/biz/ - Business & Finance

>>27717436
They might have stepped up their game but in 2018 I sold about 30,000 and reported my capital gains and they didn’t audit me.

Monitoring this thread

bumpe

>>27717436
From the tax guide it seems depending on your intent and the way you trade you could either have your gains taxed as capital gains or business income.
The wording is intentionally vague because this is an emerging field in accounting and because the government wants to squeeze you for every penny they can
Go DEFI and exit only via private buyers if you hate Trudeau

dude just declare your capital gains on what you withdrew don't do all transactions they don't even care as long as you give them something

>>27717436
Yes, and every transactions and gas fees are taxed too.
For example, If you buy eth with shakepay and send the end to binance and then send the link to a cold wallet. That's 6 events that you need to report and pay taxes on.
If you send the uniswap the link to eth to sell and send it to shakepay and your bank account, that's 4 more taxes.

>>27718424
This. They just want a cut. It’s bribery.

>>27718646
>>27718424
This. They tax 50% of your gains. Not the worst.

For the retards, no they don’t take 50%.

>>27717436
yes you need to report every trade. Im getting an accountant now for this shit.

Canada is a fag nation, getting raped in the ass with taxes.

I am now maxing out my TFSA with the qbtc fund and eth fund so I pay no capital gains tax, the government can suck my dick

>>27717552
Hi CRA

>>27717521
Did you just give them a single-line summary of your gains?
>>27717892
Yeah I'm hoping the boomer revieweing my tax report doesn't classify me as business income, I made 27k so I'm a bit concerned about that.
>>27718640
I'm not even bothering to include gas fees in my report, fuck them.

>>27719027
Are you allowed crypto currencies in your TFSA? What exchange can you use for that

>>27719748
No but there are stocks you can buy that are pegged to btc and pegged to eth.

https://3iq.ca/

you can buy both qBtc.u and qEth.u on TSX on any stock brokerage that offers TFSA

>CRA understaffed and backlogged as fuck due to corona
>know people with 5-6 figures in back taxes for years and still not CRA pounce
>don't even tax staking because they're that retarded
>will take years to even move their attention toward you
If you're doing your business off Canadian CEX, then you're shooting yourself in the foot for reporting anything. You should be planning to escape Canada anyway to Malta or whatever. That country isn't going to exist in a year.

>>27719595
>I'm not even bothering to include gas fees in my report, fuck them.
Don't tell me you legally acknowledge that an external wallet is yours and that you do business with it on the ethereum blockchain. At that point you would be cucked not to claim gas fees for a credit.

>>27720544
I just can't be bothered to go back through hundreds of trades, take note of the gas used, and then also look up the ETH price at the time.

>>27718640
you only pay taxes on gains, not losing trades. gas fees would not constitute as capital gains

>>27720647
That's why you use cointracker. That's also WHY YOU DON"T FUCKING ACKNOWLEDGE HAVING AN EXTERNAL WALLET THAT YOU DO DEFI BUSINESS WITH NIGGER WHAT ARE YOU DOING WHERE THE FUCK IS YOUR MONERO?

>>27720744

>>27718424

problem is once CRA gets a better handle on crypto, this will not work, I already talked with an accountant on this, which is why I paid the guy to completely redo all my previous claims that were done wrong which was fiat in/fiat out only, not trades. the moment you get into staking rewards, making alt trades etc and that is not reflected as taxable events, you will get fucked the moment they advance and learn how this shit works. and keep in mind they will want to make examples out of people because its disruptive tech that is freeing you from being a wage slave goyim cuck

I also have personally watched a friend of mine get completely rekt from CRA for not filing his taxes correctly and having the attitude you have which is loose ball park numbers from having a plumbing business. Long story short they seized his bank account, he couldn't get any access to his money until he paid up what he owed, collected interest on the whole thing too. I think still till this day he didnt get access to his old bank account with his money because he was so fucking stubborn to not pay them

>>27721831
why would you need a bank account?

>>27722288
okay go buy a house with your shakepay account.

