What are you doing for taxes Canadabros?

What are you doing for taxes Canadabros?

>Every transaction is taxable
>canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2015/what-you-should-know-about-digital-currency.html

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every transaction is not taxable

It most certainly is, brainlett

no its not. hey i got a private ledger with no name attached to it and buy my coins with a btc atm that sends to a chink exchange. how u gonna tax me faggot?

>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.
>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.

You are wrong.

daily reminder that this doesn't make a single fucking difference than if you just straight up apply your provinces appropriate % rate to your gains because both ways add up to the same fucking sum. why are you so retarded?

And a bonus
>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.

It is taxable, either as capital gains or as income (if goods are traded for crypto). If they catch you, you will pay. Be warned. Better to file and pay.

tax jews trying to fear monger people into paying? what a fuckin joke. banks and governments are fucked

im going to do absolutely nothing.

what will happen

Yep, I'm just going to pay a one-time capital gains tax when I cash out.

>user made 50k in one year
>user spent 100k that year
>user made more than 50k
The government isn't stupid. If you made a significant amount of money you are going to be paying taxes one day whether you want to or not.

The cra is gonna get their csis buddies to come v& and prisoned.

But seriously though
>If you do not comply with the deducting, remitting, and reporting requirements, you may be prosecuted. You could be fined from $1,000 to $25,000, or you could be fined and imprisoned for a term of up to 12 months.
>canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-overview/penalties-interest-other-consequences.html

>1year

I hope so because I have more losses so I can carry the tax deduction to next year.

>cash out 500k
>fined 25k for not declaring

fine by me

>being this stupid

It's taxed as cap gains you fucking monger. How much easier can it possibly get. Every trade is not a taxable event.

Thank you.

Capital gains is fucking simple.

How will the government tax forked coins? How will the government tax the 154 XRB I lost on Bitgrail?

Fuckin brainlets.

>500K
>fined AND imprisoned for a term of up to 12 months.

Is there a way to DDOS the CRA? Like if thousands of us spam them with junk mail? We really have got to start going on the offensive.

>links and quotes from gov sites itt, no opinions.

No.

If I made less than 5K in profit do I still need to pay taxes?

>imprisoned
>canada

lol fucking murderers dont even go to prison half the time in this fucked up country.

Well then hopefully Trump will just JUST us. This country is pathetic.

Forked coins are zero cost basis capital gains. Your dead exchange coins are a loss so long as you have the TX ids to show they were sent there on the blockchain and you don't create a bunch of undocumented money out of thin air than you could have lost in the exchange.

If I make it, I will leave this faggot cucked country forever and cash out in a place that doesn't steal my money to give it to niggers and arabs

Newfag here. I have done a bunch of trades for fiat and other tokens but I have never withdrawn my fiat to my bank... Am I declaring gains on these txs or just when I cash out

>Every transaction

> Resulting gains
> gains
Oh... Nvm. This is Veeky Forums. Noone has gains here

No. CRA can not enforce tax law. No one can put you in jail for not paying taxes. Don't spread this bullshit we literally had a federal court about this in 2014.

no, check with your accountant though to make sure how much you are exempt from paying, for me its around 14k I believe if I remember correctly

>imprisonment in Canada
That's an oxymoron