What's your cash out plan in Canada?

[Anonymous No.20533827]

How are you planning to minimize crypto taxes in Canada once you cash out?

Will you move to a country that offers lower crypto taxes or are there decent strategies in Canada?

[Anonymous No.20534041]

>>20533827
I've heard Cayman Islands has no taxes. I'd look into how long I'd have to live there to be tax free.
It might be too late at that point though, maybe the better strategy is to make a corporation there now and do all your crypto buying through it.
Not really sure though and don't know where I can know more, I imagine people born into a rich family would have this kind of shit figured out so this is another way people trying to climb out of wagecuck life continue to get screwed.

[Anonymous No.20534062]

>>20533827
> cashing out

[Anonymous No.20534112]

>>20533827
Pay the taxman. Use Gemini to cash out.

[Anonymous No.20534147]

>>20533827
>Fake Canadian flag
>Odd terminology
>Assuming people who gamble crypto want to leave
I don't understand this post?

[Anonymous No.20534212]

>>20533827
>"cashing out"
brainlet
>trading your invaluable cryptos for inflationary-as-fuck canadian welfarebux anywhere but at point-of-sale
brainlet

[Anonymous No.20534293]

You can tell this place is filled with newfags when the “cash out” memes appear

[Anonymous No.20534559]

>>20534147
It’s Canadian glowie trying to figure out what strategies we might use.

[Anonymous No.20534704]

>>20534041
what i'm trying to figure out too, will likely just have to get an accountants advice

>>20534062
not everything

>>20534147
>>20534559
schizos

>>20534293
inc 2015

[Anonymous No.20534874]

>>20534704
If you've been in crypto since 2015 and you dont know how to cash out go back to reddlt immediately.

[Anonymous No.20534886]

>>20534559
Yep, probably a 36 year old soft body from Regina who is making a name for himself being a fat narc joke

[Anonymous No.20535171]

>>20534704
Yeah I've tried searching this shit but can't find any good info
>>20534874
he's not asking how to cash out, he's asking how to reduce tax burden when he does cash out.

[Anonymous No.20535233]

>>20534886
moose jaw anon here is this really happening

[Anonymous No.20535356]

>>20533827
I don’t get why would anyone want to cash out now? We have defi that allow us to take out a loan without filling any application, we also able to pay with crypto. Give it another couple years and u won’t even need to cash out.

[Anonymous No.20535427]

buy precious metals online

[Anonymous No.20535435]

>>20535171
https://www.youtube.com/watch?v=YNO-GxavXi4

this guy moved to puerto rico

[Anonymous No.20535525]

Does anyone know if i would need to purchase cryptocurrencies in Puerto Rico for them to be tax-free?

If i:
>purchased crypto in Canada
>moved to Puerto Rico and got a citizenship
>cashed out crypto in Puerto Rico

Would it be tax free?

OR

Would I need to:
>move to Puerto Rico and get citizenship first
>purchase crypto in Puerto Rico
>sell crypto in Puerto Rico

[Anonymous No.20535818]

>>20535525
o wait i'm not sure if it works for Canadians in Puerto Rico

anyone know?

[Anonymous No.20536140]

sell on craigslist lol

[Anonymous No.20536148]

>>20535818
I've asked this question before in a similar thread and was told that Cucknadians cannot just easily move to Puerto Rico like Americans can to execute this strategy. Cucked again.

[Anonymous No.20536182]

>>20535435
>>20535525
>>20535818
Are you somehow retarded enough to not realise Puerto Rico is U.S.A.?

[Anonymous No.20536235]

Shakepay works great

[Anonymous No.20536286]

Also Canada's taxes aren't that high. You pay your marginal rate on half which works out to about 15%. 15% to not worry about getting audited and jailed

[Anonymous No.20536299]

>>20533827
the easiest way would be to sell through coinbase > paypal > bank deposit.
No real ways to minimize tax other than to calculate fees, tax software, etc. You could report a higher ACB but you'll have to prove it if you get audited.
I'm lazy so ill just do this.

[Anonymous No.20536343]

>>20534559
oh i got this covered then

op, everyone uses monero for privacy. monero could also help alleviate situations like the recent one where a canadian gunman was found to be paid through the traditional RCMP CI method of payment.

[Anonymous No.20536366]

Newfag leaf here
Which exchange should I use and why?

[Anonymous No.20536383]

>>20536299
You can do 5000 per day with shake pay over emt without getting verified.

