/biz/ - Business & Finance

>>4165539
>I don't want to pay capital gains taxes on my measly returns.

To beat the jew, you must become the jew.

What the FUCK am i supposed to be looking at here

>>4165548
So open my own bank? That doesn't sound feasible. Please advise.

You don’t pay any capital gains it only affects your income tax. Incorporate yourself pay 17% and move on.

>>4165569
marble statue

>>4165569
An incredible marble statue of rape. >>4165584
This is completely false. A quick Google search will show you the truth.

>>4165539
Where have you been selling your BTC for cash? The only place I've tried so far was instacoin ATM.

>>4165591
We live in Canada you dumb fuck, not burger land.

>>4165539
I will give you cash for your crypto at 9% below market price. This saves you a lot of money compared to taxes

>>4165569
Incredible marble statue, famous for having some of the hardest and most realistic carved details

Rape of Proserpina

sell via localbitcoin. if you're super paranorman than trade to monero and back from btc. the only info avalaible will be how much fiat you invested initially but no one will know how much cash you end up with

>>4165623
>>4165615
Quadriga offers cash at a 2% charge. BUT they verify your identity and address beforehand. So it's not necessarily off the books. You just may be able to avoid the bank putting a red flag on your account with a $10,000+ deposit. So you are likely to still get ducked with taxes.

>>4165574
hide your money, keep it overseas, take out a bit at a time, jews dont live lavish lives, they stack up efficiently every generation, until their great great grand kids live lavish lives.

No Jew is self-made.

try cashing out by buying what you want directly using:

>purse.io for amazon purchases, up to 33% discount too
>bylls.com to pay off your credit card, electric, water, internet or phone bill (basically any bill).
>silvergoldbull.ca for gold/silver bullion if you're looking for a long term hedge
>coincards.ca for any gift card
>buy a car from an edmonton dealer directly with bitcoin https://www.edmontontruckcredit.com/buy-a-car-with-bitcoin
>convince your landlord to accept bitcoin as payment for rent like me

mfw, when I'm paying off all my expenses with crypto and keeping 100% of my pay check from my job

>>4165697
you're so wrong bud

>>4165697
Canadian?

There are various bitcoin ATMs around you could try. They might have cameras around though, I think some models have them built into the unit.

>>4165655

Is there a standard amount that can come into a bank/credit union account without looking "suspicious" or getting flagged? Like if I withdraw 2-3k from crypto into fiat per month will it raise any eyebrows?

>>4165755
good question mate

>>4165755
you roll the dice mate. doing that leaves a paper trail, you get an audit and they'll ask you where the sourse of this income was and if you paid taxes on it.

>>4165741
wear sunglasses + hat + fake beard

>>4165741

Why does it matter if theyre are cameras?

You doing illegal shit with your bitcoin?

>>4165755
10k is the hard limit to report to fintrac. but banks KYC policies mean they will look for suspicious activity and report it.

>>4165755
$10, 000 deposit raises eyebrows and statement of income must be provided.

>>4165755
I read yesterday that in Canada they changed their criteria to get flagged from deposits from 10I down to 3k. Wtf this is retarded. I wanted to buy 20k of crypto and this is a fucking hassle and a half here in leaf land.

>>4165819
we live in communism now man, this is fucking cuba tier shit with this castro jr

>>4165788

Lmao the tax authorities don’t care about a few thousand dollars here and there. They don’t have the resources to go after small time tax cheats.

>>4165697
This is going to land you in jail

The CRA has decided that Bitcoin (alts too) are not money, they are commodities. You don't avoid capital gains when you pay your bills with commodities. tell tyrone hi anon.

>>4165839
au contraire little faggot
they go after the little man and not the big guy

Day of the rake soon don't worry leaf

>>4165798
Except for avoiding paying taxes. Facial recognition is a real thing these days.

>>4165539
Sell it face to face for cash. Never sell to the same person twice. Keep amounts under $10k.

>>4165839
lowing hanging fruit mate. banks report suspicious activity.

