>"As well, if someone used Bitcoin to purchase another cryptocurrency, such as Ethereum, he or she would be considered to have sold the Bitcoin for its value in Canadian dollars at the time of the transaction, said Elgar."
I guess they won't mind if I pay the taxes in Doge then?
Asher Bennett
You didn't think the openly marxist plutocrats would actually let you keep your money, did you user?
Julian Fisher
PAY
YOUR
TAXES
Levi Hill
when you get ass raped by the taxman, you win :^)
Easton Wood
>>"As well, if someone used Bitcoin to purchase another cryptocurrency, such as Ethereum, he or she would be considered to have sold the Bitcoin for its value in Canadian dollars at the time of the transaction, said Elgar."
this is bullshit
Blake Carter
Fuck
Luis Butler
How can they even claim this.
Chase Young
You retards. Actually taking 4chans advice on taxes. Go to h&r and ask them about it. You cannot LOSE money on taxes. You'll never have less than you started with and stupid articles like this and bad quotes make it sound like you can. You can't.
Josiah Miller
Because it's considered a commodity. If you trade a commodity for a commodity when the FMV is increased, then you realized a gain. Other wise people who bought crypto for really cheap can just not cash out and buy houses and lambos tax free.
Dominic Scott
>You'll never have less than you started I want every cent though
Hudson Roberts
That's the same deal that the burgers got right?
Hudson Gutierrez
You can indeed lose money with taxes if you had a big capital gain in December, and then in January you lose a shit ton of money in the crash. You still owe those December gains.
Logan Baker
buying something with bitcoin is considered bartering >still taxed
only taxed when you make a trade >miners get taxed even if they Dont sell
What am I reading
Bentley Kelly
KILL
YOUR
SELF
Carter Cook
Thank God I live in a Caribbean country where hardly anyone cares about crypto and we only have a VAT tax for actual products and services
Isaac Fisher
Any country that doesn't institute taxes on FMV of bitcoin or gold effectively has a loophole where their whole fiat and taxation system is open to destruction. Think about it, people could trade all their fiat for bitcoin or gold an do all their business in bitcoin or gold and receive their salary in bitcoin or gold and have no need for the country's fiat money. The only thing that keeps it alive is that you're FORCED to use it to pay taxes.
Mason Nguyen
This. FINALLY someone here understands it.
>Just get a tax accountant or lawyer user I don't want to pay thousands for that jew shit.
Jace Garcia
But I haven't realized a gain at all because of something like this
Aaron Price
Bro you have to contribute to your country. Think about all the third world migrants and single moms that want your hard earned money. Have you no conscience?
Leo Brown
There's no way they can track your alt trades, especially since most exchanges don't even require KYC.
Luke Price
See that doesn't make sense. Because I get all kinds of airdrops on hundreds of accounts but it's really not possible to determine anything about them. Who really owns them, if I can even sell them for cash, their value, etc. It's not possible to tax that kind of thing.
Jeremiah Robinson
I understand that the gov is looking out for itself but its rules are bullshit. The miners thing is really dumb (I Dont even mine).
Ethan Reyes
No thats the meme, we just pay capital gains tax which is super fucking high. but your dumb ass cannuk government actually bought into the Veeky Forums meme lol. You can't even overthrow treadu either no gunz
Brody Perez
you would have to sell in dec to realize that capital gain and then you would claim that jan loss against the new year's income. you can't lose
Evan Hill
lmfao absolutely not.
Stop posting articles that were initially posted by the drooling niggers and feminists at HuffingtonPost.
Blake Carter
You don't have to sell, you only have to trade, in order realize that gain in FMV.
Jack Martin
>“You are trading one good for another and you uptraded, so you gained in value,” said H&R Block senior tax professional Valorie Elgar.
This makes zero sense unless you're ripping someone off in a P2P trade the value of the btc/alt pair is going to be equal at the time of the trade. There is no "uptrade".
Nicholas Ramirez
Considering I'm a recent CPA in Canada, I know this is wrong. Only when converting to fiat have you made a taxable transaction. Crypto to Crypto is not taxable, only Crypto to fiat. I specifically went over this with my Taxation module teacher who contracts for the Government.
Owen Torres
They care about the cost basis of the coin. If you buy 1 bitcoin for $1,000 and then after it appreciates you trade it for $10,000 worth of ETH, then the FMV of the trade is $10,000. Capital gains is FMV - Costbasis. So $10,000 - $1,000 = $9,000.
Camden Richardson
you dont understand taxation, you cant realize a gain by holding something in Canada. Personal taxation only applies to actual fiat income earned/ realized from selling.
Bentley Brown
If this is wrong, I'm moving to Canada because you have a loophole to circumvent taxation entirely.
Sebastian Rivera
Depends on your definition of holding. In the US if you trade BTC for ETH you didn't hold, you made a transaction. Or if you trade BTC for a lambo, you didn't hold you made a transaction.