>>27717436
fuck this country, i have to move

>>27721831
>turning your crypto gains into fiat
>depositing crypto gains into your globo homo approved bank account
Kek it's always the same story in these threads. These people get fucked because they run businesses of their own that entrenched into the system with fixed capital, licenses, and financial setup. If you're a nobody with no online presence living on a desolate mountainside, nobody is coming after you. Like I said the CRA doesn't go after self-employed tax evading moms after 15 years nor people owing back taxes for years who have nice cars. They're not coming after you after corona and secession. You're supposed to make it this year and fuck off to Antarctica.

> he withdrew

>>27722699
Where though, not like the US is any better

>>27717436
i haven't paid taxes in 3 years and now I am hiring a CPA to do my shit because cointracker sucks with shit like waves and egld.

On the good note they told me that I am making money with crypto and should incorporate so I pay less taxes in the future.

>>27717436
Find a tax lawyer or accountant that understands crypto. I paid thousands to some jew tax firm to write a memo outlining each one of my trades and basically writing a statement that it should be declared as capital gains rather than business income. When it comes time to file taxes for my 500k+ gains that go to my chequing account of 10k, you can bet your ass I'll be audited by CRA but will be sufficiently prepared

>>27722570
>go buy a house in Canada
No thanks

>>27722930
Some crypto haven country. That's my plan at least once I get enough crypto to have passive income. Not like this country will get any better you wouldn't lose much renouncing citizenship. (Not the anon you're replying too)

>>27722930
>Where though, not like the US is any better
What do you mean where? Why do people still ask these questions when search engines exist?

>>27722699
>>27722930
This. I have been trying to figure out where I should go, but everywhere is either
>Third world country
>First world country suffering from social capital destitution because of immigration
>The US a.k.a. Zionist HQ and mixed-race golem breeding grounds

>>27721831
Surely your friend received a warning before they seized all his accounts

1. Report it as Capital Games
2. Crypto is not your business, it is a hobby that you have
3. Report fiat in / fiat out. The more people that report their individual trades, the more everyone in Canada gets potentially fucked in the future.

>>27723716
Smart post all around

>>27717436
yes goy, please pay your taxes to the canadian govt so we can house more somalis in free housing in toronto

>>27723065
this, i live in a luxury camper

>>27718646
>This. They just want a cut. It’s bribery
mfw the taxman comes for me

>>27722780
Im not in this to just make a few thousand dollars and buy a new car, and avoid 20k-30k in capital gains tax.

Have you ever tried buying property after cashing out a large sum of money in crypto? I havent had an issue with CRA yet. But I already got problems with banks not accepting my downpayment because they didnt like how I had large amounts of money come in from some suspicious eft transfers into my bank account. I had to practically launder my own legal money so they would actually accept it.

Crypto is going to makeeven more money for poeple this time around, and CRA is going to want all the tax money they can get!
You can think differently, I honestly dont give a fuck about you, dont even listen to me, maybe go find an an accountant that is well knowleged with crypto, then give them a call and explain your situation and how much money you plan on selling this bullmarket and perhaps they will give you some clarification about nobody comming after you or not.

wasnt the case for me, and I already experienced a fair amount of bullshit taking profits in 2017 already. I plan on taking way more profits this time around and I dont expect my situation to get easier, so thats my choice

>cashing out

I lost all my crypto when my trezor and seed got lost and destroyed in a boating accident off the coast of the hudson bay

>>27717552
hi CRA

>>27724424
Negro I'm long gone outside the financial and legal grasp of globo homo. IF you plan on staying in Canada like a good little goy and pay your goyim tribute, as the country collapses then that's on you. And it's going to collapse very soon now that they want to raise interest rates.

>>27723716
very true. although I think we are going to be fucked in the future when we see 100k btc

>>27725101
were going negitive interest rates lol not positive.
the collapse is when everything is too expensive to buy, even your timmys coffee will cost 20$ cad a cup because CAD will buy you jack shit

>>27724424
>But I already got problems with banks not accepting my downpayment because they didnt like how I had large amounts of money come in from some suspicious eft transfers into my bank account.
How do they even know this? Why don't you just get a mortgage from another bank other than yours? Why is this even a fucking problem to them it's money

>>27725460
I worked with a mortgage broker who works with a a number of banks. this was in 2018, anytime you made money in stocks you had to report records of you proving you held those stocks, in my case I had shit I sold from quadriga, the efts comming in doesnt even prove its from quadriga (had some name like "finconnect eft") for one but at that time none of them would accept any money that came from crypto. had to transfer the money to my brother and then get it "gifted" to me from my brother.

