/biz/ - Business & Finance

>>29721652
pay your taxes or move to another country

>>29721652
move to latinamerica, latinas loves dick

>>29721652
Did they?

Jesus Christ anon, what did you do? Trudeau says we don't have to pay till 2022 so you got time.

>>29721652
What 'activities' are they claiming have been involving digital currencies?
What is a digital currency?

>>29721652
>ah geez dood, 28 thousand dollars?

>>29721652
>Not using monero

Sounds like ransomware to me

>>29721652
How?

>>29721882
Accountant told me I have $200k+ in capital gains. I never even cashed out except 1 eth.

>>29721967
kek this

>>29722042
>How?
I filed my taxes and declared it (to my accountant)

what activities? also op how are you feeling after losing all your Monero in a boating accident?

>>29722085
Your accountant sounds like a retarded boomer. Did you swap your coins at all or just held?

>>29722149

Oh that's why
Good luck leaf bro

>>29722149
Well that's where you fucked up, also get a better accountant

>>29722149
Are you fuckin retarded?

>>29721652
>>29722085

bullshit thread
they'd ask for more than 28k over 200k gains

>>29721652

Report anything not on Binance.

Binance isn't responding to regulation from anywhere. If you get caught later you get caught later, gotta get your lambo now dude.

>>29722157
I was literally gonna to say something along this lines once I'm inevitably flamed for declaring it.

>>29722311
based chinks

>>29722149
Who the fuck files their taxes this early?

Hooray for Socialism! <3

>>29722183
No he's actually very knowledge in DeFi, yeild farming, pooling, etc.

>>29722237
Thanks. It really comes down to me accepting that I'm parting with some of my LINK and I don't like it.

>>29722271
Yeah, it would have felt good not to declare it, but eventually I'm going to start having fiat hitting my bank and there's going to be questions. No I don't feel like using a crypto.com metal credit card and living in fucking puerto rico.

>>29722274
I put over 40k in a retirement account to lower it. Would have been over 40k owed otherwise. My chequing account got wrecked.

>>29722485
Me because I knew I was going to get ass fucked and needed time to prepare.

>>29722558
Just pay it. It's not that bad if you made 200k. Welcome to leafland. Don't like getting cucked? Leave.

>>29721834
This
Hey leafy, im you but without the leaf. Almost the same flag, you will love Peru (no taxes here :) )

>>29721967
pretty much this lol

>>29721967
>>29722106
>>29722752
You guys wanna know the best part? This works with the CRA. You can owe them a half a mil and be paying 50 bucks a month because "that's all I can afford dood"

>>29721652
You have go go back in time and not declare it

>>29722625
>Just pay it. It's not that bad if you made 200k. Welcome to leafland.


>Don't like getting cucked? Leave
I literally could, I have two passports. But man no taxes in these TFSAs.

>>29722701
Tempting. I'll put my Babbel Spanish back into use

>>29722752
I'm considering what options I have to delay payment in April, I'm still yield farming but idk if the yield can keep up to what I'll need to pay.

>>29722852
Holy shit if this is true then I might just cheap the fuck out till I build up enough to pay off the whole balance.

>>29722865
If I could, I probably would.

>>29722945
Just don't pay it, wait for them to call you (the real CRA not pajeets), and then arrange a payment plan that you can "afford".

>>29721967
ah dood they got me on these pills for my leg

https://gov.bancor.network/t/revised-proposal-to-modify-bbadger-bdigg-pool-configurations-lm-rewards/794/35

>>29723035
CAN CONFIRM
DID THIS FOR 24K
They will charge daily compound interest but its very low and they will literally never bother you as long as you make the payments you said you would

>>29723035
>arrange a payment plan that you can "afford".
Especially if the asset itself is not easily convertible. The way I see it, if the CRA considers crypto to be a taxable currency, then it should be that one can pay their taxes in kind.
The catch is to send the payment with the shittiest coin one can find...

>>29723035
No I'm sure not paying will just fuck me in other ways indirectly down the line. Like credit history etc. I'll see what options there are for installments.

I could even take out a celsius loan on my link to pay it, but link's favorite activity is dumping lately.

I've been listening to pic related to cope but it really just make me more angry about the whole state of us as subjects of governments. We're just purses to them.

>>29723267
Gonna look into it.

>>29723226
I'm not in that shitty pool. I only trust in real pools, like Bancor/Link

>>29722558
Then he should know that there are no guidelines for staking except in 5 countries. Imagine paying taxes in a country with incompetent corona backlogged women, boomers, and pajeets understaffed all the while the country is about to collapse from hyperinflation and fracture into east and west.

>>29723496
This, if you can put it off 9 months 28 grand might only be a loaf of bread in maplebux

>>29721652
What site can I buy 1sd n schr00ms on in canada?

