CANADA CRYPTO TAXES

>Canada
>IRS
>useless blogpost article posted in 2014
Did you really hope to get any real replies?
Kill yourself.

PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE

Does this mean I have to pay more than 50% of half my gains?

>Let's say I trade into CAD on Quadriga and then buy back into BTC on a dip, is that a taxable event?
YES

EVERY TRADE YOU MAKE IS A TAXABLE EVENT

HOLY SHIT I THOUGHT WE WERE FREE FROM THIS

WE AREN'T

read this

bitcointalk.org/index.php?topic=1746602.0

we're fucked

I think so. I dunno

btw nobody in this fucking thread has filled out a fintrac form lmfao

get gud. have cashed out 150k CAD, filled out a fintrac form with a real brokerage and have never had any issues. never been asked a single thing. you CANNOT just receive a shitload of money without notifying fintrac.

coinforum.ca/discussion/4650/bitcoin-and-taxes-in-canada-ask-your-questions

people say this but its not clear if thats the case at all. the only info i can find is msm articles saying this might apply to the us. but msm is fucking retarded and lies about everything. meanwhile this is a canda thread and i ahvent even seen rumours about every trade being taxable in canada.

it's like, write some clear terms, make it easy enough to comply with, and reasonable enough to afford. but nooooooooooooo its gotta be difficult

fuck government im so done. anarchy when?

the tax situation is very unclear

Please tell me.

Did you have to tell them every single crypto to crypto trade you did?

Were you taxed at your full marginal rate or just on the capital gains?

Don't sell. Keep holding then move to another country where there is no cap gains tax.

but I want to live here....
>fintrac
If you fill this out every time does the CRA fuck off?

you guys are retards. its treat as a capital gain so 50 percent of your gains are taxed. if you make over 200k, you are taxed at around 16%.

Holy shit these threads are so fucking annoying

3 letter agency, LEAVE

many reddit threads say this isn't true

if you are taxed as a trader(if you make many trades in a year like we ALL do) then you are taxed at the FULL marginal rate

well im a dual citizen so cra can fuck off LOL

Remember that you can withdraw BTC/BCH via Bodog (gambling site) and withdraw cash from there, and gambling winnings aren't taxable. So at least part of your cash outs could be done that way. I would only report what you cash out via Quadriga as they report to Fintrac.

Capital gains only, adjusted to the rate after earnings for the year. The form ONLY asks about your personal details. It is carried out by registered MSBs with inquiry to the customer (you).

As a trader in recognized currency, you must deal with STRICTLY registered MSBs or be subject to audits if the bank deems the deposit unusual. FINTRAC needs to know about it BEFORE you deposit funds or you are going to be raped in the ass. Personally, I agree with it. I'd rather you pay your goddamn taxes, because you're living in my country too. Don't be hoarding money like a worthless nigger.

If you are concerned about very large amounts, please hire a financial manager. Don't be a retard.

If I'm a worthless NEET who made 500k from crypto, how would i go about paying taxes?

canadian.tax/bitcoin-tax/

they're not gonna tax some part time Veeky Forums memer with another income source as 'carrying on a business

Did you sell your BTC and deposit the money already?

>Capital gains only, adjusted to the rate after earnings for the year.
Even though you must have made a lot of trades?
Did you have to report every crypto to crypto trade?
What happened when you did your taxes?

>or be subject to audits if the bank deems the deposit unusual
Audits from the CRA?

There is no way the CRA would find out about your trading activities on non-Canadian exchanges. There is no way they can prove that if you deposit Litecoin or Bitcoin to Quadriga that it was an investment you made money on. Don't be stupid, only report what you have to. I sure hope you aren't wasting your hard earned gains paying more taxes than you need to be.

but what if you quit your job and crypto is your only income

No, wondering for future cashing out purposes.

Find a brokerage that is also a registered MSB, and hire a financial manager from a firm (before engaging with the brokerage). Be honest and ask them as many questions as you need to about your earnings, and how you can reduce the impact of taxes. But pay your fucking taxes. They may suggest you reduce the amount per year to retain your low capital gains tax bracket.

then they probably would and you should look into appropriate deductions;

pc, apportioning rent/ electricity etc

Max your RRSP contributions for decreasing your tax bill.