[Anonymous No.20536389]

>>20533827
Just cash out and pay the taxes. There's no way around it and if you really want the CRA to give you a full rectal exam then be our guest

[Anonymous No.20536437]

>>20536383
I can do $30,000/day on Coinbase. The money is going to my bank account anyways, so kyc is irrelevant. I heard banks have to report deposits more than $10,000, so really no way around the CRA on this one.

[Anonymous No.20536476]

>>20536437
Shakepay is unlimited via wire with verification.

[Anonymous No.20536485]

>>20536366
shakepay is the most convenient, I only use them when the spread isn't bad, one day I checked and ethereum was $20 more than kraken, another time it was only $5 more. $5 isn't too bad deal for the convenience.
kraken is less convenient but has the best spread, you either have to bring debit/cash to a canada post to send it to them (up to $500) or if you're looking to send thousands you can do a bank wire since most banks need you to do it in person and it tends to cost $20 or more.

[Anonymous No.20536548]

>>20536476
I'm ugly and dont want to take a picture of myself holding up a time stamp and my driver's license like some reddit thot.

[Anonymous No.20536558]

>>20536286
how do you report it? do u have to give records of every crypto to crypto transaction too?

[Anonymous No.20536604]

>>20536558
I give it to my accountant when he files my taxes. It just gets entered as capital gains. When I sell I am cashing out entirely so I don't log crypto to crypto. It's a wash.

[Anonymous No.20536730]

anon look up deemed disposition

[Anonymous No.20536817]

>>20536558
they advise you to use a crypto tax software like bitcoin. tax or cointracker. If you have access to every exchange you ever make trades on, these software should work really well, but obviously due to ICOs, exchanges shutting down, etc. It is not accurate.

[Anonymous No.20537275]

Go speak with a tax lawyer(ask for a free consult). Try talking to a few
Go speak with an accountant-most dont charge per hour. Talk to a couple
Ask them the pros/cons of starting a LLC or a corp from which you can pay yourself a dividend. Dividends are treated more favorably in Canada(prolly in US to)

Crypto is taxed as property, so you should be able to hold property in a LLC or corp no problem. Ask about opening a panamian corp or birtish cayman islands corp.
ask about annual costs of maintaining it

[Anonymous No.20537309]

>>20537275
forgot pic

[Anonymous No.20537376]

>>20536148
The only way for it to work is if you bought the crypto after you move to PR anyways, trust me I have looked into it.

[Anonymous No.20537438]

>>20536182
o god yes it seems i am

>>20536235
>>20536299
thanks i might just do this

>>20537275
thank you for this tip

[Anonymous No.20537486]

>>20536604
You don't track or provide crypto to crypto transactions at all to your accountant or your accountant doesn't do that and or care to? CRA mentions the crypto to crypto is a taxable event if you do get gains but fuck I'm doing that shit so often it becomes a convoluted nest and I get fucked out of everything anyway.

[Anonymous No.20537517]

Kek the amount of misinformation in this thread, its obvious most of you got your taxes knowledge from a quick google search. The only way to not pay taxes on your crypto is if you planned BEFORE making gains. Once your crypto have gained value it's too late for any legal strategy. if you move out of canada all of your gains are realized and you pay taxes on it. If you create a shell companie and move your crypto in it you will also be taxed.

t. accountant

[Anonymous No.20537539]

>>20537517
ty kind sir it seems like paying 15% is the way

[Anonymous No.20537663]

>>20537517
I just paid tax last time. Withdrew from coinsquare. Money out - money in = ammount I claimed as capital gains. Paid my taxes and forgot about it

[Anonymous No.20537734]

>>20537517
how to minimize future tax obligations?

[Anonymous No.20537776]

>>20537486
If you sell link for with for cash I just log the final sale. Cra can get in there if they want but we are talking a few dollars

[Anonymous No.20537807]

Newfag here again
What about simply purchasing gold from vendors that accept crypto...?

[Anonymous No.20537851]

>>20534559
CSIS twink?

[Anonymous No.20538008]

>>20537517
How would staking gains (for example from staking Link) be taxed in Canada? Would it be income? Dividends?

[Anonymous No.20538121]

Easiest way to cash out of crypto without paying taxes is to buy gold and silver with bitcoin.