>>29723496
>the country is about to collapse from hyperinflation and fracture into east and west.

Lmao that book I posted literally touches upon that. Western Canada and it subsidizing the rest of the country and eventual separatism.

The accountant I used has helped clients with audits due to crypto. At this point he knows the game, and knows how the CRA is dealing with crypto and DeFi. But basically he's considering all of it one big capital gain by the looks of it.

>>29723759
Don't you have homework to do?

>>29722085
wtf I thought we only had to pay capital gains when cashing out to fiat, i.e. selling our stocks

>>29723469
dude you realize that CRA can't even pick up the phone to answer your questions. Yet you detailed all your farming and probably gave them your wallet. are u insane my dood?

>>29721967
KEK

>buy private jet
>tell them its a business expense to fly to another country and avoid paying taxes
>write the private jet off on taxes

>>29723918
Crypto to crypto is taxable.

>>29723920
No I didn't detail shit to the CRA. My accountant knows the details. He just straight up wrote down my gain and wrote 'digital currencies' in the box next to it. That's the extent of what the CRA will see. Seems like a based move imo.

>>29723940
I am a Sam Hyde fan.

Fellow leaf here OP. What did you do to create all these capital gains events? Were you constantly selling and buying crypto? Also how much money were you flinging around?

Should have dumped some profits into RRSP - they give you a tax refund and you pay them what you owe - winning

>>29724120
Whats your location? If youre in alberta could you send his info to a burner email for me?

>>29724354
He said he put 40k in

>>29724120
>Crypto to crypto is taxable.
Huh. Well, good luck to the CRA with finding and auditing all of my wallets. As anon points out, we're just living under an HR-cat-lady state that is staffed by pajeets so

>>29724285
About 150 or so transaction during the DeFi boom August/Sept.

First big move was swapping half my link (quarter of entire stack) to ETH to pool in uniswap.

From there I followed the rest of the market into SushiSwap. Made a fuck ton in there. It dominoed into other platforms and at the end of it I swapped everything back into link. But had I held all my Sushi I'd have made $150k USD just from that alone.

>>29724354
I dumped 40k into an rrsp from my own fiat

>>29724378
Yeah I'm Alberta. What info do you want? The firm I used?

>>29724508
Yeah, basically the CRA is relying on honesty. None of you probably have to overthink like how I did. I'm on and off about reporting it the way I did and probably wouldn't have don it, but I have citizenship in another country that I'd rather not have the burden of being buttfucked by, so I chose to be fucked by a country that is at least nicer about it.

>>29724762
Yeah send me the firm name, thanks.
spamminator@gmail.com

fellow leaf, made 450k canadian up until this crash...

not paying these pot lickers a fucking cent

>>29724843
Sent

Well I'm off to bed guys. 4am wake up to get to work so the CRA can get their cake.

Thanks for participating in my cope thread.

>>29725075
I get it. Good luck.

>>29724120
Do you mean to say that if I have 1 X Coin and I trade it for 10 Y coins, I owe tax on what, the value of the X Coin?

That is so impossibly stupid, but it seems in line what what I read, Bitcoin is seen as a "commodity," so they are treating the transaction as though you are "all but" exchanging bitcoin for cash, then buying the other coin for cash.

Why don't they treat dollar bills as commodities? This is getting very silly, they're just trying to steal from people.

>>29724762
>About 150 or so transaction during the DeFi boom August/Sept.
Makes sense then. I have only dumped $12k into crypto of this year and thank fuck I have only transferred from fiat to USDT then into the coin of my choice. I am horrified of getting ass raped by capital gains when I convert my gains from one currency to another.

>>29725264
That is how it works bro. Crypto to crypto are taxable events.

Hey OP, fellow leaf here. Buying crypto alone is not a taxable event right?

If I buy monero using fiat, then transfer to another account, then from that account transfer it to an exchange with 0 KYC rules, I can exchange monero to other currencies totally anonymously, and without the CRA knowing.

>>29721967
delete this

>>29722311
based. this is why China wins every time

>>29724508

How would that even work out? At some point, you'll have to transfer from your Metamask or hardware wallet to Newton/Shakepay. Couldn't the latter just hand over your information to the CRA?

It seems like even if they can't figure it out in the next 1-2 years, it should be easy enough to do eventually. Once they have the wallet you used to transfer out through Newton/Shakepay they've got your whole transaction history

>>29725432
>If I buy monero using fiat, then transfer to another account, then from that account transfer it to an exchange with 0 KYC rules, I can exchange monero to other currencies totally anonymously, and without the CRA knowing.
I believe that is correct, and one of the reasons the CRA (Legislators, really) is throwing shit at the wall hoping it sticks.