>>27721831

this is retarded conspiracy bullshit

and you back it up with an anecdote about how your friend refused to pay taxes on his regular business

fucking lol

CRA can barely run its own website, you think theyre going to track your embarassing LINK trades? get fucking real

>>27726120
dont pay your taxes then.....if you got a way to get away with it good on you

>>27724424
>CRA is going to want all the tax money they can get!
it's a bottomless pit with these bureaucrats
I don't want to subsidize their reckless leadership
within our lifetimes, politicians and bureaucrats will be obsolete
it's clear, at this point in the western countries, that we are ruled over by an "anti-government"
they just get in the way and their handling of the covid crisis makes it clear

>>27718640
No, you don't. You haven't gained anything, in fact you've lost a couple bucks on fees. What are you paying taxes on?

I don't know where this retarded myth came from but do you really think the stock market would exist if it were true?

How do you withdraw crypto gains from coinbase, leaf bros?

Canadian here. I talked to the CRA. They know crypto is fucked. Do your crypto taxes to the best of your ability and be a good actor. Do not show intent to hide gains.

>>27726536
Shitcoin > ETH > Shakepay > CAD > e-transfer

>Send your CEX shit to your ledger
>Ledger to DEX
>Back to Ledger
>To btc atm
>TOR browser + VPN
I would not do something like this and I do not encourage evading tax.

>>27717436
Don't know about Canada but should be similar.


Just remember all that matters to them is total gains in fiat on the day you sell up minus total fiat invested.

They will chase you for more than £50 inconsistency I think in the UK.

You aren't going to prison for slipping up on a couple of quid.

>>27726536
I'm planning on using Netcoins to cash out someday. Just send the BTC, ETH, XRP, LTC, BCH to your wallet over there and initiate Interac transfer.

Anyone wiretransfer from Shakepay back to their Canadian Bank Acc?

>>27728258
Why not just use e-transfer?

What if the credit card companies let u do crypto purchases in the future? Then u can keep ur gains in stable coins and be able to use the gains for every day purchases

>>27728303
There's a limit of $3,000 e-transfer per day - $10,000 per week. This is in Canadian dollars btw. I just wanted to see if anyone has actually tried wire transferring large amounts off shakepay back to their canadian bank account

>>27728896
curious about this as well

>>27728896
Use newton

>>27721831
a plumbing business is way different than crypto gains. The CRA isn't going to audit every single one of your shitcoin trades, just report your capital gains, until they specifically demand you provide them with something more than that. They aren't going to arrest you or size your account unless they determine you owe them more than you gave and you, and you refuse to pay them. Just pay them if you get audited and they want more

>>27726952
CRA here. A crypto just flew over my house. Some of you guys are alright don't sell your link tomorrow.

>>27729510
is the spread on newton as good as binance and other sites? Obviously since they are "no-fee" that is where they get their money, but if the spread is just really bad i might as well stick with wealthsimple. idc if i dont really own the coin desu

>>27717436
on what exchange? if its on binance or something just record what you pull out. only the biggest of cucks pay CRA in full. they want a slice of the pie its up to you to decide how much you are ok with giving them.

>>27730075
until they decide to audit you and bend you over and fuck you in the ass

>>27729863
apparently the spread on newton is a little less than shakepay. I didn't even know wealthsimple had crypto
>Wealthsimple Crypto users can buy, sell, and hold coins within the app. Deposits and withdrawals can only be made in Canadian dollars.
oof fuck that, that's actually retarded, how is that even legal

>>27728806
you would owe tax on it still.

