DOES ANYONE ELSE IN HERE CANADA WHO'S MADE OVER 250K IN GAINS FROM TRADING CRYPTO UNIRONICALLY THINK THEY'RE ONLY GOING...

Take your money and flee to the US.

Trust me you won't regret it.

That isn't true. It's whenever you have the CAD equivalence in your account not when you move it to your bank account. Those are different factors.

what i thought those shit machines were only for buying, you can actully withdraw cash?

Why not take a CDP instead, then sell your Dai for USD 1:1? Should qualify as a loan, eventually you declare capital gains on the Dai to Usd sale (0% profit). You take out whatever you need and leave a hefty ETH collateral... I think it's obvious to anyone ETH will keep rising, so you're not really at risk here.

it's not fucking fair, fuck the gubment

Just move to another country my dude. No reason to live in a commie block when you're at 3M.

I actually have no fucking idea what I am going to do. I have 500k that I don't want to pay taxes on... I am not giving Mohammed my gains.

I might unironically go to my mla and mp to discuss it. If I can convince them that I was acting in good faith rebalancing every few months and proving I held through shit times, I think I can manage it. Just have to look scared and confused when I go to them hat in hand to turn myself in.

If I find out people payed cap gains in 2018 via accountants, I'll cough up some gains to them.

If you've ever Tethered out you are acting like a trader and will be raped.

Stfu OP it's 25% for you and anyone above 250k. I'm paying 100k on 460k. Still have to see an accountant though. The one my friend saw tod him it's 25% and I'm not going to be his first crypto gainer client.

Apparently I don't have to pay anything in capital gains lol. Sucks to be you.

Canadian exchanges don't have tether.

...

What if I just bought and held cryptos for the most part? I've made some trades, probably losses for the most part. I'm thinking like 100 trades over the course of 6 months. Now I just want to hodl and seeing as how my picks are going 50x this year, would I just pay the capital gains?

reufgees and gender neutral bathrooms aren't going to pay for themselves

>What if I just bought and held cryptos for the most part? I've made some trades, probably losses for the most part. I'm thinking like 100 trades over the course of 6 months. Now I just want to hodl and seeing as how my picks are going 50x this year, would I just pay the capital gains?

I mean sure but most people didn't, you can use that as an argument. Another argument would be if you held NEO and recieved GAS, that could be counted as a dividend in their eyes. Same with VEN and their model.

Next thing would be buying security tokens that are coming out Q2 and Q3 and using those as well.

This guy gets it.

Can't OP just slowly cash out using local bitcoins?

You don't understand. When playing with amounts it's simply not viable to cash out for cash.

HOW DO YOU EXPLAIN CONSTANT DEPOSITS OF 5K CASH INTO YOUR ACCOUNT.

WHAT IF YOU'RE TRYING TO GET RID OF 1MM.

I realize most people have made thousands of trades. One of the reasons I stopped trading, apart from sucking at it, was this bullshit tax confusion on crypto to crypto.

Oh well. I'll just hodl through the year, adding fiat when I can and will deal with it when it comes time to cash out.

Godspeed, brothers.

We're all gonna make it user. If we spend a few hours thinking it out with an accountant we save an eternal headache. It's just hard finding a legit accountant who has even considered this new asset.

just pay your taxes man, ahmed needs his gibs

I've yet to find an accountant in/around Toronto who knows anything about taxes regarding cryptos.

Hey bud, trust me when I say you do not want to fuck with the CRA. If they get even the slightest wiff of tax evasion and start thinking you've been trying to bamboozle them, they will rape you with so many fines. Not to mention interest on whatever it is you owed them. If you wanna be able to live in Canada without constant fear at the back of your mind, then just pay what you owe and be done with it. Otherwise you'll never sleep easy

This is what monero is for. Cash it out in grand cayman and buy a villa under a holding company

this.
be aware the average btc atm only contains around 3000cad on any given day.
you could come back every day for a week and withdraw around 20k cad after fees.

It's the same as any other valuable asset.

Some guy explained it and I'll copy and paste his answer.
-----------------------
It's pretty simple. Each time you sell or trade something of value (other than Canadian dollars), you have to report the realized capital gain and pay tax on it. So, here's an example:

Deposit $200 CAD into a bitcoin exchange from your chequing account - no tax
Buy 0.01 bitcoin for $200 - no tax
Transfer the 0.01 bitcoin to a different exchange - no tax
Trade the 0.01 bitcoin directly for 0.3 ethereum (on a day when prices are such that 0.01 BTC = 0.3 ETH = $220 CAD) - must recognize capital gain of $20 and pay tax
Transfer the 0.3 ethereum to a different exchange - no tax
Sell the 0.3 ethereum for $260 CAD - must recognize capital gain of $40 and pay tax
Withdraw the $260 CAD to your chequing account - no tax

Regardless of whether is capital gains or income earned from trading the tax burden won't be too bad if you play it right. I'd say my trading has been active enough that they'll be after me for regular income tax on it. With the levels we're at income tax will be like 50%, but if we're claiming it as income from being SELF EMPLOYED TRADERS than we have access to a lot more tax write offs. I've been liquidating mine over the past few months and have made some very strategic acquisitions which in my view are all "necessary business investments / capital expenditures". Yeah i've had to spend all the money but in return you get a house, office, and car largely tax free. Any future gains I will be using a corporation to invest the proceeds into investment properties.

