/biz/ - Business & Finance

>>21507865
Why were they frozen faggot?

you literally cannot cash out of crypto.


noob.

>>21507922
Because Paypal is gay and canadian laws are gayer they require my passport, drivers license, bank info and a blank cheque to "verify" my account. tried doing some transactions without giving all that so they froze em.

>>21507947
Coinberry or shakepay

>>21507865
Have you tried Shakepay? I think you can send it to that app and cash out but they only accept btc and eth

>>21507865
use shakepay

>>21507984
I’m Canadian and they never asked me that. I have my name and personal info on there and linked it directly to my bank account with the same name etc... maybe it’s because they think you’re a worthless nigger thief or something.

>>21507865
Send it too the Gay Commie PM of Canuckistan. He wants to tax all your income anyway

>>21507984
just send that shit in nigger

turn it into ripple, eth or btc (xrp is best for low fees and fast time) send to bitbuy.ca (make an account first) then you can withdraw your money into a bank account and they will send it as an etransfer via email

1) convert link to ETH or BTC in coinbase
2) Make Shakepay account and send
3) deposit to bank account
4) Pay your fucking taxes

>>21507865
Buy eth with your link, open a bitbuy account and send it to your bitbuy eth wallet. From there you can e-transfer the money or wire it.

>>21508199
In Canada you have to pay tax when you convert crypto to another crypto and then another tax when you “cash out”.

>>21507865
Shakepay, you can etransfer or bankwire to your account

google canadian bitcoin, its on ottawa based comapny, last time i checked he takes btc, eth, and ltc

funny story a bunch of nigs robbed him thinking bitcoins were physical object and pistol whipped him when he tried to explain. must have been frustrating for both sides

>>21507865
Convert to ETH or BTC and send to a Canadian exchange, tons of small little exchanges just pick one you like.

WTF you have to pay tax in canada for converting crypto to crypto???? How would they know if you dont report it?

>>21508199
how do I "send it to shakepay"?

>>21508333
They can check transactions on the blockchain.

>>21508333
CRA is more up into everyone’s asses here than the IRS in America. They allow their accounts to hacked and don’t bother with finding out who did it but they sure will track down everything you’ve sold online.

>>21508333
They would have to get the records from the company you bought the crypto from, then they would need to do wallet analysis to find the exchange you're using to trade, then they would need to get the trading records from that exchange.

Honestly I think they're using the honour system unless you're moving around $100k every day, it would cost them more money to audit you than the money they'd get from taxes. But I have no idea, just my guess

First make a shakepay account its super easy. If you're looking to convert Crypto to Fiat and cash out i.e. transfer CASH to your BANK account. You need to first convert whatever crypto you own to either BTC or ETH. Transfer the BTC or ETH to your Shakepay account by choosing the option: "Add Funds" . You then use the code to transfer your BTC or ETH from your exchange such as Coinbase, Binance, etc. Pro tip: Dont use coinbase it's dogshit. You should stick to using Shakepay as your wallet to deposit and convert your cash (fiat) into crypto (BTC or ETH) then transfer to exchanges to buy your crypto and then transfer back when you want to cash out. In between make sure you use a good wallet like MEW or a hardware wallet like the Ledger to store your crypto.

>>21508252
it’s on your gain idiot. if you cash link to eth to cad in quick succession there won’t be any appreciable gain on the eth-cad leg

Hey guys so what if you buy and hold LINK or PNK, RSR, any other crypto. You used Shakepay to convert fiat to either BTC or ETH and then transferred to exchanges such as Binance, Bitfinex, Huobi to purchase said tokens and then stored them on your wallet 1-2+ years. Would you still have to declare any "gains" or can you just keep holding and pay taxes later when you eventually cash this money out?

Also a reminder that your profits are taxed at 50%.

>>21507865
Shakepay. Converting the btc to CAD has 1.75% fee i believe. Then you send it to your bank account using an E-transfer. Keep in mind you legally are supposed to pay capital gains, so if it is a large amount it will raise red flags with the CRA.