>>29725432
>Buying crypto alone is not a taxable event right?
Correct, but selling and converting it is.
>If I buy monero using fiat
Newton is your friend for that :^)

>>29725526
What about binance e-transfer tho

>>29725526
>>29725625
And additionally, even if one does cash out in a technically traceable way, it is questionable whether the CRA is going to have the manpower to notice/track you in the near or possibly even far future

>>29724762
what firm are you using? i am going with Metrics CPA but I am based in Alberta. 7 figures and I am not fucking around with tax evasion. what to do bros?

>>29725550
But at some point you'll want to turn it back into fiat. How will you explain the gains?
> sudden deposit of 200k into my bank account
> yep officer that's just from the 1k of Monero I bought last year

>>29725526
>It seems like even if they can't figure it out in the next 1-2 years, it should be easy enough to do eventually. Once they have the wallet you used to transfer out through Newton/Shakepay they've got your whole transaction history
Correct, that is why you don’t fuck around with the CRA and taxes because they will find out eventually.

>>29722149
Kek. Get a lawyer first next time bro. Also why would you declare it if you havent converted back to fiat

>>29725815
because crypto to crypto is taxable nigga. still need to declare the gains and stop playing wolf of wall street if you don't want to get pounded in the ass later.

>>29725815
million dollar question, this guy is making Trudeau giggle

>>29725723
That's why I don't get why people are even debating evasion. Eventually down the line you're going to be fucked - blockchains are literally designed for traceability.

And if you think Newton/Monero will protect your wallet addresses when the CRA coming... the cards are always stacked against regular anons trying to make it

>>29725711
>But at some point you'll want to turn it back into fiat. How will you explain the gains?
That's a part of the equation not discussed. I suspect there are some greasy ways around that, but I am not privy to that knowledge.

why not just make purchases with cryptocurrency, isnt that the entire fucking point

>>29725711
I'll figure it out later once we make it.

I'd love for there to be a way around declaring my staking and farming gains, but it seems like even that is hard to pull off. It's all contingent on them eventually finding out your wallet address(es) which I feel is inevitable

I’m an American in dire need of a good Christian brother to extend a helping hand, if you can spare anything you will be saving my life and faith, thank you and God bless America.
0xCa088F11d4a8eB171297366E23bef988017DB12c
Please.

>>29725992
>why not just make purchases with cryptocurrency,
Soon, that will be more of an option. It just needs a few more pushes into the broader psychology of the median normie.

>>29726111
How about a pepperoni pizza with 9mm bullets on it.

I lost all my crypto due to an unfortunate typo while sending to my wallet.

>>29725893
>And if you think Newton/Monero will protect your wallet addresses when the CRA coming... the cards are always stacked against regular anons trying to make it

I unironically trust monero to withstand the test of future technological advances for discovering blockchain users. Is this unreasonable?

>>29725526
Bruh, the CRA is ran by boomers still using paper and snail mail. Unless your moving enough funds to send a red flag to your bank they aren't going to be finding shit especially with all cerb gibs me dats they have to get back.

>>29725711
>But at some point you'll want to turn it back into fiat.

Biz still doesn't get it.

>>29726415

This is probably true. Whatever shit you've done on Binance/coinbase you'll probably need to report as I think they report to the government for you but you can essentially forget about your dex trades and nobody will be the wiser.

>>29725992
This man has gone mad! What a crazy idea

>>29721652
how many trades did you made sir? I want to report capital gains but I'm afraid the CRA might try to cuck me with "day trader" business tax.

>>29721967
kek based

>>29725711
>>29726472
Okay bros.. I'm starting to get a little worried about this now, I can't think of anything good ideas other than >move to another country.
How would you theoretically convert 200k to fiat without getting shafted for years of tax evasion?

>>29726692
If crypto is the future, why would you need to convert anything to fiat?

>>29726692
buy a few kilos of cocaine and flip them for cash

I'm just going to declare everything I cash out as business income, pay tax on it and they can audit me if they want more.

>you have to record every trade, all staking gains with cost basis etc. on Dexes
>MFW I have a dozen of these a day

The CRA can kiss my ass if they think it's at all reasonable to require this much record keeping from an individual. Here's how you simplify crypto tax law:

1.
>take a snapshot of your holdings on Dec 31st and their value, pay 5% of that value in tax

2.
>everything you cash out as an individual is considered capital gains

This shit is why that new bitcoin etf is attractive.

Trading bitcoin in my RRSP and using the gains for a tax free house downpayment would be neat.

>>29726842
Or a TFSA and have a tax free whatever you want

What are other canadians doing to minimize their tax burden? Dump a bunch into a retirement fund etc?

>>29726774
If it is the future(for example I know the Canadian banks and government are developing its own crypto coin), then it will be closely watched just like a fiat wallet.

