Cashing Out In Canada

[Anonymous No.24912863]

Have any leaf bros out there cashed out six figures or high five figures recently? I'm planning on taking most of my chips off the table this bull run and fulfilling my dream of buying a remote property. Any first hand experiences with exchanges or dealings with the CRA would be most appreciated.

[Anonymous No.24912955]

>>24912863
I'm currently planning my cash out of Canada and flight to a tax haven.

My game plan is when COVID restriction lift I'll move to Georgia (the country, in the global top 10 of the Heritage Foundation's Business Friendliness list), establish permanent residence by opening a shell corporation, and then transfer all my assets over to a Georgian bank account. As long as I don't spend more than 180 days in Canada in 2021 and declare to the CRA that I am a non-resident I shouldn't take any tax hit. Capital gains might be a bit grey area but the CRA can suck my nuts on that one. Also I have Irish dual citizenship in case things get really hairy.

[Anonymous No.24913066]

>>24912955
Nice. A bit sophisticated for me though. What crypto to fiat gateway are you planning on using? I'm leaning towards Kraken at the moment.

[Anonymous No.24913071]

>>24912863
I just reported it as capital gains and said "Bitcoin". They never asked any questions. I'm probably gonna get audited at some point and may or may not flee the country.

[Anonymous No.24913142]

>>24913066
I'm not in crypto I only play derivatives and stocks. Thinking about getting into crypto once I'm over there

[Anonymous No.24913219]

Shakepay wire transfer will do above a million.

[Anonymous No.24913342]

>>24912863
wondering this myself... how much can I realistically cash out before CRA starts knocking on my door?

I already maxed out my TFSA with QBTC, but half my stack is in actual bitcoins. If i cash out a few thousand at a time it should be unnoticeable, no?

[Anonymous No.24913403]

By the way, is there a Canadian version of blockfi that does loans with BTC as collateral? Could be a solution to access cash without incurring capital gains

[Anonymous No.24913406]

>>24913342
just use your crypto to buy real world assets

[Anonymous No.24913440]

>>24913406
I'll have 7 figures in BTC by the end of this bull cycle, there's only so much gold I can buy lol

[Anonymous No.24913519]

>>24913403
Honeybadger does BTC backed loaans. Not sure about the rates.

[Anonymous No.24913526]

>>24912955
This anon the only smart one here.

[Anonymous No.24913563]

>>24913519
nice ill check it out

[Anonymous No.24913583]

>>24912955
Based.

I read online that Georgia is known for their shitty bank system (shitty processing, long withdrawals etc..) so I would be careful but you look like you know what youre doing. Your irish citizenship is a + imo since its the EU

[Anonymous No.24913734]

What is the limit even for the Cucknada government for even noticing?

[Anonymous No.24913759]

>>24913583
Georgia is not in the EU and its banks are top notch but obviously but as secure as "blue chip banking" countries like Can/US/UK/HK/Singapore

[Anonymous No.24913890]

So are there any other major fiat gateways besides Shakepay, Kraken and Gemini?

[Anonymous No.24914331]

>>24913890
Coinsquare

[Anonymous No.24914373]

>>24913890
theres a fuck tonne. just google. ndax, newton.

[Anonymous No.24914392]

>>24912863
The only way that i know of is localmonero with cash by mail or cash in person. Might take a long time to liquidate though if you have a large amount. Just be careful to not link anything to your ID/name and you'll be fine.

[Anonymous No.24914604]

>>24912955
Income Tax Act has a General Anti-Avoidance Rule, if you have any real estate, loved ones, or business interests in Canada the CRA will still fuck you.

Source: I'm a CRA minion

[Anonymous No.24914693]

>>24914604
How deeply do you guys investigate if someone just doesn’t declare revenue? Say I make money outside of Canada (and not the US or EU), how would the CRA know about it?

[Anonymous No.24914830]

>>24914604
Thanks for the heads up but I am aware. Carefully cutting all ties so that when I get Georgian PR I have no Canadian bank accounts, assets, employment/income, residences, etc. I'll just be an honest Canadian-Georgian businessman paying an honest Georgian tax rate.

[Anonymous No.24914873]

>>24914604
If he’s a declared non tax resident already not much you can do glownigger

[Anonymous No.24914882]

As a student (Zero income) i can cash out $24k each year tax free since Capital gains in Leaf Nation is calculated as follows: (50% you keep tax free)(Other 50% is taxed based on income bracket) and since im below the lowest income bracket (student) its tax free up to $24k.

lol imagine not using the 4 years in collage to cash out $96k Tax free xD

[Anonymous No.24914940]

>>24912863
just buy like a 70k gold bar from silverbull, pay with crypto

[Anonymous No.24914947]

>>24914882
>collage

ngmi

[Anonymous No.24915016]

>>24914693
Honestly, we wouldn't unless you get flagged for a deep dive. In the absence of an international 'galactic credit' system where funds can be easily tracked, non-Canadian/non-US funds are invisible and generally untraceable to the CRA.

Which is why suspicious transactions bring you to the top of the shit list. Why are we suddenly seeing XXX,XXX flow through your bank account when your previous returns report XX,XXX a year? How did you afford a new Tesla, Ferrari, house? Canadian residents pay taxes on their worldwide income.

It depends on the personality of the audit team lead - some like to sift through everything until they find every last needle. If you're lucky. If you're unlucky, you're audited by the cowboy teams, who do rough calculations based on your last 3 years of returns + whatever else we can dig up, slap together an estimate, and ding you on that. And then you're slogging through Tax Court for years, and the lawyers rob both you and us blind.