Simplest way to get around it is this

How does that change the total amount you have to pay in taxes if you just held and made $60 just buy buying and selling Bitcoin? If the tax rate is the same for each trade then the total you pay is the same, whether you calculate what you owe for each trade or the total sum of your profits.

Give that 1,5 million to your government.

Thank you user. Some people seem to have needlessly complex schemes.

So I swing trade like a madman, I've probably made over 1k trades in the last 2 months. I'm supposed to go through each of those and figure out my gain/loss%? It's gone through like 10 accounts on different websites? There's no fucking way they would be able to find all that shit out. Basically this too

What if I went to the states and pulled out a bunch then came back to Canada, say I won a bunch at the casino?

what is
>excel.exe
its genuinely amazing that so many people are so actively trading without a fucking clue

and if the exchange doesn't have an export to excel option? Once I get all my shit together and send it in, some faggot is going to go through it and see I bought niggercoin 30 times?

>Each time you sell or trade something of value (other than Canadian dollars), you have to report the realized capital gain and pay tax on it.

Shit ... So I'm still on the hook for trading WoW gold for healing potions?

What's the fee on these? Are they safe?

Even for a french this is quite high.
33% here if you don't create a one-person business

Terrible; no.

did you get some good money at least?

don't worry, op is retarded. everywhere in canada you're only taxed on 50% of cap gains. so even if you're in the highest bracket for taxation that's only 60% of 50%: 30%

fucking keked out loud

Not really, I mean I only put in 150 for shenanagins I'm at 1.5k now.

its more of an issue if they come after us claiming that its all "income from trading" (which they can convincingly argue if the frequency of trades was high / accounts were very active). Canada has hinted it may do this and if so they will come after the big boys with absurdly high income tax rates.

only way around that situation is to invest in anything and everything which can conceivably be seen as serving a function to the earners trading activity/business thus warranting a tax write off and lowering the overall taxable income

you don't have to worry about taxes at all

hey not too shabby. do it again and you're at 15k

this is exactly what im scared of anons

Just be an honest citizen and pay your taxes like everyone else does.

make the investments are get the write-offs in motion. A house and office in Toronto is a damn quick way to spend a couple million.

The CRA will tell you the same thing they tell everyone that get's fucked by them; keeping detailed records of your finances is your responsibility.

You'll want documentation showing losses. In that example, if you're initial $200 investment went down to 180 first, and then went up to $260, you'll want to only pay tax on the $60, not $80. When audits role around you'll wanna be able to prove your losses.

theglobeandmail.com/globe-investor/investor-education/ive-lost-my-trading-records-now-what/article34204911/

The last thing you want to do is give the CRA the power to ballpark your gains, cus I hear they like to round up and tack on a bunch of fines.

Ahahah, I guess so. What a time to be alive

TAXATION IS THEFT
t. doesnt want to fund a welfare state for mohammed and abdul

Man taxes are fucking gay. What if I ditch out move to Denmark or some shit that has 0% capital gains on crypto I can take it out there then move back with it?

Dumb fucks. It works out to 50% of 50%. Just the USD to CAD makes up for most of the losses.

Until crypto is mainstream I wont be cashing out.
Legit BTC atm or Crypto cards. Travel the world fuck it braaaa. Never giving gov shit afterall my initial was so small.

Yeah they are, this guy knows As a newcomer to Canada you wouldn't have to pay taxes on cash you bring with you the first time. But as a citizen or permanent resident, any money you make overseas is still seen as income and will be hit with standard income tax upon re-entry into the country. Technically you can get double taxed, both in the country you made your money in, and the chunk that the Canadian government takes. It's meant to encourage businesses not to operate outside of Canada and keep jobs here.

That's why Trump is giving companies like Apple a one-time tax break and Apple is flooding its American accounts with billions of its offshore funds. At any other time Apple would have had to pay a fuck ton of taxes if they wanted to move that money to the States and build a new headquarters or something.

REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

Take out money at Bitcoin ATM, start an LLC or S-Corp, launder money with fake invoices for "massage therapy" or some shit that can't be retraced or proven, and pay yourself a modest salary over a few years.