Btw since this thread is suffering from an abundance of obedient leafy goyim let me inform you of something: there is no border between civil and criminal audits. What you stupidly self-incriminate yourself with (even with the best of intentions they don't care) on a civil audit CAN BE USED AGAINST YOU WHEN YOUR CASE GOES CRIMINAL WHICH THEY CAN DECIDE TO ESPECIALLY IF THEY JUST SAY YOU'RE LYING. The relationship between tax bandits and you is always antagonistic don't be naive and forget that. You're not protected under the charter in civil proceedings but everything they extract from you can carry over. It's a Jewish trick and you're all falling for it.

>>27730523
What’s the best move then?

>>27726120
These threads are better at night. Daytime newfags really think corona crippled CRA in a country soon about to hyperinflate is going to come after their stinky linky trades.

>>27730192
it would cost them more to audit everyone in crypto then to just accept the money that's reported (unless you're making actual bank and not just supplemental income). Imagine the man hours it would take to track down every trade for everyone who reports crypto earnings

I'm not saying don't properly report your earnings, actually it could be beneficial as any trades where you lose money can go toward your tax return or lessen your capital gains amount. But it's not feasible for them to look that deep into you unless you're triggering some massive flags (ie massive sums of money in your bank account that aren't reported as income in your taxes)

Imagine them spending weeks tracking down all your trades to find out you owe them an extra $200, maybe I'm talking out my ass but I refuse to believe the system works like that

>>27730642
Been saying it all thread NEGRO. Also you should have no online presence and live in the middle of nowhere at least a hundred miles from the nearest CRA office in some hidden little corner of the country where it takes deliver men hours to figure out where you are with instruction. I mean if you have social media accounts then you don't belong on this site anyway but whatever.

Monero Monero Monero

>>27717436
HI fellow Canadabro. Get an accountant, trust me it's the best way. You can save a lot of money on your taxes if you use fancy accounting tricks like taking gains through a corporation or (possibly) treating it as business income with losses and expenses. It will depend on your specific circumstances. The money you save will more than pay for your accountant's bill.

>>27720647
you write off gas as losses wtf are u talking about, its easy

>>27731003
Like I said I've known people back in Canada that still owe 5-6 figures in back taxes and self-employed claiming income as expenses that are still cruising along. CRA is absolutely crippled now. Trudeau is banking on the money printer and great reset.

Again it will take years before you're noticed, if you play your cards right and yet get unlucky. Why are you planning to stay in that fucking country long-term?

>>27730192
cra will never find out the millions i made in 2018. i have a firm belief you never talked to someone at cra or seen on of their liaison agents in person. its a joke just like ever other government owned business, looking at you canada post.
>>27731166
find a younger one or an old boomer who hates cra as much as you is my tip. mine is an old finance professor, he probably hates the cra more than i do.

>>27731088
sure, this can work if you live alone. But good luck hiding from the CRA while trying to raise a family. You gonna pay for internet with Monero? You gonna buy a car with Monero?etc

>>27731088
this nigga is giving out bad advice and you will get pounded in the ass over it.

If you make it, get a fucking cpa and do it right. geezus fucking christ how stupid are you to risk getting everything seized because you took the advice of some low iq ape on a mongolian underwater basket weaving website?

>>27731440
>find a younger one or an old boomer who hates cra as much as you is my tip. mine is an old finance professor, he probably hates the cra more than i do.
hmm, I'd specifically try to find one familiar with crypto, if not specialized in it. otherwise you'll just be paying your accountant to train himself on how to do your taxes, and your bill will be inflated for lower quality work.

>>27731568
its capital gains and there is very few laws on it. whatever tricks you can play for capital gains you can play with crypto at this point. my accountant actually invested himself lel so if im fucked he is fucked too.

>>27731436
>Why are you planning to stay in that fucking country long-term?
I agree I don't see a future here, get the fuck out of this shithole ASAP. Myself I haven't decided where to go yet, I've been trying to wait out this corona shit which is probably never going to end anyway

>>27731440
Based
>>27731463
If you're raising a family in Canada you're already a lost cause. I speaking to those set on making it this bull run and seeking greener pastures
>>27731499
Oh look an illiterate goyim ape scared of an incompetent bureaucracy, crippled by corona, that he's never had any friends or family work for. Anon up there makes million unscathed while you panic over your 50 dollar trades in stinky linkies because the psyops has worked so well on you.