>>4165788
>>4165816

So basically if someone does get suspicious I just have prove where it came from and then pay the tax? So I might aswell withdraw 2k-ish per month and see how long I can go without anyone caring, and if anyone ever does care the punishment is just to pay the tax I would have had to anyways?


Also, is it possible to somehow open a corporation in British Virgin Islands or some place like that and have it "own" the Bitcoins for me? And just pay myself a minimum wage to pay taxes on while having the corporate account buy things I need?

I really need to know as well.

I didnt risk my neet money on btc to have a portion go to support the healthcare of normies

im thinking we just use tether to get out of volatility - then slowly buy bitcoin and sell for cash locally through localbitcoins

We're talking about methods to avoid tax, but what if one doesn't care about paying taxes? I'm investing in crypto and if I can make a living from that I definitely will.

What are some websites, locations to sell your bitcoins to CAD?

>>4165882
This is probably the best advice

>>4165896
>if anyone ever does care the punishment is just to pay the tax I would have had to anyways?

if they can prove you evaded tax intentionally you are looking at jail time.

>>4165896
The CRA will allow you to submit a Voluntary Disclosure, they make a judgement and they may let you adjust your taxes without levying a fine or criminal charge.

lol the punishments range from fines to tyrone time

>>4165911

The exchange I use is QuadrigaCX. And if you don't mind paying tax I guess you would just declare whatever profit you took in fiat that year as capital gains on your T4?

>>4165911
then you will meet tyrone

its seriously when not if

the CRA doesnt care that you dont care, they will get their money from you.

>>4165839
low hanging fruit. they'll take whatever case is available. also, its a lot easier to go after small fries because the big boys will lawyer up and end up costing CRA not only time and resources but lawyer fee's to fight complicated cases over years.

>>4165896
off shore banking is possible but for small money? the cost of getting a CPA or lawyer to do that shit isn't even worth it.

if the CRA thinks you made a honest mistake, you pay taxes and intrest on owing. if they think you purposely misled them, that's tax evasion.

>>4165949
Would quadriga report your info to the cra if they requested it? I think they would

>>4165959

Isn't it pretty easy to open a corporation in places like BVI for small fees? I thought everyone was doing that back during the affiliate marketing craze days. Basically my idea was to have an offshore corp in a place with no corporate taxes own my Bitcoin and cash it out, and then pay myself minimum wage as an employee in Canada so I'm paying some super-minimal taxes.

Has anyone done this, for crypto or affiliate marketing or anything with online income?


>>4166016

I'm sure they would.

>>4165539
the biggest problem with crypto taxes is that each trade is looked at as if you sold the currency you held and used the profits to buy the currency you purchased

So for example if you're trading 10 BTC for equal value in ETH, the government looks at that as if you sold 10 BTC for market price (so say $70,000 USD today) and bought $70,000 USD worth of ETH. It doesn't matter if you cash it out into fiat or not, they view it as you having sold for $70k. Now if you're on an exchange that won't cooperate/reveal that information to your government, they have no way of knowing, but if you made that trade on say Quadriga, the government 100% will know about it.

For that reason I think there's upside to doing the majority of your trading on a foreign exchange that may not cooperate with your own government - Chinese exchanges specifically, or Russian if there is any? But they carry separate risks of course.

Regardless whatever you decide to cash out through Quadriga could be reported to the CRA, and likely will be especially if it's a substantial amount.

>>4166072
dunno, i never thought of doing off shore sheltering. but i believe that if you have any serious amount of money it requires a lawyer to abuse the client-solicitor privilege.

>>4166390
I agree. (Although this post is for burgers, it's probably the same for leafs) The "you only pay taxes when you cash out" thing is a total meme. The only way to get capital gains tax deferred after a property trade is to get it cleared as a like-kind exchange. There's CPA's saying that like-kind exchanges are inappropriate for crypto:

https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#7bcd1f5f26a8

Also, a group of CPA's wrote a letter to the IRS asking to clarify this issue of like-kind deferral in virtual currency trades. And they NEVER FUCKING ANSWERED.
https://www.aicpa.org/advocacy/tax/downloadabledocuments/aicpa-comment-letter-on-notice-2014-21-virtual-currency-6-10-16.pdf

I'm just wondering what the chances are of the IRS ever getting their hands on Bittrex and Poloniex trade records.