It only gets worse when the liberals are in charge.
youtube.com/watch?v=cR9MuNnznFU

Now you begin to know true despair

are u fucking stupid? Those ATM's require you ID and they give that info to the government

u cant literally be this retarded

But isn't it okay if you just renounce to your citizenship of your home country

every family was like that when they came to Canada and became successful tax payers, don't be a cherry picker faggot

I will move out of this shithole country. Fuck canada.

Move to Europe? If you are rich why would you want to stay in Canada? Boring, cold, more cucked than Europe
Look into Portugal, Netherlands, Belgium, countries with low capital taxes

and spain

But diversity is our strength tho

Yeah what I said is a new immigrant family doesn't have to pay income tax on the money they bring with them the first time since they aren't residents yet. But if the husband goes back to his home country after and brings more money he made there, he will need to pay taxes on that as global income is still counted as income. Is your reading comprehension ok?

Grass is always greener on the other side, this system isn't really unique to Canada. I've got some buddies that work silicon valley, on wall street, one's at Goldman Sachs, and they all want to come back to Ontario; even if it the pay is lower.

I'm planning on moving to Belarus and declare my gains there.

Also, doesn't matter if you're a dual citizen or not. Any income outside of canada is still counted and needs to be declared unless you want the CRA to drain your accounts.

Also I've already talked to tax lawyers (I'm Canadian) and you don't pay 53%. You're paying 50% of 50%. Essentially you're paying 25% capital gains.

I'm in the same boat. I'm holding over 200 btc. I think just leave the country and go to Belarus and declare my stuff there. Then move back.

If you have any ideas, I'd love to hear them.

Unless you plan to stay there, you're still gonna have to pay taxes as soon as you move that money here.

...

Not if it's income done within 6 months outside of Canada. You essentially have to live outside of Canada for that period of time, cash out off-shore and then the CRA couldn't do anything.

I'm thinking of going to Belarus, have someone wire transfer money to one of their banks and send it to an offshore bank. Maybe even a swiss bank then buy Vanguard index fund or something.

I don't know any other way.

>Enjoy all your gains gone at 53% taxation rate.
even if it counted as income, thats not even how income tax works you fucking retard.

That whole 'even if you're outside the country you have to pay' depends on if you declare within the six months you're living outside out Canada. I think it's called double tax. But, again, this only applies if you live 6 months outside of Canada and declare it there. Like Belarus. Live there for 6 months, get 0% tax for taking money out from crypto then move back to Canada. No taxes.

I don't mind paying taxes after my money is in a bank. I don't want to pay 25% taxes on the crypto money itself. Gains made from the stock market, I'd gladly pay, or leave it in a swiss bank and have it wire transfer to a bank here and no one could do anything about that.

>THEY'RE ONLY GOING TO BE TAXED CAPITAL GAINS?!!?!?!?
we are though

File fintrac reports idiot

canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/non-residents-canada.html

Nice, that's one way to avoid the tax as long as you don't own property here or have a spouse.

>Canada has hinted it may do this and if so they will come after the big boys with absurdly high income tax rates.
source?

> But if the husband goes back to his home country after and brings more money he made there, he will need to pay taxes on that as global income is still counted as income

i misread your statement

Man I love Americans. And retarded Canadians itt. Im just waiting for the left wing equivalant of these dumbasses going "WHY CANT WE HAVE HIGH CORPORATE TAX LIKE CANADA!" because they are too stupid too look up another country's taxation policies and just assume we are some socialist shithole with insane taxes.
he is trolling and/or retarded. He also doesnt know what income tax brackets are or what provincial income tax is. Could literally make a $1bil income and my marginal rate would only be 47% and average would be lower.
on $250,000 you would get taxed 13.4% in the Province of BC.

>we are some socialist shithole with insane taxes

you are though

Hey guys can you tell me how QuadrigaCX works for CAD.

If you think the market is going to go down and you sell your btc for CAD in Quadriga and leave it there is that just like tether?

Wouldn't it be superior to tether?

The question is if that counts as realizing your gains, or if that's only when you withdraw that money from the exchange.

yup, being a daytrader is a job. Thats why when the CRA comes around I tell them I'm a young bumbling retard making risky investments with little or no time/research. Not joking.

>The question is if that counts as realizing your gains, or if that's only when you withdraw that money from the exchange.
yeah I'm wondering that too.

Withdraw under the table over a long period of time without leaving any paper trail for the CRA to follow. It’s not hard at all

This except we rank high economic freedom have relatively low taxes just collected differently. Enjoy your fuckhueg corporate tax rate tho.

> using a bank account
There’s your problem goy

Fuck leafs

Leftists have no idea what economic freedom is.
They think Haiti is "capitalist".

Taking under the table is easy from ATM banks or other places. The problem is putting that cash back into a bank if you want to invest in the stock market.