>>27731716
I am pretty sure whether it's capital gains or not depends on the nature and scale of your operation. So it's not always capital gains (it would be nice if it were since they're taxed more leniently).

A lot of this is info is on the CRA website.
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

>>27720181
>If you're doing your business off Canadian CEX
what fiat on ramp outside of canada exists?
ive been using coinsquare and prior to that QuadrigaCX

>>27731499
Also, you're fucking faggot who thinks about anal sex with "niggas" all day long. Don't project your BBC homo lust onto our finances with your ebonics tier grammar. Thanks.

Canadian here and not claiming shit

Up 300k Canadian

>>27732075
yeah idk i got a business and that business donates so idk the specifics.

>>27717436
I thought you just have to report whenever you trade for cash, since they treat crypto as a commodity. I just track buys and sells to/from cash and report profit based off most recent buy volume.

>>27717436
dont report shit unless you cashed out into dollars and put those dollars in your bank account in which case you report the total net gain, not transactions and not by coins lmao

anyway CRA are busy with milllions of fraudulent CERB claims, i wouldnt stress

>>27728896
I haven't used Shakepay, but I've wired over $4m from Coinsquare to my Canadian corporate bank account (National Bank). And my accountant determines my cost base for the crypto I've received and then when I've sold I get some of it as capital gains, so less tax.

>>27732458
Yes this is what I do as well. I have a few clients who started paying me via BTC back in 2016, and that's how I got into crypto.

>>27732092
>>27730519
i remember going to timmies way back and either seeing a cute high schooler or native that looks like he would stab me on the street. but my orders would be correct and the natives would sometimes even talk to me.
i remember seeing those burnouts working at the gas stations and you could ask them about local stuff and they would know.
i remember the good deals you would get at pizza places cause you went to school with the manager/workers there
probably some other stuff too. this country turned to shit really fast.

>>27717436
I have citizenship in a country that has 0% capital gains tax rate but has a double taxation treaty with Canada. I also live in Canada and have Canadian citizenship. Anyone know how long I have to live abroad so I don't have to pay the Canadian tax rate?

>>27732688
Thanks for the information man

>>27732911
When they pay your in BTC, how do you determine profit when you cash out? Is it based on operation costs at the time?

Does any cAnon use Coinbase to Paypal? I have the option to sell up to 30k

>>27732355
checked

>>27732688
I'm also going to be wiring out over 7 figs. Where did you find ur tax accountant to help you with exit strat?

>>27727047
this is how i do it, but is there a better way?

>>27732611
and checked

Maybe a stupid question, but can't you say you also bough a lot of crypto *cash*, or using places like localmonero, and declare that you made no gain at all? You're just cashing out because you are tired of crypto.

>>27733099
You're welcome. Just took a screenshot for you. I can also introduce you to my guy in their "Wealth" department. Slightly lower fees and better service, better prices on trades too.

>>27733143
>When they pay your in BTC, how do you determine profit when you cash out? Is it based on operation costs at the time?
I've got records of the amount of income I earned in USD by month. Then they use the average BTC price by month to determine how much I received in BTC, then when I sold a big chunk for CAD they figured out the difference and that was capital gains, the cost base in USD converted to CAD was income. I think I got that right...but I stopped accumulating and my current stack will all be capital gains when I sell. Now I just sell the BTC as it come in every month.

>>27732070
You are either too poor to have made any gains or you're going to jail

>etransfer $1000 to shakepay
>takes hours
>come off my hopium high and decide not to invest it
>etransfer it back to my bank

do report?

>>27732982
i remember not knowing what an asian looked like. there was this one kid at school that looked kinda funny and i figured he was asian (he was just a weird looking white guy LMAO). i didnt even see a fucking black perosn irl until i was 14 and that was because i went on a trip to ottawa. now my little western canadian city is flooded to the hilt with filipinos, the bank ATMs have chinese on them, and i did a talk at my former high school where the demographics are beginning to look like those of an american city.
this country is gone. this is rome in 450AD. pilfer what you can before the collapse

>>27733511
I'm using the same guy I used before I got into crypto. He figured out how to "account" for everything. :) He doesn't specialize in crypto but he seems to be very good. Only accountant I've ever used though...

