Exit

holy shit would this actually work? seems too perfect

>use crypto to buy precious metals
>sell precious metals at just under spot
>claim a capital loss

give it a go

>paying 40%+ of your money to the man

Fuck that shit if it was 20% then I'd be like, alright that's fine. But they want almost HALF. Hell no.

>only taxed at 50%

are you for fucking real, fuck that i'll keep my money in the seychelles where no greedy jew can touch it

he means you are only taxed on 50% of your gains at your income tax rate.

pay up goys

Attached: evil.png (2940x1657, 173K)

You are taxed on every tx. If you buy BTC with cash at $1 and it hits $2 and you buy ETH with it. The CRA sees that you sold your BTC for CAD and used that CAD realized gains to buy ETH so you owe capital gains on that tx

Does the CRA care if you have to take out a loan to pay that after Jan?

as long as you file your taxes for 2017 before april 30, then get your notice of assessment and pay that there should be no problem, if you owe money then you need to pay it or they ll charge interest

I'm American, that doesn't apply to me. If you hold the asset for less than a year and it matures to over 500k you're taxed at 39.6%, but if the asset is held for a year or more only then is it 20%.

Thinking gold/silver is my only option. Dont know how I feel about potneital millions in commodities tho

>land of the free

You can buy gold, there's just no way to actually sell it without being detected. Also, even if you could sell the gold, you'd still have 1 mil in cash that you then couldn't invest. The best thing to do is simply pay your taxes. Would love to hear some counterarguments.

sell metals for cash/arrange a situation with a jeweler

this is not financial advice

>sell metals for cash/arrange a situation with a jeweler
They require ID everywhere and will report you and/or file a SAR if you are shady.

also mandatory filing for transactions exceeding 10k

Gold and Silver is real money. When the current monetary system falls apart, you'll have generational wealth.

Why do you say you couldnt do that without being detected? Lots of places do gold for cash/websites like goldsilverbull.com that buys back and doesnt report to govt unless its over 10k CAD. But yes id ahve useleess cash sitting here....

lol that domain is dead

and let's say you get 1 mil in cash, then what? enjoy having to open up a car wash and paying the taxes anyway dummy

I mean in the case where someone is down so fucking hard that they have to borrow money to pay it.

Asking for a friend.

Please help a brainlet with a cacluation.

You take a $1000 dollar profit.
You add $500 (50% cap gains) to income and that is it?

you have to add the 1000$ to cap gain income, the tax software will 50% it for you

But that's all it does, if I make $20k now with the $1000 cap gains added I made $20.5k?

I mentioned as I've been told. So basically I just add whatever I made on every tx to cap gains and half of that goes to income?