>>4165539
you can probably create an offshore bank account and withdraw to it?

Just never cash out of crypto. Done.

>>4165539
I provide a service of exchanging bitcoins or etherium to American or Canadian dollars

I'm based in Toronto.

>>4166740
Link website.

>>4166678
How am indisposed to buy a lambo?
Inb4 use btc

>REEEEEE
Just pay taxes, it's your civic duty.

>>4166678
This, just keep reinvesting everything into building your evil crypto empire without spending anything on your private life.
At least until you can afford a space station outside the tax man's jurisdiction.

why not trying to withdraw and seeing if they say something?
they probably don't even know about bitcoin, they're Canadians after all

>>4166857
this

>>4166583
there is a crypto company looking to bridge this tax gap so your dont have to pay.

Im from leaf land(similar to IRA or ROTH is in burgerland), they have a "tax free" account from which you can deposit, earn gains tax free, and withdraw tax free. Why can't these alts be eligible for this if they are applying similar rules as they do to securities, bonds etc?

Once a big time tax evader or attempting to evade, hits the news, the above argument will come up.

>>4165539
IN THE LAND OF THE LEAFFFFSSSS!!!

>>4167721
u just jealous kid

>>4165539
Bernini was really a genious

>>4166072

This does not work and really isn't worth the risk unless you are rich enough to already have the connections to ensure you don't go to jail.

If you create a corporation in a tax haven and pay yourself from said corporation the CRA will try to determine if you are the owner of said corporation. Regardless of the corporation's location, if you are a Canadian resident and the sole owner of the corporation, the CRA will declare that the corporation's "effective place of management" is in Canada and you will be taxed as a Canadian corporation.

There's something called a nominee director that allows you to anonymously manage the off-shore company. This is probably considered tax evasion by the CRA if you get caught which is likely since you still need a strategy to be able to spend the money.

So as you can see it's really not feasible or sensible to try to avoid or evade paying taxes unless you are rich/connected enough to confidently risk jail time. That's probably not the case if you are asking for advice on /biz/.

Ps: if you aren't a wagie and make the majority of your income as a day trader the CRA might not even allow you the 50% reduction on capital gains.

I found this it may or may not be useful but at least it's something
https://steemit.com/cryptocurrency/@funmemes/pay-taxes-on-your-cryptocurrency-in-canada

Can I withdraw the same amount I out into crypto without tax?

Aka I bought 5k of btc, can I withdraw 5k to my bank account with no problems?

>>4167660
>there is a crypto company looking to bridge this tax gap so your dont have to pay.

I'd like to hear more about this. What company?

>>4165591
Would that be statuetory rape?

>>4169742
not sure anon. I wish I could remember, but the idea was put forth by a Facebook Exec

https://www.youtube.com/watch?v=NV5ubkGQUes

First 3 mins, he explains the tax deferral.

>>4169106
This.
And even if you use nominee director, CFC laws in your company probably determine it taxed there just for you being the majority shareholder

>>4166857
http://archive.is/IwRYv

>Canada will welcome nearly one million immigrants over the next three years, according to the multi-year strategy tabled by the Liberal government today in what it calls "the most ambitious immigration levels in recent history."

Yeah no thanks

>>4170082
that's only the permanent immigrants, about ~300k+ per year

They also allow 750k+ per year in on 10-year work visas, except they never leave after the 10 years anyway.

By 2050 the government wants 100M+ people in Canada. Think about that.

>>4165539
fucking cunt. ahmed and his seven wives depend on your taxes. you should learn to share.

>>4170150
I'm trying to think of an exit strategy once my investments make more meaningful gains. Open to suggestions.

>>4166880
>implying this hasn't been my plan all along

>>4170150
>By 2050 the government wants 100M+ people in Canada
What color will they be?

>>4170434
anything but white

>>4165952
He's saying he's willing to pay taxes, why would he go to jail if he pays taxes?