Eli Roberts
If in Canada, trading BTC for ETH is not a transaction, and trading BTC for a lambo is not a taxable transaction. Then I am moving to Canada and doing all my business transactions in Crypto or Gold, avoiding ever converting to CAD, completely bypassing taxation.
Nathaniel Watson
no one cares about the US you also lock people up for not paying tax or child support you nigger haters
Colton Lee
This part is up for grabs, CRA defines it as a barter, they cant actually track any of that information so I can just use the trades as my cost basis. If I sell to fiat my cost base just includes the unrealized gains from the BTC to ALT transaction, so I'll pay tax once I cash out. CRA knows its impossible to track my actual trading but not my bank activity in terms of an audit.
Kevin Peterson
What if made all bad trades?
Charles Smith
Is there a easy way to see the exact price of BTC at a specific time this past year?
Ryan Perez
You have a VERY attractive option for Money Laundering then. All a drug dealer has to do is convert his money into BTC and say he made his fortune trading crypto. Then he can buy goods and services with his BTC tax free or he can covert to CAD, pay tax and say whatever cost basis he feels like.
Luis Nelson
I have mad USDT gainz, that's considered an alt right?
Hudson Barnes
Capital loss.
Jace Gonzalez
They have guns You're in the minority Normies don't care
Connor Edwards
>paying taxes
lmao
Carson Davis
How would crypto be held in RRSP and TFSA, if Trudeau let us ?
I have a bunch of Canadian Tax articles regarding crypto. Anyone interested?
Daniel Morales
>he can buy goods and services with BTC
how exactly
Ethan Hughes
>I have a bunch of Canadian Tax articles regarding crypto. Anyone interested? Yes, please proceed
Christopher Price
You're misunderstanding you need to act in good faith. When I filed I included the trade info for my cost basis to back up how I got the ALT vs the BTC price I paid for it. All acting with the CRA in bad faith will get you fucked over but you could theoretically live off of crypto without an audit being possible because they truly cannot track that activity unless you're casing into a Canadian bank account.
William Cook
Are you saying that's impossible? If you leave open such a wide loophole that buying goods and services with BTC are not taxed, then market places will arise, people will cut deals. Why would a crypto-millionaire ever want to convert to CAD? There's all kinds of places that accept crypto as payment already like the Lamborghini dealerships.
The CRA is basically in a position to just sit back and accept the tax you're willing to pay for what has hit your bank. They are so understaffed and under paid that they arent deluded enough to think they could actually track peoples crypto trading.
Kayden Hill
>tfw i cashed out 5 times within 8 months
i'm gonna get rekt am i
Hunter Myers
Seconded.
Blake Cook
>there are retards that not only lost all their money with the crash, but will end up indebted to the government in taxes for years jaj
Hudson Jackson
You don't pay taxes on losses dummy
Brandon Sanders
No, you don't have to act in good faith. If the CRA says you don't have to track any of your trades, then your taxes are whatever you say they are.
Cooper Nguyen
I think the biggest misunderstanding is actual fair value, something like Crypto cant have a fair value like real assets when its entirely speculation and isn't liquid, maybe ETH and BTC you could argue have liquidity but Alts do not have any real value that a tax court would support if you challenged the gain falsely created by trading. This isnt a typical asset class and with the swings and crashes would not be considered an asset tied to its "market value" like a security on an actual licensed and regulated exchange.
Parker Long
You need to be able to prove your cost base, with trade records as backup for your filing. Unless you never cash out
Carson Perry
Its a fair thought that its taxable to trade crypto to crpto because there are increases in value but they are superficial, IMO as someone who has completed the CPA tax module, any gains or losses with Crypto until cashed to fiat are superficial as the value fluctuates beyond any comparable asset class.
Isaiah Nelson
Oh ok, so you do need to track every trade. A moment ago I thought you said the CRA recognizes it's impossible to do all that, just pay a percentage of whatever you cash out.
Jack Long
Not in canada
Eli Cook
So when is someone going to make a crypto casino that I can launder my gains with?
Dylan Moore
If the only requirement is "pay a percentage of whatever you cash out". Then that's money laundering heaven.
Isaiah Rodriguez
I mean they recognize they cant actually come after you for your trades because of international exchanges and the complexity of finding your details but if you wont act in good faith to prove the cost base on your gains cashed to fiat you will 100% get audited if you report crypto income.
When can we lock all our trades in a Smart Contract, to defer taxes?
Jonathan Davis
>When can we lock all our trades in a Smart Contract, to defer taxes? No, you don't have to do any of that, according to this guy. Apparently all your taxes are already deferred until you cash out and there's no taxes for buying goods and services with your crypto. Canada is heaven for the crypto trader if what he is saying is accurate.
Justin Wright
>Apparently all your taxes are already deferred until you cash out and there's no taxes for buying goods and services with your crypto. Canada is heaven for the crypto trader if what he is saying is accurate. Sources are still needed
Thanks man, leafs4lyf
Blake Garcia
Stupid reason. You don't buy houses and lambos until you have actual cash.