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

Spells it out pretty plainly for anyone not understanding what "capital gains only" means

Easy, just get yourself an offshore tax haven like our own fucking federal government openly does.

The sad thing is this country is so retarded they're probably going to reelect it because pride parade attendance is somehow regarded as a legitimate election issue now.

Thanks guys.

>There is no way the CRA would find out about your trading activities on non-Canadian exchanges.
but if you make a bunch of money they are going to wonder why you have a bunch more crypto than you previously had before

that's fucking stupid.
That's 25% MORE taxes they are taking from you.

but what if they deem you a "trader" then you are automatically taxed 25% more

how the fuck is this determined?

Are you actually retarded? You only answer the questions you're asked. Do it right though, and fill out the proper paperwork with a MSB. MSBs are required to report transactions to FINTRAC. You then have to pay your taxes. It's not that complicated.

>that's fucking stupid.
>That's 25% MORE taxes they are taking from you.
so you should be able to get away with capital gains concessions while the rest of use pay income tax rates?

>bitcoin-law.ca/canada-tax-rules-for-bitcoins-trading/
>posted 2014

bro wtf

>Canada
>IRS
Really goy?

>You then have to pay your taxes.
Isn't the taxes the more complicated part?

Don't you have to tell them every single crypto to crypto transaction you've made?

Does doing this through FINTAC make it easier or something?

>so you should be able to get away with capital gains concessions while the rest of use pay income tax rates?
No, everyone should have low income taxes.
At least SOME of us get a lower tax rate.

I mean new zealand has no cap gains tax and they are a very successful country.

what if i were to just break even on my initial investment?

No. Keep your shit on file in case they want to audit the earnings. Make the files available to your financial manager. This is why it's important that your financial manager belongs to an accredited firm.

By the way, does this using this method mean that I pay more taxes than what my capital gains calculator says, or is it just a step that I need to take in order not to get fucked by the CRA?

This includes all dealings with websites like localbitcoins or paxful. Log ALL data about the transaction, including dates and conversations transcripts.

I have not yet been asked about any of this.

Can someone please explain something to me. When they say capital gains is taxed at your marginal rate right. So let's say I only make $20,000 a year so my marginal rate is 15%. But I have $500,000 in capital gains from crypto. Does that mean they're only taxed at my marginal rate of 15?%

Adding onto this, how much does

>Find a brokerage that is also a registered MSB, and hire a financial manager from a firm (before engaging with the brokerage).

All that cost? Sorry if these questions are dumb.

>Does that mean they're only taxed at my marginal rate of 15?%
lol no
i dont know what country that is, but 500k would likely hit the highest marginal rate

i hope you get a 50% discount where you live

If you cash in enough to raise your tax bracket, you pay more in capital gains. Ask your goddamn financial advisor / manager.

>No. Keep your shit on file in case they want to audit the earnings.
Oh, so it's only if they audit you.

If you file FINTRAC they probably won't audit you right?

Another question, do you have another job?
Maybe they don't tax you as a trader because you have a main job and you make cryptos on the side? I dunno.

>Log ALL data about the transaction, including dates and conversations transcripts.
God damn, it's fucking true.
You really need to write down every single fucking transaction you make in crypto, holy fuck.

>I have not yet been asked about any of this.
That's because you haven't been audited.

So I made like 150 crypto-crypto trades, all with a gain or lose of under $10. Please don't tell me I need to write every trade down on some gay form. Can I just report the overall capital gain/loss? Why is there easy how-to guides for this shit.

>Please don't tell me I need to write every trade down on some gay form
Yes you do.

AHAHAHAHAHHAHA

welcome to bureaucracy and statism

>If you file FINTRAC they probably won't audit you right?
That's right. If a MSB is doing business with you, it doesn't raise many red flags unless you have a criminal record, or you have come in contact with a business under watch by FINTRAC. FINTRAC is watching EVERY BUSINESS. They know who is fucking around and they maintain a web of everyone laundering money, committing fraud, enabling fraud, etc.. If they think something is up, they will ask you. You better be ready when they do, or you are going through a full 10 year background check and audit and a carousel of interviews, which will be extremely painful.