Well if it's a large amount you can wire transfer it to your bank account.

>>21508645
I thought it's 50% of your profits are taxed at your income tax rate. But that's just what the government says on it's website. I'm sure your meme knowledge is right

>>21508707
No you're right.

If you quality as a "day trader" its less, right?

>>21507984
you can use bitcoin atm's to cash out but you pay a hefty fee

>>21508707
This is correct. Take half of your gains and apply the tax rate to that.

I understand. Makes sense. So you only pay the capital gains tax on 50% of your gains ONCE YOU CASH OUT to your BANK. What about taxes on converting crypto to other crypto?

>>21508333
the trick to crypto to crypto trades is to use something that isn't a crypto, like Ripple, or even USDT because tokens aren't crypto as they operate on a blockchain with a base currency that is considered to actually be crypto. Then you pay no taxes.

>>21508426
They can now declare a single purchase (no trading) a business. This is at their discretion and all that is required is that you bought with the intention of making a profit.

You might have a chance if you bought a couple years ago because it was a meme and you were just nihilistically twisting the knife in yourself after holding other shit through the 2018 crash. But who fucking knows? CRA can just shrug and charge you the business investment rate (52%) instead of capital gains. If you're over 500K this is a huge deal.

Way fucking worse than the IRS and will probably be a fucking nightmare when our government starts chomping at the bit to offset all the fucking CERB they gave away.

Yeah but shakepay only allows you to covert fiat to BTC or ETH. So you can't avoid it on their wallet platform. Does CRA audit these online transactions? If you dont report it

>>21508947
What's a good place to buy Ripple or USDT with CAD?

>>21508333
Well friend. They can demand to see your deposits to the exchange. If you don't have them or the bank wire records, it's probably going to be a proceeds of crime, money laundering thing.

If you do have the records from years ago but you hurr durred away your trading records, they'll claim you sold them years ago when you deposited and charge you fines on the back taxes.

Get a lawyer and an accountant to have them tank for you. They will ask less questions if it comes from a reputable accountant.

has anyone actually paid taxes when cashing out yet? Will shakepay ever snitch us out to the CRA?

>>21508947
you are fucking wrong here. All crypto and tokens are literally treated the same as cows and chickens and tug boats and african gold you found on safari. Old, gay laws apply to them because they are both specifically "property" and not "money".

>>21508545
Plz explain to a brainlet like me

>>21509156
Not when you cash out to your Swiss/Monaco/Cayman bank accounts, amirite?

>>21509167
How could it be wrong? The term "cryptocurrency" ought to have a precise and meaningful definition. Much of the shitcoins that operate in this space can't be considered "cryptocurrency", and hence crypto to crypto taxes would not apply. What the fuck are they going to do? Tax my fucking runescape party hat for being a digital representation of value?

>>21509198
Buy $200 worth of coin. Coindoubles in value. Now you have 200$. Cash out. Made a gain of 100. Pay tax on half ($50) at income tax rate.

I've used Shakepay to convert my cash that I e-transferred over. Let's say over time I e-transferred around $15,000 of my own cash. I save all deposit transfers of BTC/ETH I sent to other exchanges such as Binance, Huobi and Bitfinex. Do I HAVE to report all these transactions even though I'm not cashing out any of my crypto back to fiat using shakepay?

>>21509294
Sorry but 100$ worth of coin which doubles to 200

>>21508641
Yeah you basically paid the same fiat price since you immediately exchanged them, so you just pay the fiat difference

>NOOOO, I DON'T WANNA PAY TAXES!!!

>>21507865
Coin square / TD bank

>>21507984
>>21508101
Same, paypal was quite simple and just asked for a email account. You do link your bank after though to transfer from paypal to bank account.