Luke Clark
No, there would be an extreme demand for goods and services paid for in crypto if there is no tax incurred to the buyer in the form of capital gains, and the market would meet it.
Ayden Stewart
Does anyone know if you can still get fucked by taxes if you send ETH to QuadrigaCX, convert to fiat, then convert straight back to ETH after the crash?
Andrew Ward
You could also trade for gold (another commodity). And pay no capital gains. That sounds too good to be true to me but if you follow the logic that commodity to commodity trades are not taxed until exchanged for cash, that's the outcome.
Andrew Ramirez
>would be
and that day is not today.
Evan Edwards
all you have to do is pay capital gains, no1 else cares about the trades and other shit just report how much u put in and how much ur taking out and pay capital gains on it, simple. Only cucks do otherwise
Thomas Stewart
There's no possible way this is true
Cooper Hernandez
Well it's already true today that there's online retailers of gold that accept crypto as payment. If commodity to commodity trades are not taxed on FMV then you can realize all your gains in gold or silver and pay no taxes because you didn't cash out technically. Is that right?
Aaron Long
Goods purchased using digital currency must be included in the seller’s income for tax purposes. GST/HST also applies on the fair market value of any goods or services you buy using digital currency.
Blake Wood
If nothing is linked to ID, and traded XMR, how would they possibly know the buy price? Like, you know, I don't even remember the buy price!1one I bought and sold at EXACTLY the same price!1one
Anywho, I derped and sold some to people online for etransfers
Charles Peterson
But NO capital gains tax for the buyer. Just the GST/ HST whatever that is?
Ryder Fisher
See what I'm trying to get at here? IF all digital currencies are classed as commodities, same as gold.
IF capital gains tax is charged on the fair market value - cost basis when you trade your crypto for gold. Then it logically follows that all your crypto trades (which are also commodity trades) also triggered capital gains.
IF capital gains tax is not levied then, congrats you get to cash out all your gains in precious metals TAX FREE. That's amazing! congrats canadians!
When you end up selling the gold you bought with BTC you'll pay capital gains on that.
Jeremiah Reed
Don't pay taxes, problem solved. The Canadian government can lick my hairy ass.
Nathaniel Jones
Would you still get fucked by taxes if you send ETH to QuadrigaCX, convert to fiat, then convert straight back to ETH after the crash?
Nathan Jenkins
yeah fuck taxes jesus...
anyways, for when the bulls are back
If you got shill skills
join discord @ ytpvyF9
Andrew Foster
In my opinion that's still really good because you could defer tax indefinitely but still store the value of your gains in Precious Metals.
Jaxon Myers
Can I just give my money directly to ISIS and cut out the Canadian Government Middleman isis funder?
Dylan Roberts
>cashing out
Fucking Veeky Forumstards.
Just fucking wait until you can buy shit with crypto. That's 2 years, maybe 3 at most. Cashing out to fiat is just asking to lose 20-30% of your money.
Landon Ramirez
Okay, say I only pay the GST/HST on my gold. Then what? Could I actually buy property in straight gold? I feel like it doesn't change too much
Parker Perez
But that sounds too good to be true so I'm going with the more likely scenario that it's this:
>“You are trading one good for another and you uptraded, so you gained in value,” said H&R Block senior tax professional Valorie Elgar.
Colton Price
If there's hundreds of thousands of dollars I'm saving by not paying Capital Gains tax, then I'll find a way.
Gabriel Lewis
Not if your cash outs were under 10k . If they were over you might. That's why you just multiple sub 10k withdrawals and fuck paying the tax
Isaiah Bailey
Yeah that's fair, does seem like a decent option. I would rather explore the gambling earnings route. Maybe do both who knows, not planning on cashing out atm
James White
why i keep my skin in the game. and if i need some cash i just hit a btc atm. fuck these niggers only shitty thing is ill hafta prob pull my alts off exchanges i fuck with and just store hodl. til i can leave this shithole
Elijah Smith
I've done the same thing. If quadrigacx doesn't realise your trade info the CRA you should be fine until you cash out to the bank
Easton White
So I've been buying silver slowly with alt coins, how the hell do I pay taxes on the transactions made? Like what info do I need to provide my tax guy?
Dominic Gonzalez
And no I don't plan on selling the silver. It's looks nice and it fills my display case nicely.
Ian Evans
>government wants to rape me with taxes for trading monopoly money Wtf i thought crypto was DECENTRALIZED how can they do this
Joseph Allen
No we just pay 20% on our gains only after withdrawing
Joshua Jones
Canadian here. Fuck this country and the liberal party. Here's to the next recession.
Aaron Perry
more guns per capita here than in the states you illiterate fucking burgermutt we just don't have a bunch of rednecks jacking off over fantasies of overthrowing le ebil goberment who wants our precious tax dollars