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/biz/ - Business & Finance

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21329017 No.21329017 [Reply] [Original]

t. guy who listened to the old faggots back in the day and bought link.

Made some nice gains. looking to cash out my initial investment back into bank. I have made a bunch of trades in between. Alot. not all netted in profit. What happens If i sell my initial investment back into bank which for shits and giggles is 200k CAD. (a/ what is best exchange?) b/ must eye declare all the other trades and gains that are still theoretically in crypto therefore making my "initial investment" cashing out still taxable? or can I somehow take out initial untaxed and pay taxes in the future when cashing out all other gains?

>> No.21329482

>>21329017
wtf don't buy fiat again get one of those crypto cards or just find merchants that use crypto fiat is shit

>> No.21330050

I wonder if withdrawing 200k into your bank from crypto will flag the bank with suspicious bank deposit.

>> No.21330198

dont do it in one transaction. I would convert 200k into a stablecoin and cashout in ~9k increments (10k is an auto alert to the bank) if you want to avoid the bullshit. I've been using shakepay for deposits/withdrawals and its been working fine.

>> No.21330283

>>21330198
This but remember to not do more than 10 k in a day, maybe hang out in some stable coins for a bit then slowly trickle out. The cra is too busy to notice you with the millions of scamming chinks we have in Canada.

>> No.21330375

>>21329017
i think if you cashed out once you will need to start declaring your crypto taxes every year

(all your trades)

you can't just cash out a little bit, and only declare tax on the amount you took out. you will need to declare tax on everything if you cash out anything significant

>> No.21330391

>>21330375
i'm not 100% sure of this though

if someone can confirm

>> No.21330468

>>21330198
How often do you withdraw 9k increments? 9k/day? 9k/week?

>> No.21330501
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21330501

>>21329017
just posting to OP is literally and unironically a faggot