[Anonymous No.20538142]

>>20537517

I have have too many transactions crypto to crypto and they are all over the place (uniswap kyber, 1inch, major exhanges like binance, can I just take my initial of what I put in and subtract to my final amount (so cash out everything) and call it a day. Will the tax man fuck me in the ass and say you actually made 100k when I just made 50k and ask for my transactions.

[Anonymous No.20538171]

>>20537539
how much money are we talking about, roughly? canadian capital gains tax is not bad. you are taxed on half of your income. so if your tax rate is 20%, you only pay that 20% on half the gains.
they're not asking an arm and a leg. also, you get what you pay for. go to a country with no tax and you're in a place with pretty much nothing else as well.

[Anonymous No.20538189]

[e-mail]
Contact us for Fiat up to 5M USD.

[Anonymous No.20538239]

>>20538171
Pretty good for cashing out like $100k but when you start getting over $500k in cap gains they start taking a lot. If you cashed out $1M you would get taxed like $230k and that's with no other income for the year.

[Anonymous No.20538308]

>>20538239
What if you have a business which you decide to expand the same year you cash out? Say, you cash out 500k while putting 500k into a new business that doesn't turn a profit yet (like a small far or something)?

[Anonymous No.20538310]

>>20538171
>>20538239
ahh ok, so basically just follow this chart?

so cashing out over 220k CAD, will result in a 26.75% capital gains tax?

[Anonymous No.20538420]

>>20538121
had the same plan. one could also buy stuff (paying with BTC /BCH) like for ex. electronics nad then just return it and claim cash -> buy gold/silver

[Anonymous No.20538718]

Convert BTC to Monero(untraceable)
Send Monero to new Monero wallet 2
Swap Monero from Monero wallet 2 back to BTC in a new BTC wallet(with 0 trace of origin back to you and your original BTC)

You then use an offshore tax haven, of which there are dozens(Caymen islands, BVI, Belize, Malta, Jersey, Guernsey, Isle of Man, Seychelles to name a few I know.) To sell your BTC in BTC wallet 2 back for cash.

[Anonymous No.20538733]

>>20538142
He might, in theory you should pay taxes on every transaction. If you didnt its hard to say what will happen, i guess it mostly depends on the guy auditing you. It is possible they make up a magic number depending on your lifestyle if they think you are hiding your income.

[Anonymous No.20538768]

>>20538718
how do you get your cash?

[Anonymous No.20538795]

swipe

[Anonymous No.20538829]

>>20537734
If you dont make over like 200k a year nothing is really worth it desu... you will probably pay more to your accountant/layer than you will save.

>>20538008
I believe it would be capital gains, im honestly not sure.

[Anonymous No.20538853]

>>20538310
No, each value above the previous breakpoint gets charged at that rate. So your first ~40k is taxed at 10, then the next ~40k in the next bracket is taxed at 11.35 and so on up the chain.

[Anonymous No.20538856]

>>20538718
Obviously the entire process is a little more complicated than this, with the hardest parts being the legality of setting up a foreign Vechile for your 'investments', there are many resources online and companies/law firms that specialise in this sort of thing. Don't be cucked into paying taxes you don't have to pay. There is a big difference between tax evasion and tax avoidance - tax avoidance is legal, possible and the loopholes are BUILT into the system deliberately.

[Anonymous No.20538868]

>>20537807
You can do that just fine. SilverGoldBull works quite well for crypto to PM sales. Just don't be a retard and buy anything higher than 2-3k at a time.

[Anonymous No.20538917]

>>20538768
You simply withdraw the entirely legal profits/holdings of your foriegn vechile back to yourself individually, pay yourself a wage, pay your subsidiary a wage/loan, there are many ways depending on the specific setup you have.

[Anonymous No.20538953]

for reliable withdrawals ... 6 figures and up. use Kraken or Ndax. have never had any issues

[Anonymous No.20538967]

>>20538310
It's a marginal tax rate, only the amount over 220k will be taxed at 26.75%.
So if you cash out for $1 million..
$780k will be taxed at 26.75% = $208,650
$5,632 will be taxed at 24.9% = $1,402
$56,620 will be taxed at 23% = $13,028
$7,275 will be taxed at 21.96% = $1,597
$34,129 will be taxed at 20.35% = $6,945
$19,275 will be taxed at 19.15% = $3,691
$1,257 will be taxed at 16.40% = $206
$12,361 will be taxed at 15.50% = $1,916
$34,916 will be taxed at 14.10% = $4,923
$6,810 will be taxed at 11.35% = $772
$41,725 will be taxed at 10.03% = $4,185

Sum it all up and you'd be taxed $247,315 have fun waging for another few years after thinking you made it

[Anonymous No.20538985]

>>20538718
>>20538856
>>20538917
To our accountant anon in this thread, what's the problem with this plan?