>>27734104
no? why would you

Capital gains is defined as the positive difference between your buy and sell price. Obviously if you lost money you take that as a loss on taxes rather than getting taxes. Not a tax advisor just thought some folks might find it useful.

>>27734123
where to go?

if I want shit coins, whats the best way to get CAD into exchanges? Is it really only shakepay > ETH/BTC -> transfer to exchange wallet

>>27734262
Thanks anon, I'll shop around I guess

>>27725101
Where can one go to escape?

https://www.youtube.com/watch?v=ldd7f57YwGc

>>27734094
Absolute cope. Come get me on the island nigger I'll let you guess which one.

>>27734494
i started using paytrie
0.6% plus gas you get usd stable coins straight to your wallet, pretty expensive today though

If anyone wants an intro to Coinsquare or to my accountant - anon3416 at hotmail

>>27717436
I write every dispensation greater than a penny. I will do one row for the trade and one row for the trading fee if it is in another coin along with a description of whether it is a trade, deposit, withdrawl or air drop.

I expect to one day get completely fucked by this because the exchanges I used do not produce transaction logs past 6 months so I don't have "proof" other than my spreadsheets and the fact that all of the numbers line up in a way that would be extremely arduous to fabricate.

>>27731436
redpill me on the m0m1m2 thing? why is m0 much more inflated compared to m1 and m2? will m0 eventually enter m1 and m2?

>>27734616
He's in the GTA. Newmarket.

>>27734650
https://nomadcapitalist.com/2018/08/19/most-crypto-friendly-countries/

That's not even the complete list but it'll do for now.

>>27734918
Each higher M# incorporates all the smaller M#s below it.

M0 and M1, also called narrow money, normally include coins and notes in circulation and other money equivalents that are easily convertible into cash.

M2 includes M1 plus short-term time deposits in banks and 24-hour money market funds.

M3 includes M2 plus longer-term time deposits and money market funds with more than 24-hour maturity.

The exact definitions of the three measures depend on the country.

>>27734650
>>27734489
>>27722930
>where do we go
who knows. ive started a list of considerations for if and when i convert my crypto back to fiat funnymoney

>>27734918
It's the other way around. Not only is m0 included in m1 and so forth but m1 is more inflated because deposits don't need to be backed 1:1 by currency and notes in circulation

>>27734494
be careful of shakepays spread on busy days.

>paying taxes
>exchanging crypto to fiat ever

>>27730519
>that pic
Holy shit, it's like the veil has been lifted and I finally understand all this fuckery.

Crypto mining pools for fellow canadians? Nicehash has a pathetic pay rate

>>27731436
>Why are you planning to stay in that fucking country long-term?
What country isn't getting fucked right now?

>>27720181
>that country isnt going to exist in a year

Delusions.

>>27718640
There's no KYC for wallets so you can fuck off. Good luck tracking it down on the blockchain when someone moneros right away and has it go on a journey across many different wallets.

Also simply transferring money isn't a taxable even especially if you're using a crypto as a required currency for tokens and it hasn't appreciated against them.

>you get taxed for sending it to a cold wallet or your bank account
Okay now you're just trolling you little fucker you.

Can someone tell me if I need to report this year if I don't cash out? Like say I cash out next year, I'll report it then. Do you only report when you turn some into fiat? Wouldn't all this shit still be unrealized gain as long as I don't turn it into fiat? Or will I get raped by the cra with late fees for not disclosing earlier or some bullshit.

>>27734123
dont get me started on filipinos. there are 2 filipino rat nests on my block. there was 1 nigger in my neighborhood. everyone knew him. he was like the token black in a movie. we did some stupid shit as kids too and cops gave us all slaps on wrists, shit was wild i dont remember getting racist remarks in fact the only real racism i remember was us making fun of the only ginger kid in school. today the only racism i see is from chinks.

