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/biz/ - Business & Finance

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8505369 No.8505369 [Reply] [Original]

Looking for legitimate exit strategies once this fucker goes vertical again. Lets say I make >$1mil.+ and dont want to get taxed to shit. How do I exit and take it out of the crypto realm be it gold/silver/cash in maple land without the CRA knowing?

>> No.8505395

>>8505369
ders webseyets 4 dat boyim

>> No.8505425

>>8505395
which dae are der boi?
Help brainlet fag out?

>> No.8505462

>>8505369
Just wait until REQ goes live and you'll be able to pay for everything in cryptos.

>> No.8505466
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8505466

>>8505425
You see goyim. We put our money in golden shekels because God wills it.

>> No.8505509

>>8505462
most everything i have is in REQ...

I dont want dat volatility doe.

>> No.8505530

>>8505466
Yes father shalom.

>> No.8505539

>>8505369
Start a charity. Make a website for your charity that accepts Bitcoin donations. Donate your Bitcoin to your "charity". Profit.

http://smallbusiness.chron.com/register-establish-charity-organization-3847.html

>> No.8505542
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8505542

canada is very generous actually with the cra

tethered gains and losses don't reflect your actual cap gain/loss

its only when you cash out are you subject to tax, and cap gains are only taxed at 50%. Theres no short term cap gain tax bracket, the cap gain is simply added to your income

you should do your civic duty and pay taxes anon, it helps out more than you think

>> No.8505678

>>8505509
Hahaha, sorry I'm just picturing an early 10000 something ETH holder, worried about his portfolio.

>> No.8505944

>>8505539
holy shit would this actually work? seems too perfect

>> No.8505971

>>8505369

>use crypto to buy precious metals
>sell precious metals at just under spot
>claim a capital loss

give it a go

>> No.8505990

>>8505542
>paying 40%+ of your money to the man

Fuck that shit if it was 20% then I'd be like, alright that's fine. But they want almost HALF. Hell no.

>> No.8505997

>>8505542

>only taxed at 50%

are you for fucking real, fuck that i'll keep my money in the seychelles where no greedy jew can touch it

>> No.8506017

>>8505997

he means you are only taxed on 50% of your gains at your income tax rate.

>> No.8506048
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8506048

>>8505997
>>8505990
pay up goys

>> No.8506053

>>8505542
You are taxed on every tx. If you buy BTC with cash at $1 and it hits $2 and you buy ETH with it. The CRA sees that you sold your BTC for CAD and used that CAD realized gains to buy ETH so you owe capital gains on that tx

>> No.8506075

>>8506048
Does the CRA care if you have to take out a loan to pay that after Jan?

>> No.8506118

>>8506075
as long as you file your taxes for 2017 before april 30, then get your notice of assessment and pay that there should be no problem, if you owe money then you need to pay it or they ll charge interest

>> No.8506253

>>8506048
I'm American, that doesn't apply to me. If you hold the asset for less than a year and it matures to over 500k you're taxed at 39.6%, but if the asset is held for a year or more only then is it 20%.

>> No.8506939

>>8505971
Thinking gold/silver is my only option. Dont know how I feel about potneital millions in commodities tho

>> No.8507027

>>8506253
>land of the free

>> No.8507046

You can buy gold, there's just no way to actually sell it without being detected. Also, even if you could sell the gold, you'd still have 1 mil in cash that you then couldn't invest. The best thing to do is simply pay your taxes. Would love to hear some counterarguments.

>> No.8507060

>>8506939
sell metals for cash/arrange a situation with a jeweler

this is not financial advice

>> No.8507067

>>8507060
>sell metals for cash/arrange a situation with a jeweler
They require ID everywhere and will report you and/or file a SAR if you are shady.

>> No.8507086

>>8507060
>>8507067
also mandatory filing for transactions exceeding 10k

>> No.8507124

>>8506939
Gold and Silver is real money. When the current monetary system falls apart, you'll have generational wealth.

>> No.8507428

>>8507046
Why do you say you couldnt do that without being detected? Lots of places do gold for cash/websites like goldsilverbull.com that buys back and doesnt report to govt unless its over 10k CAD. But yes id ahve useleess cash sitting here....

>> No.8507439

>>8507428
lol that domain is dead

and let's say you get 1 mil in cash, then what? enjoy having to open up a car wash and paying the taxes anyway dummy

>> No.8507819

>>8506118
I mean in the case where someone is down so fucking hard that they have to borrow money to pay it.

Asking for a friend.

>> No.8507857

>>8505542
Please help a brainlet with a cacluation.

You take a $1000 dollar profit.
You add $500 (50% cap gains) to income and that is it?

>> No.8508031

>>8507857
you have to add the 1000$ to cap gain income, the tax software will 50% it for you

>> No.8508095

>>8508031
But that's all it does, if I make $20k now with the $1000 cap gains added I made $20.5k?

I mentioned >>8506053 as I've been told. So basically I just add whatever I made on every tx to cap gains and half of that goes to income?