[Anonymous No.20539029]

>>20535427
this.

silvergoldbull.ca is a good option, I have used them before with no issues. just dont buy more then 10K worth at one time.

[Anonymous No.20539095]

>>20538718
>>20538856
>Convert BTC to Monero(untraceable)
With the way our government is run, they certainly don't deserve it, but I'm pretty sure this step is a taxable event, so you've entered tax evasion territory if you don't report those. Granted they probably won't know about it, but you should be aware when you're committing a crime.

[Anonymous No.20539105]

>>20538985
it could work, until someone asks questions about where the money came from and you get fucked in the ass because the first offshore transfer is illegal.

[Anonymous No.20539135]

>>20538967
wrong.. for all capital gains only 50% of it is taxed and is based on your income tax bracket

[Anonymous No.20539141]

>>20538967

Thank you for summing it up anon!

[Anonymous No.20539160]

Im a Canadian whale from Windsor. I’ve cashed out using Shakepay , Gemini as well as various over the counter desks in Canada. Only used Scotiabank. No problems so far. Just pay your taxes and enjoy thé money worry free. Get a good accountant. I use a jeet from Brampton who does an amazing job.

[Anonymous No.20539205]

>>20533827
Take all your crypto gains and use them to buy male prostitutes. Using all your available orafices (butthole, mouth, ears and nose) fill them with said gigalos semen. Proceed to go to sperm bank and ooze out all bodily liquids aquired. And bam! Youve laundered your crypto bought cum for cash!

[Anonymous No.20539210]

>>20539095
But you realize that if unless you're doing a 1-1 trade it's gonna be a profit loss most likely right? Look at the exchange rates on something like shapeshift 99% of those transactions count as profit loss unless you get more for your exchange which basically never happens due to fees and bad exchange pairings.

[Anonymous No.20539212]

>>20538967
This math is for 2 million dollars in Capital gains not 1 million. Only 50 percent of Cap gains are taxable in canada. You just add them to your regular income and do the math.

[Anonymous No.20539220]

>>20539135
so if i invested 1k
cashed out 501k
=500k profit

it means:
>50% of 500k profit is taxed, which puts me at 250k income (>220k = 26.75% tax bracket)

So i would get taxed
= 250,000 x (0.2675)
= 66, 875
>so $66,875 tax for cashing out 500k CAD?

[Anonymous No.20539237]

>>20536286
I earn 120k+ a year, id be paying about 25% on any crypto. Not super high but still seems excessive.

[Anonymous No.20539285]

>>20539237
Only 50% of your crypto gains are taxable though?

[Anonymous No.20539327]

>>20539220
You'd be paying close to $125k

[Anonymous No.20539341]

>>20533827
fuck off back to discord faggot tranny admin

[Anonymous No.20539369]

>>20539285
Apparently I'm bad at math.

[Anonymous No.20539375]

>>20539135
>>20539212
my bad
>>20539210
Right the transaction itself is probably a profit loss, but assuming you bought 10k worth of bitcoin originally, and it's now worth $1million worth of bitcoin that you're trying to reduce taxes with, the moment you trade $1million btc for 1million monero, that's a taxable event, which means you should be taxed for that 990k capital gain after making that trade, even though you didn't touch fiat.
>>20539237
You could always cash out January 1st and quit your job.

[Anonymous No.20539394]

>>20539327
why is that?

Is the 50% only to determine your tax bracket?

And then the tax bracket that you get put into applies for the entire capital gains?

26.75% of 500k is taxed?
I thought it would be 26.75% of 250k

[Anonymous No.20539436]

>>20539375
What about all the people who said they just reported:

>The amount they put in
>The amount they cashed out
>Net = taxed

?

[Anonymous No.20539520]

>>20539436
Then they did their taxes wrong, CRA is probably too retarded to catch it but it's not correct. If they do get caught they'll probably have to pay a penalty, maybe additional interest.

[Anonymous No.20539576]

>>20539436
Any transaction is taxable and they are in the wrong. They may get fucked or they may not.