>>27733390
Yes, it goes from coinbase to you PayPal account, you then have to transfer it to your linked bank account.

>>27736160
How is it a delusion fuckface? Have you seen the state of the world especially the West? Have you seen everything that's happening with Canada? You're fucking nuts if you think the west isn't going secede after an innevitable economic collapse. Just imagine sending a time capsule back to yourself ten years in the past and adding to the fact that ancap fantasy through blockchain and defi is coming true. Now that would seem like pure schizo delusion.
>>27736150
The ones that don't fuck you for crypto

>>27729863
I use newton and like it. Shame some of the shit coins aren’t on there, but you can for example, have a binance account and trade your gains into USDT and then send your USDT gains over ;)

>>27733390
>using coinbase
Gross. Save yourselves from this fate.

>>27736692
I see that it sells Monero and that makes me really curious since Newton insists that they're a government compliant exchange. I wonder if it's a honeypot tactic to raise flags on suspect traders.

>>27736150
texas

>>27735169
>>27735294
why is m0 mooning so much? does it mean hyperinflation guaranteed?

>>27736293
only trades are taxable you can't be taxed for just holding it. so BTC to fiat is a trade

>>27737326
ok but what if I swap shitcoins, they were still trades and taxable, but the money is held in other shitcoins, will I need to cash some out just to pay taxes on the older trades?

>>27735169
if m0 moons faster then m1 and m2 it means they used the money to buy assets?

>>27737624
>if m0 moons faster then m1 and m2
not possible. m1 encompasses m0. m2 encompasses m1. etc.

>>27734846
>If anyone wants an intro to Coinsquare or to my accountant - anon3416 at hotmail

I emailed the anon who emailed me.

>>27737988
but does that illiquid m0 money will gradually enter the liquid supply and fuck the buying power by 400% ?

>>27738108
yes.

>caring about the cra
>an underfunded organization made up of boomers, women and poos
>massive amounts of gibs to a ton of leafs
>leafs already never do their taxes or cheat on it massively

>>27738502
They work closely with the IRS and probably get most of their techniques from them, so I wouldn't underestimate them like that...

>>27737532
technically yes, but that's the argument in the thread, some of us say not to pay those taxes and just pay the taxes when money goes into your bank account. ie you sent $5k to your on ramp like newton or shakepay. You buy eth then send it to binance and traded it around a bunch, now you have $10k worth of eth, and you sent it back to the on-ramp, and then you send $10k into your bank account

So you now can either report that final deposit and pay capital gains tax on $5k, or you can calculate the tax from every trade you made on binance.

I have no idea if the CRA would go so far as to try to track your trade history like that by for the moment I assume they don't unless you're reporting millions in gains

>>27738298
why is nobody talking about this? is it true that true inflation (considering assets) is mooning much faster than CPI index?

>>27739247
>help from irs
>org that got cucked and defunded bill gates/microsoft not long ago
Ok thanks, I think even less of them now.

>>27739247
CSIS and CRA are complete jokes. i assume the influx of pajeets and minorities just made this even more so.

What happens if you lost all records of trades in 2017 but reported accurately after 2018 By theory they have no reason to audit you right?

>>27739817
unless it looks like you are trying to launder money it would be zero cost basis. might get assraped but you can keep some of it I think

>>27739769
Do they really have immigrants working with taxes? i really doubt that

>>27739768
*defunded by

>>27739941
I come back to this thread and you're still posting about butt stuff. Nobody mistake this guy's love of cock for sound financial advice.

>>27739493
on the radio i heard them say that they expect the price of food in the supermarkets to go up because "covid is keeping people at home so they are cooking their own food and putting pressure on supply chains". im not even kidding. they'll spin up some reason for inflation, feed it to the normalfag masses and probably introduce some government restrictions or UBI to further curtail the freedom of the masses "for their own safety"

>is it true that true inflation (considering assets) is mooning much faster than CPI index?
very likely. interest rates are as low as a motherfucker right now. ive got a home loan and $10k in a 6% APR line of credit from my bank. If crypto takes a nice dip i'm going to take another $10-20k on my line of credit and sink it into crypto.
https://www.youtube.com/watch?v=VmxbxolNbTg

>>27740120
go fuck yourself you dumb shit

HOW DO I BUY DOGE IN CANADA

Which exchange allows it?