>>29722149
fucking degenerate. enjoy anal, low test femboy cuck faggot

>>29726692
Laundry the money using a cash business. Buy a vending machine (I saw some selling for 10 grand) and get it put in some business, you'll make some passive income and you can inflate it to hide other earnings. You'll have to pay taxes eventually if you want to use the money for anything other then cash services.

>>29726957

Intellectually I’m a small child. If you pull shit out of a tfsa don’t you pay taxes at that point?

>>29726990
I have never contributed to my RRSP and I am in my 30s so when they ask for their tribute to israel I will just buy a bunch of vanguard etf and stuff it in there.

>>29727091

>>29725410
Dont have to pay money on a loss do you?

I'm surprised no one has tried to maliciously comply with crypto tax laws yet.

>>29727091
its literally in the name guy lmao "tax-free savings account" as in, you dont pay capital gains on any holdings in that account.
One of Canada's best financial advantages.

>>29727091
Haha No you don’t pay tax pulling out of a tfsa. You do on a rrsp but you would have gotten a tax refund when you contributed to it.

>>29727242
like, juice losses for rebates?

>>29727242
Im sure if you submit like 30000 lines on your capital gains form the CRA will just be like "ok" and go back to handling the cerb shitstorm that is about to happen.

>>29727091
It is tax free, but it is implied that you arent supposed to be day trading from it, if they catch you then you doing that then they can tax you.

>>29727181

I utilized the internet to learnt hat I am indeed retarded.

Good thing I only own an actual tfsa, not an rrsp.

>>29721652
If you think its worth it to stay in cuckanada over any amount of money the faggot government wants from you you are retarded. Just go live it up in some third world shithole, canada isnt far off of that anyways.

>>29727458

I know I know I’m retarded.

For some reason I thought it meant you get extra money back on your tax return, but you have to pay later. I don’t know why I thought that.

I’m financially inept and have an accountant uncle who handles all this shit for me.

>>29727666

You’re typing this from the US, aren’t you?

>>29727685
nobody is born knowing any of this shit dont feel the need to self deprecate

>>29721967
lol

>>29727685
The only issue is that you wouldn't actually own the Bitcoin if you were trading a Bitcoin ETF in your TFSA. I don't know if that's important to you at all.

>>29727770
this is something to consider, may not be relevant until 20-30 years from now but could become extremely relevant in the future.

>>29727770

Is there a particular reason it would bother me? From my understanding the etf price is supposed to directly follow the price of BTC.

So assuming it doesn’t somehow go under it’s almost the same thing...

>>29721652
I'm a cryptolet so I don't know how buying and selling coins work, but could you not keep your stuff in a tax sheltered account? Are both your RRSP and TFSA maxed out? If you willingly put your stuff into a taxable account, then you knew you were gonna get taxed on gains so why so surprised here?

>>29727516
I mean using a bot to rack up tons of DEX transactions. Not even to make a profit either just send a massive transaction history to the CRA. Now that L2 (xDAI, loopring, etc) solutions are coming out someone might be able to do this with 1k on a metamask wallet.

>>29721929
never heard of it. Why would a currency be digital? However these tokenised SOFTWARE protocols are pretty cool PRODUCTS to own, and once I've had my use with these COMMODOTIES, I enjoy selling them to other tech enthusiasts at several-folds higher price then what i payed for them. Just don't forget to factor in your taxes for the sale of GOODS & SERVICES

>>29727872
At the end of the day, I personally just want to distance myself from CAD as much as possible because I don't have any faith in the government. The TFSA is probably a smart move though, unless they decide to implement some new crypto regulations or whatever.

>>29728198
>If you willingly put your stuff into a taxable account
You either have a hot or cold wallet that you could accidentally lose in a boating accident if the taxman gets too nosy.

>>29728759
send me the accoutnant too bro im from alberta gicokel867@iconmle.com

>>29721652
>>29729126
oops to op i ment

>>29729126
>>29729181
fuck off pajeet

>>29726820
this anon gets it.

You nerds love overthinking everything

>>29725711
just pay the tax on the 200k
only 50% of that is taxable and the tax rate is like 20%
so 20% of 100k is 20k
20k out of 200k is not so bad, only a 10% tax

>>29726820
elaborate on 2 pls

>>29732221
There wouldn't be the issue of going through all your transactions to figure out your gains/losses, nor distinguishing between business income or capital gains - if it's converted from crypto to fiat it's a capital gain plain and simple.

>>29721652
How much did you declare? I'm scared of this.. my wife is Portuguese I want to cash out over there

i'm just thinking out loud here, can you write off some of your crypto as gambling winnings? they're not taxable in canada.

I'm beginning to wonder if I shouldve taken cerb last year when all my friends ended up doing so and spent it on food, drinks, weed and stocks.

>>29721967
I bet this would work with the shitter who works for this sham government

>>29734089
CERB is the way my brother

>>29721652
Politely turn them down