[Anonymous No.20539701]

>>20539520
>>20539576
thank you for clarifying

[Anonymous No.20539745]

>>20534041
>>20534704
6 months

[Anonymous No.20539818]

>>20539436
god i fucking wish it where that easy, from what i read it depends on your trade frequency and how long you held the token for; with that they determine if the income is under business tax or capital gains tax. Crypto to crypto is a fucking shit storm because they consider each trade as a 'disposal' of that currency so you have to pay sales tax I beleive, now imagine paying 13 percent twice for the standard uniswa txn of eth -> weth -> final token. there is no way to make money unless you use the boomer school of economic thought and hold until you get dementia and die.

P.S fuck you CSIS glowie OP, everything I have written on this board was satire

[Anonymous No.20539918]

>>20539745
that's a myth.

[Anonymous No.20540047]

god you guys are fucking retarded. 50% OF YOUR GAINS are taxable.

You had 25$, you made 100$.
gains=100$.
taxable amount is 50% of gains (100$/2)
50$ X (x tax rate you pay)% = paid taxes

Anyways, I doubt most of you guys are juggling with 30K in crypto. If you're a neet with anything up to like 5K in crypto cashed you I'm sure no one will bat an eye.

[Anonymous No.20540141]

>>20540047
no you stupid fuck ... gain is the amount you made minus the amount you put in. in this case it would be $75

[Anonymous No.20540257]

But, why male models ?!

[Anonymous No.20540274]

>>20537851
Get the fuck is biz you fucking faggot

[Anonymous No.20540357]

>>20540274
>is
Off

[Anonymous No.20540605]

>>20540141
please read my fucking message again you delusional schizo.
>You had 25$, you made 100$.
>gains=100$

[Anonymous No.20540647]

>>20540605
So $25+$100=$125

Gain = $100

[Anonymous No.20540675]

>>20540605
So pretty much the maximum tax you’ll pay on your crypto’s is around 13%.

Since 26% is highest tax rate, and you only pay tax on 50% of gains.

[Anonymous No.20540764]

>>20540675
dont forget your provincial taxes ;)

[Anonymous No.20540883]

>>20538189
Are you legit my good man?

[Anonymous No.20540927]

>>20540675
only gains are taxable. gains in my example are 100$.
If you pay 13% in taxes, you'd pay 13% on 50$.

[Anonymous No.20541039]

>>20540764
Is provincial tax for every single crypto trade?

[Anonymous No.20541181]

>>20541039
I dont know about every provinces, its probably the same as federal taxes in most places.

[Anonymous No.20541616]

>>20541181
So for every crypto trade you need to pay provincial tax on it?

[Anonymous No.20541651]

>>20535233
Saskatoon anon here, feel sorry for u dude.

[Anonymous No.20541705]

>>20539394
>26.75% tax
you sound like you are in USA
Combined provincial and federal marginal tax rate in most provinces is 50%

[Anonymous No.20541820]

>>20541616
in what scenario can they tax you for exchanging token to token? how do they have any power over token to token trades, etc?

[Anonymous No.20541973]

>>20537517
What about if you are gifted crypto

[Anonymous No.20542131]

>>20535427
Where can you buy silver online for crypto?

Genuinely will do that!

[Anonymous No.20542307]

>>20539394
What >>20541705 said.
Every dollar of income you earn above $120k something (I don't have the exact numbers so just follow along) is taxed at nearly 50%. Dollars you earn below that amount are taxed according to various lower tax brackets.

If you were earning $500k of regular income, you would be paying (effective tax rate * 120k + 50% * (500k - 120k)). Probably in the ballpark of 225k.

Since these are capital gains, 50% of that.

[Anonymous No.20543263]

>>20539818
This is what I read too, there is no clear guidance and it depends on several factors, I also heard that if you dont have any other income they may even tax as your source of income instead of just capital gains.

[Anonymous No.20543601]

Just sell as much as you need. while you stake/keep the rest in cryptos. If you wana take our a large amount then you need to either move out or quit your job to be in a smaller tax bracket and try to use as many tax breaks as you can to lower the amount you pay.

[Anonymous No.20543834]

>>20538310
moving 220k as income to your bank would mean 110k is taxed at 26.75%, as far as I understand.

[Anonymous No.20543895]

Is it possible to only take out a portion of crypto and pay tax on that? Way too much missing data to report all crypto to crypto trades but cashing out everything at once would be stupid. No problem assuming zero cost basis if the final tax rate is reasonable

[Anonymous No.20543931]

>>20533827
Just pay 35% and call it a day.