I'm talking about Canada

>criminal record
does going to provincial jail for 1 day to pay off a fine count as a criminal record?

Also again, so you were only taxed on half of your marginal rate?
I heard if you make a bunch of trades they can tax you as a "professional trader" which is your entire marginal rate?

If you're in CPIC, FINTRAC knows the details of your arrest / fine.

Ask a financial advisor / manager. I can't answer your question.

youtube.com/watch?v=Wb0ZNgU6QFM

>If you're in CPIC, FINTRAC knows the details of your arrest / fine.
>Ask a financial advisor / manager. I can't answer your question.
Hmm, damn that sucks.
Okay.

If they audit you once will they audit you every year or will they fuck off?

They just want to know if you're a criminal. Remember it is against the law to not report your income. If you can be honest with as many officials and accredited people as possible about your trading, and keep air tight records from day #1 crypto trading, you're fine. Otherwise you will have trouble proving you're not a criminal, and they will prod harder.

Just pay capital gains and they wont fuck with you unless you made an amount worth their time

Okay, I'm just confused about this "if you trade a lot you will get labeled a professional trader and have to pay the full marginal rate" bullshit

How true is this?

I thought it was just on your capital gains?

What if you stop working and live off crypto gains?

>being the employee that has to open up the parcel with a stack of 3,800,000 trades my bots have done

Dimb shiflt if you dont cash out its unrealized. They tax realized gains.

You won't get a real answer here. You have to ask a financial advisor. All major canadian banks have them. Literally walk in and ask for an appointment. DO NOT hide anything, just be honest with them and ask any real questions you have.

I guess you could just withdraw your money at a bitcoin atm and only make cash purchases with the profits to avoid taxes

I doubt they can track crypto to crypto trades, unless an exchange gives them your info

All they can really track is that you’re buying crypto with cad because the bank can tell them

I've been to financial advisors.
How much do they know about taxes though, wouldn't I have to get an accountant?

The fact you only had to pay money on cap gains and not your full marginal rate is promising though

nailed it. fuck these god damn tax shills coming in here. u cant tax it u cant stop it. hows that 5 grand with no paper trail feel? sweeeet as

fuck these niggers pushing this tax bullshit. i have a paper wallet with no name on it and can go to a bitcoin atm and withdraw cash. dont fall for these tax faggots and their scam. jews lost. we win

I never looked into these but the ones in my area charge 10%

Actually I just thought of this. Buy bitcoin from a person or bitcoin atm with cash, make all the crypto trades you want but make sure your exchange accounts don’t get tied to your identity. Then you can cash out at a bitcoin atm/person for cash. no way they can track you

Imagine being this retarded.

You're talking about breaking the law. If you're caught, you are DONE. You're likely talking about piss cash, like 10,000-30,000 dollars. You may be able to get away with that if you're extremely careful, but DO NOT fuck around with tax fraud and money laundering. You are absolutely fucked if you're caught.

youtube.com/watch?v=CLHQjrGYAz0

dont they have cameras and report to CRA or police?

No shit I’m talking about breaking the law retard.

You can use a site like localbitcoins.com if you want to avoid cameras

Join to make some profit during the dip
Discord>> UXBnfm2

So you want to break the law in Canada, you want to launder money, you want to commit tax evasion, and you admit this?

Hope you're on https faggot :)

Hi CSIS! Hey crown! Hope the audit yields plenty of evidence. Remember to make sure his income lines up with his story! Is this enough evidence for you guys? Put him away and make sure he gets lots of unlubricated anal sex.

Can I see your ID please? Leave my country you fucking brainlet. Jesus christ.

seems much more sketchy

I'm not trying to break the law either for the record

>Canada
>IRS

Why do non-US residents on this board refer to their country's tax collection agency as the "IRS"? Are people really that stupid, or is it some kind of inside joke?