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10783619 No.10783619 [Reply] [Original]

I just found out every trade is a taxable event in Canada. I have day traded on so many exchanges and done so many trades and I need to calculate my profit/losses making my 600% gains in the red alll because of FUCKING TAXES

WHAT THE FUCK, FUCKING KIKES!! I HATE THIS SHIT IM GONNA KILL MYSELF THIS IS SUCH FU CKING BULLSHIT I RISK ALL MY MONEY AND WASTE A YEAR OF MY LIFE ON CRYPTO JUST TO PAY TAXES AND BE RED? AND I HODLED I WOULD BE 80 PERCENT DOWN. WHAT THE FUCK! THIS IS SUCH FUCKING BULLSHIT

>> No.10783643

>>10783619
AND IF I HODLED WOULD BE DOWN , U NEE D TO USE TETHER* WHAT THE FUCK!!!

>> No.10783650

>>10783619
What's your source on that one?

>> No.10783654

>>10783619
Refugees Welcome. Diversity is our strength.

>> No.10783667

>>10783619
600% won’t go red because of taxes. If it’s coming out that way, you are not up 600%.

Every exchange lets you download a spreadsheet of your trades. It should be easy to find out your net gain/loss from this. Or see a tax accountant and let him deal with it.

>> No.10783669

you sure its not just profits? your losing trades probably don't count. Like I'm trading for free because i'm down $55k

>> No.10783760
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10783760

>>10783619
>red after taxes

>> No.10783899

>>10783654
/thread

>> No.10784100

Either retard or Larp
You put in 2k
You are worth 4k now
Pay 10 percent of 2k and send it in. They wont bother you faggot, worst case scenario they send you a bill for anything you still owe.

What you think they'll take you to jail? LOL

>> No.10784138

>>10784100
CRA will garnish his wages if any are available, this faggot doesnt need to be afraid of Bubba

>> No.10784144

>>10784100
thats how its is in the US and europe

>> No.10784520

>>10783619
With jews you lose. (((They))) hate crypto because it challenges their fiat ponzi scheme and they have little to no control over crypto. Gods chosen.... Really stirs your noodles.

>> No.10784524

>>10783619
THat's the one thing I'm happy about not being a US citizen.
Taxes.

Not only they tell you how you can earn or not your living but on top of that taxe you tremendously huge fees, after already being taxed for the most part by your broker.

And if you ever try to open a bank account outside, you're targeted as a tax evading fraudulent cunt and IRS will tax you until you bleed your last drop.


I have up to this day about 10 trades a day, I can safely withdraw small amounts to my bank account, and I haven't been asked any question whatsoever, simply declaring it as a living income, I pay a tax like any selfentrepreneur does.

What's best is I didn't even have to do it, I could have just drawn profits to my bank account, as long as they were small amounts of my total profit, I didn't have to pay a dime.


There is no doubt IRS is ruled by jews, they use nothing but usury to rob off people who are productive, smart or hard working.


I didn't know up until now, but there is a PDT rule instaured by IRS that puts a limit on day trading.
Who are we kidding here?

>> No.10785108

>>10783619
yeah fuck taxes, even worse here in shithole socialist scandinavia

>> No.10785407

>>10784144
I thought in the US you go to jail and get raped by blacks?

>> No.10785429

after coming back to canada from cuba and realizing the airport staff consisted of pajeets, Filipinos, and africans who can barely speak english, ive realized this isnt my country anymore.

>> No.10785489
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10785489

>>10783619
same in my coutry and here's why im ignoring it:

if you have a rock and i have a pine cone and we trade them then why the hell should anybody else now be entitled to 5% or whatever of what we traded.

especially in terms of "profits". the exchange is actually always 1:1 in value, why should i have to convert it to some other currency and compare completely unrelated value numbers to each other in order to calculate how much of my "profit" i need to give to someone else that had nothing to do with the exchange at all?

fuck that shit. my conscience is clean for trying to escape from that injustice. makes no sense.

>> No.10785627

>>10783619
You are mistaken. You owe capital gains on the profits. It's 23% max plus late filing fines. So maybe about 25% of your gains as of December 31, and if your gains are stupid high you can get a lawyer and weasel out of some of it.

You're only fucked if you declare and were a swing trading, tether fagging degenerate who unironically traded the high and didn't take any fiat profits. If that's you, then try to find a way to cash out without using a canadian bank or business.

Now if you aren't completely fucked and you want to get taxed, go to r/bitcoinca and ask someone to walk you through declaring zero cost basis cap gains. If you can program, there are algorithms there and you will just need to write a parser for your trade logs and abuse the json urls for coin market cap's historical data + historical CAD to USD rates.

>> No.10785692

>>10785489
The state does this to stop people from trading in commodity IOUs to avoid taxes. You'd get a whole downlow economy if it could be gamed that way. Instead they use force and inconvenience to push everyone into dollars.

>> No.10785716
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10785716

>>10783619
You deserve this.

>> No.10785727
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10785727

>>10785692
i'm sure they have their reasons, i just don't approve.

>> No.10785748

>>10783619

How much do you have anyway?
There are other options to cash out beside bank (localbitcoins, bitcoin ATMs, payoneer or skrill card etc).

>> No.10785847

Source plz

>> No.10785879

>>10783619
OP im in a similar boat as you (im from ontario). However, I have never cashed out once yet. I bought 2 btc in August of last year and traded my way up to 12 BTC and now im down to 6. Did you get a letter from cra or something? Did you cash out at all?

>> No.10785951

Ops retarded, you only owe capital gains that have been realized. If you dont cash out it is not realized. I cant find anything about tax on trades

>> No.10785983

cra data mining detected

>> No.10786094

>>10785429
Bingo.

>> No.10786106
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10786106

>A
>FUCKING
>LEAF

>> No.10786131

>>10785951
You are realizing capital gains by trading asset for another set of assets that you could not have afforded without the capital gains. Also, your Internet searching game is weak.

>> No.10786203
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10786203

>>10786131

>> No.10786821

>>10783619
I am a CPA in Canada. You are wrong, end of discussion. Only money cashed to a Canadian bank account needs to be reported.

>> No.10786829

>>10783619
I'm just paying tax on what I cash out. There is no way for me to track crypto to crypto considering I use shapeshift. And at that rate all my trades were 98% loss.

>> No.10786838

>>10783650
It's on the CRA website.

>> No.10786847

This is exactly why I don’t swing trade, ever.

>> No.10786901

>>10784138

Canada is a fucking pathetic joke, I owed the CRA $40k and all I did was move to Tokyo and these faggots can't do shit.

>> No.10786986

>>10786901
That's my plan if I make enough I'm gonna immigrate to the Czech Republic and or cash out in Belarus then move to Czech Land.

>> No.10787099

>>10786901
>>10786986
>>10783619
Isn't there a minimum tax threshold? Why not just Tether up and just cash out small amounts as you need it?

>> No.10787331

>>10787099
As far as I know nope there isn't and the CRA is useless as fuck to clearly define tax rules on crypto. As for cashing out small amounts basically your transactions get recorded if they are persistent and or deemed large enough to the tax dicks. We have something called FINTRAC a team of pricks to fuck over Canadians on taxes and other financial doings.

>> No.10787902

>>10786821
Thanks senpai. Booking a flight to costa rica to make a deposit