AKA MONEY SENT TO YOUR BANK ACCOUNT

That's not their definition of realized profits you stupid retard.

Read this:
Why then, does it say you have to pay tax based on the value of a fucking MOVIE purchased with "digital currency", when it never hit your bank account. Then it says the same rules that apply to commodities apply to other digital currency. You're fucked.

>you do realize you're always gonna have to be able to demonstrate your paper trail at any given point in time?
Not to the Canadian government. It would have to request the country you're in now to force you to overturn proof that you did not use x€ to purchase crypto. If I was in Canada and moved to, say, Belarus, then Canada would have to request that Belarus force me to prove I did buy crypto for whatever amount while in Belarus. Even better, if my bank account I did it from was in Switzerland and I lived in Belarus, then Canada would have to request that the Swiss government hand over my shit.

If you're still worried, put in an amount into crypto when you move into that country, then you can claim all your wins were from that. They can't track you in cryptospace, so they have to take your word for it.

>Why would I have to track each trade if in the end the sum total would literally be the same

Because then it would be heaven for money launderers. If you're a drug dealer, you just have to say you made all your millions "trading crypto" while providing no records of trades at all and can easily buy infinite cars and houses with drug money.

Holy shit thank god I don't live in Canadia.

But if the end result is me cashing out and paying taxes on those gains, arent I doing my due diligence as a tax payer?

Seriously whats the difference between tracking every trade, 1% here, 2% here, 1.3% here... where in the end its going to be 20% sum total etc

Arent I still giving money to the government based on the gains I have legally made? Is there something wrong with this statement relative to what the government says?

Wait so I don't get it, you think they'll tax you for purchasing a god damn MOVIE for crypto but they won't tax you for some reason if you buy another crypto with crpto. They said when used to pay for any "Goods or services" I think crypto would fall under that category.

because you could choose to only cash out in 5 years time whereas the tax year is based on every single fiscal year

fuck me in the ass I'm gonna stop trading and just hodl now I guess

fucking retarded

i disagree, and I think there is no way the cra will know that you made a crypto to crypto transaction.

Im sorry what? I thought you have to report your gains when you actually 'cash out'. Are you supposed to constantly file your shit like stocks every year? I never saw such a thing

Well if the government wanted to make things simple we would have NO tax form at all except one single box where you say how much you owe and nothing else because you'd still be giving the same amount.

>Are you supposed to constantly file your shit like stocks every year?
yes
>I never saw such a thing
welcome to CA

Im trying really hard to find a way not to spend 10 hours+ to fucking do this shit

fuck should have just held my bags would have saved so much time

im fuckin nauseous

bitflur.com

you're welcome nigger

basically, it says that if you trade your crypto for something real, you need to say it is income

if you trade it for other crypto, there is no income. you just have some different crypto.

How do you report these types of taxes?

Lets say all you do is trading on an exchange, and take a portion of your gains out. So you invested $1,000, have $50,000 and take out $10,000

Are you going to be taxed $9,000 or do you have to explain to them how you go to 9,000 (for tax purposes)?

canadians have 50% of their capital gains taxed, so if u earned 100k, only 50k gets taxed
wtf u smoking op

you have a capital gain of 9k

you pay it as such simpletax.ca/calculator

if you get audited you give them your trading records

right, thats what im talking about. It sounds difficult the way they state it but if you read between the lines, the trading we do is not income or capital gain

When we cash out, then its capital gain

Well I mean you are gaining when you trade, but it ultimately doesn't need to be taxed until you cash out of an exchange, so hence trading in an exchange doesn't really give u gains or losses until u cash out

If you cash out 0, then you have a loss of your initial investment

man I hope you guys are right

I was planning on just hodling for the most part now but this is a damn good reason for me to do so

will need to speak to an accountant i guess

yes

and you dont need to cash out unless you want to buy a house or something

just use bitcoin atms and live like a drug dealer

Were all classified as traders