/biz/ - Business & Finance

>>16675040
>he fell for the KYC exchange meme
You done goofed eh?

>>16675066
So guess I'm fucked eh?

>>16675075
Not really, you’ll just have to pay your taxes. Syrian refugees need new iPhones.

>>16675097
Leaf capital gains tax is 50% and some retards want it increased to 75%

>>16675168
Oh I’m aware. Just wait until our dollar drops into the 60s, oil continues to stagnate and the dependency ratio worsens. Gotta pay them pensions somehow.

>>16675208
So do I need to find. Special accountant or can I record the trades on a spreadsheet? It's only about 15 trades total.

>>16675281
No idea. Any crypto I may or may not hold might have been acquired without KYC. If I hold any, which I probably don’t.

>>16675386
Thanks though, fellow leaf. Had some friends who may or may not own crypto tell me to not report but I want to make money even if it's only 50%.

>>16675168
No it isn't. Only 50% of capital gains is taxable, then you pay income tax on that. What tax bracket you're in is what determines how much you'll pay

>>16675788
Please tell me you're not really this stupid anon. 50% of your capital gains is taxable, that doesn't mean you actually pay 50% tax. You understand this right?

>>16675040
Don't have to pay taxes in Ireland.

bump

>>16675040
You don't do anything unless you've cashed out. Otherwise, just don't declare anything.

>>16677545
this

>>16677545
This. The faggot boomers working at CRA won't know.

>>16677545
Crypto to crypto transactions are a taxable event and the CRA has a massive hard-on cryptocurrency users. The CRA wants to know every crypto transaction you've ever made. They want the full traceable history.

>The Canada Revenue Agency (CRA) has sent an extremely detailed questionnaire to citizens it believes to be in possession of cryptocurrency. Those suspected of failing to disclose the full extent of their holdings have been asked whether they use a cryptocurrency mixing service, and if so, why. They’ve also been asked to provide the full tracing history of any transactions that have passed through a bitcoin tumbler.

https://news.bitcoin.com/canada-tax-agency-poses-probing-questions-to-cryptocurrency-owners/
https://www.forbes.com/sites/ktorpey/2019/03/06/bitcoin-investors-targeted-with-audits-by-canadas-federal-tax-agency/#24750fb3656e
http://www.mondaq.com/canada/x/797704/fin+tech/Canada+Revenue+Agency+Makes+Good+On+Its+Promise+To+Audit+Bitcoin+Cryptocurrency+Investors+Traders+A+Canadian+Tax+Lawyers+Analysis
https://cointelegraph.com/news/report-canada-revenue-agency-auditing-crypto-investors
https://business.financialpost.com/technology/blockchain/if-you-sold-or-used-bitcoin-last-year-the-cra-needs-to-collect-its-due

>>16675168
The actual gains are cut by 50% then taxed as additional income. The NDP want the gains to only be cut by 25% before being considered income. However, the present day Canadian government considers the following as taxable events:
Selling the foreign fiat you bought to buy crypto (better track forex) + all crypto to crypto transactions. Near impossible to do because of the degrees of separation and the overhead of also doing the work for fees paid in crypto. If you were able to do this you could be making cash doing something else.

>>16677956
t. CRA

if you haven't cashed out or bought anything, there is nothing they can do top kek.

>>16677956
This. CRA can reverse the burden of proof and assfuck you by taxing at zero cost basis plus fines plus interest if they somehow find out. If you can't afford an accountant to handle this for you and are too poor to fight it in court based on your recorded income, then you are the kind of person they will attack.

>>16677985
But what if I have made crypto to crypto trades, when the time comes to cash out my crypto do I just report the initial transaction from fiat to crypto and leave the crypto - crypto trades out?

>>16678013
You report how much fiat you originally invested and then how much you cashed out. Nothing else matters you fucking brainlet

>>16678013
This is not financial advice or any advice at all. But theoretically if you've only bought a small amount and hodled it, it's very unlikely they will come after you, in minecraft of course. Just look at the statistics for the amount of people they actually go after every single year.

If however, you have made quite a lot of money, then that sort of changes things.
Again, this is not advice, in minecraft of course.

>>16677973
This is correct

>>16678013
You'll get your ass handed to you if you try that. The CRA will request your full transaction history and you'll have to admit tax fraud at that point.

You need to list all of your crypto to crypto, crypto to fiat, and fiat to crypto transactions transactions and pay your taxes accordingly.

See >>16677995

>>16678036
Incorrect. Every crypto to crypro trade is taxable.

>>16678043
This is actual bullshit, there's no chance in hell that boomers will actually come after you if you have barely invested anything. Don't listen to this retarded bootlicker.

Anyways, if you're balls deep into crypto you should be looking for tax loopholes, including foreign residencies and all that. There are quite a few ingenious ways to avoid paying pretty much any taxes at all, in minecraft of course.

Is living in a third world shithole the ultimate solution?

>>16678057
What foreign minecraft worlds should I look into getting a moderatorship for? I was thinking eastern Europe.

>>16678047
>he actually believes people report every single crypto to crypto transaction
(in minecraft of course)

>>16678069
https://medium.com/e-residency-blog/heres-how-you-can-create-an-eu-company-with-eu-banking-anywhere-on-earth-cbba47386489

just one example. and of course you have places like panama with no crypto tax where it's quite easy to get a residency. there are literally countless examples, just DYOR. i suspect e-residency will become more popular in the coming decade. all of this is in minecraft of course.

>>16678047
Sure thing CRA nigger. I'm sure people are actually going to do that

>>16678071
>>16678103
Have fun when the taxman asks you to prove the source of your funds. You'll get hammered for tax evasion.

>>16678123
BAHAHAHAHAHAHAHAH

fuck off glow nigger