>>21508707
Yes you take 50%, add it to your income and pay the tax for your income bracket, 5he

>>21509313
From what I read on the CRA page you only have to pay capital gains tax on the cash that you made from cashing out your crypto into fiat. So say you invested 5k initially and cash out with 50k then you have made 45k capital gains and must pay taxes according to that bracket.

>>21509440
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

>>21509440
They state crypto to crypto trades are taxable as well. If you trade btc for eth, you owe tax on the difference of BTC when you bought and sold it

>>21507865
Canadian here. I have huge success using Newton. There are zero fees. I use Newton to buy Bitcoin that I eventually move to Binance. Here's a code for 25 free dollars if you choose to use it. It will link to your bank account and you can easily do transfers to and from.

https://web.newton.co/r/WNRT4N

BRUH... So wtf you have to show all your transactions when you file your taxes? lol. Or you show all your transactions when you cash out? Im so confused

>>21509542
hm I guess I missed that part, can you cite it?

>>21510251
nvm I reread it and found it, you're right
all right then, must buy and hodl

>>21507865
Use shakepay

>>21509614
Sounds good, I've never heard of newton before. Did you have to verify yourself with photo ID and all that?

So if you buy and hold you dont have to declare shit right? just wait and pay taxes and save your transactions all for the future?

>>21507865
NEW CHAINLINK ANTHEM LETS FUCKING GOOOOOOO https://www.youtube.com/watch?v=MIyBFNjc1kY

>>21510397
No, it links directly to your bank account and takes pre-authorized debit under $10,000. Anything higher and you need to wire.

Transfers take about 4 business days, but the comfy thing is that you can immediately buy BTC/ETH (but you still need to wait the 4 days before you can withdraw it).

>>21510439
Yes buying isn't taxable. Just hodl until you make it then go to sweden/portugal and cash out

>>21509542
>>21509647
Sort of. You're over complicating it. it's just your gains that get taxed. The amount lost or gained between transactions is incorporated into your final profit.

>>21509614
shit man they don't connect with my bank
that's a bummer

>>21510642
You can also live in Germany for a year and won't be taxed on crypto. Also I think slovakia doesn't charge capital gains tax same with switzerland
Never heard that Sweden was a tax haven though

>>21507984
https://youtu.be/dszXCHbvJYY
fuck canada
CSIS wages psych warfare on the population while justin trudeau and the ccp launder tax money into their (((organizations)))
tax slaves are what canadian citizens are, and they always need more taxes

>>21511141
i refuse to voluntarily pay into the state enforced homosexuality tax system

>>21511199

>>21511269
america will absorb canada
the ccp colony formerly known as "canada" is a threat to the free people of the world

>>21511294
>the ccp colony formerly known as "canada" is a threat to the free people of the world

>>21507865
I like coinberry.. trade $50 bucks and we both get 20 bucks.

You can e transfer or wire in, e transfer or wire out. Very fast depo's.. i like em a lot.

https://app.coinberry.com/invite/483c2972595

>>21511325
>the ccp colony formerly known as "canada" is a threat to the free people of the world

>>21511365

>>21511403
https://archive.4plebs.org/pol/thread/270245502/

>>21511141
>tax slaves are what canadian citizens are, and they always need more taxes

>>21511341
24hr hold after first funding. Longest. Fucking. Processing. Times. I've. ever. fucking. seen. Fucked me out of a 40% jump because it took over a day to move btc. Been faster since- and still a far cry from finance transfer times- but I'll never forgive them for that loss of opportunity.
Oh and they have a shit tonne of bad reviews.

>>21511517
Yeah well.. juat need to sign up before you're desperate to use them i guess.

They had a little bug where it took a few days to transfer out but normally thats pretty quick too. When I e transfer to them. The wait time is anywhere between 1 and 10 minutes. Usually only 1-3 mins. And their referral program is automated and pays instantly. I have no problem recommending them desu

>>21507865
Is paxful any good anymore?

>>21507865
Trade into bitcoin, use bitcoin to buy gold and silver.