>>27740296
youtube fucked up my link...
https://www.youtube.com/watch?v=x9gSI_2MriU

threw $50 at doge at 0.05 and panic sold last night after elon tweeted at 0.05X. also bought $50 worth of eth to trade on uniswap but gas fees were too high so I ended up sitting on it as it hit the ath yesterday.
in all I've made like $20

>>27740467
buy eth and send it to binance

>>27740384
Yeah that's word for word the exact response I was expecting. No wonder you're so scared of the Canadian bureaucracy when you have the wits of a little brown girl.

Also how does margin trade taxes work? Should mark it as a margin trade because i believe on binance trade history it shows you using exchange money i think

from the future 2024, HEX took over btc in 2022
buy HEX now and be happy also donald trump and his daughter are pres and vice pres for verification

>>27741002
Trading on margin is tricky because they might try and use that on you to tax your gains as business income.

>>27740574
based and DEBTMAXXpilled

Unrelated to gains reporting, but I'm a fellow Canuckold, so I feel like this is the right thread to ask. Any recommendations for stock investment apps in Canada? I've been wanting to get into actual stocks but I haven't known where to start (Only done Crypto up to this point). I keep getting Wealthsimple shilled through ads but that has only made me more hesitant to try it.

>>27741180
Fuarrrk


do you work with an accountant?

>>27717436
Why report at all?

>>27723566
>Surely your friend received a warning before they seized all his accounts
Not a leaf, but the IRS always starts out with a demand letter. They only get ugly if you don't do whatever they demand in the letter.

>>27741398
questrade has always been fine for me.

>>27739944
summer students really at this point. but it is happening. give it a few more years until they work their way into more permanent positions.

>>27732075
>the CRA wants to tax me every time i trade shitcoin for another shitcoin
lmao wtf is this

>>27741398
I just use my bank. 6 dollar transaction fee for every order but it's not bad if you work with large volumes. You'll also never get cucked by them like people in the states were by Robinhood since they are have a shit ton of capital to move around to cover deposits.

>>27717552
hi CRA

>>27741398
wealthsimple is good. Make sure you get wealthsimple TRADE thought if you want to do the trading, and not have it done by the robot.

>>27726120
this. Last week I received a letter from the CRA asking me to reply with tax information within 30 days. The send date was 2019.

>>27743456
How did you trigger that

>>27743901
nice try CRA

>>27717436
Yes, as an american cuck i recommend you record all and keep a log.

>>27734034
>I have a few clients who started paying me via BTC back in 2016
what business are you in anon? I'm nervous about taking advice from a CP peddler

The 4.95 US commission on questrade seems insane, but it looks to be even worse on everything else. How am I suppose to make money as a small fry when I have to pay 10 dollars round trip to sell and buy? I just started investing in stocks 3 days ago and I have some that I have gained 20-30 bucks on but in reality once I cash out I would have gained 10 dollars off a 20 dollar increase in value. So I guess I need to aim for much bigger share counts/share prices so that those numbers are a lot higher? I feel like daytrading with a 10 dollar loss on every buy and sell would suck, but again I have a very pedestrian knowledge of this so far and I am sure daytraders are working with enough capital that 10 dollars is literally meaningless to them.

>>27743456
is it this?
https://www.scribd.com/document/401254249/CRA-cryptocurrency-audit-Questions

can someone here give me a referral code. Ima make a newton account i think. would rather give an anon the 25$ than some youtuber

What about if you initially started off with Quadriga exchange... they banished with everyone’s money and can’t get records of trades....

>>27744501
step 1: don't be poor you idiot
of course 4.95 US commission seems like a lot to you per trade, you need to move bigger volumes
if you trade with a grand that 5$ won't seem like much when you gain 100

>>27742210
Brampton has the highest inurance frauds but it would seem to be a good idea to fill the country tax division with indians

intresting