>>24914830
Alright, good luck to you. I would find it too lonely and worry about being mugged by locals, but if you can make it work, that's cool.

>>24914873
Anyone can say "I'm not a tax resident." What actually matters is what the CRA thinks about it.

>>24914882
This isn't really a hack, it's literally you just being poor. That said, not a bad plan to take advantage of those tax years.

[Anonymous No.24915077]

>>24914947
Its only so i can live rent free and my dad is paying most of it (80%).

[Anonymous No.24915150]

>>24912863
Cashed out 412 Million CAD in Vancouver about 2 days ago, no taxes will be paid.

[Anonymous No.24915176]

>>24914947
Quebec.

[Anonymous No.24915203]

>>24915016
Do you have a photo of Trudeau on your wall?

[Anonymous No.24915228]

>>24915016
I’m not OP but I got declared a non tax resident by the CRA years ago. I’ve been evading taxes everywhere ever since. It’s literally just a form.

[Anonymous No.24915247]

>>24915150
That’s bullshit but I believe it.

[Anonymous No.24915266]

>>24914604
If I make a million on bitcoin, cash it out into CAD, declare it as capital gains and happily pay the tax will there be any issue? What would the rate be on a million roughly?

[Anonymous No.24915306]

>>24912863
Does anyone know how taxes work when you’re 18. What if I turned 1k into like 100k would the irs care.

[Anonymous No.24915310]

>>24915016
Do you work with incompetent boomers, pajeets and woman niggers? How much you make per year.

[Anonymous No.24915323]

>>24915266
About $350k-400k. Reason why this >>24915150
anon ain't payin nuttin.

It's unironically theft by the government if you think about it.

[Anonymous No.24915332]

How do you guys buy real estate in the country you're a resident of without the government knowing?

[Anonymous No.24915409]

>>24915150
Dang dude.

[Anonymous No.24915442]

>>24915323
No, only 50% of capital gains are taxed. So tax on 500k would be 250k.

[Anonymous No.24915446]

>>24915150
do you see value in this rat filled city or would you move north or east or even south inland?

[Anonymous No.24915848]

>>24915150
Bullshit no one who has that kind of money would hang out with the plebs on 4chin

[Anonymous No.24915917]

>>24915266
About a quarter since only half of your capital gains are taxable.

>>24915203
No, but I do have a portrait of the Queen on my mantelpiece.

>>24915310
Most people are pretty smart, either have their CPAs or working on them. If you're a dumbass you usually get shit assignments until you quit. There's not a lot of fat in payroll budgets when most managers are good with numbers.

>>24915332
Shell corporation and a "trusted friend." most of the time, the "friend" fucks you over.

[Anonymous No.24916096]

>>24915917
Oops, this was me phoneposting.

>>24915446
Vancouver's a great city - surrounded by ocean to the west, mountains to the north, another city to the east, and the US to the south. And there's no winter to speak of. I think interest rates will stay low for years to come, I've plopped money in real estate and I'm sticking around.

[Anonymous No.24916178]

>>24915228
It's 'just a form' in the same way 'prison is just a place' and 'money is just a number'.

[Anonymous No.24916420]

>>24915176
Hi fellow poutine fren

[Anonymous No.24916438]

>>24916096
listen man, you dont know shit about the rats

[Anonymous No.24916467]

>>24912863
coinbase --> paypal
shakepay --> etransfer
kraken --> wire transfer

if you're planning on avoiding taxes i have no insight on that

[Anonymous No.24916639]

>>24916438
tell me about the rats, lennie

[Anonymous No.24916765]

>>24916639
well they come out in the summer because there is in fact a winter

[Anonymous No.24916880]

>>24916765
Don't get me wrong, it does get cold - the humidity gets in your bones. Not nearly as easy as throwing on a few layers and calling it a day. But we don't need to deal with snow, that's for sure.

[Anonymous No.24916882]

>>24915016
>And then you're slogging through Tax Court for years,

For? Would they not give us late fees penalties?, Why would we being going to court for?

[Anonymous No.24916902]

>>24916178
I’ve literally done it and if you don’t realize it’s just a simple form you fill out then you get the letter back saying your a non-resident then I’m calling out you for being full of shit this entire thread.

[Anonymous No.24916953]

>>24916882
If the amount of taxes owed is small enough that paying the penalty is no big deal, why are you even trying to get around it?

>>24916902
You're missing the point. We catch plenty of fake non-residents during routine sweeps. Only way to be 100% safe is to be completely off the grid.

[Anonymous No.24916976]

>>24916880
last year there was 10 inches of snow

[Anonymous No.24916983]

>>24916953
What about real non residents.

[Anonymous No.24916989]

>>24916880
also the general population is shared with mountain people as an intermediary to get to the snowy filled mountains so you can find yourself interacting with those people in the valleys

[Anonymous No.24917123]

>>24915016
>And then you're slogging through Tax Court for years
i heard from some canadians that when they received the "estimate" after an audit, they told their CPA, and the CPA sent a letter for a formal challenge and got it sorted out. cant we just do that? why go to fucking court lol?

[Anonymous No.24917145]

I'm mostly just scared that I do the wire from Kracken and rbc try to jew me and lock my account. They already blocked purchases from my visa on coinbase and I complained.
What's the best bank?

[Anonymous No.24917159]

this would be for like 120k or slightly more

[Anonymous No.24917166]

>>24914604
So say you were trading in 2017 and made some exorbitant amount of money , then you lost it all in 2018 crash

You basically owe more in taxes than you have money ? So what the fuck are you supposed to do , just go to jail?

[Anonymous No.24917176]

>>24913071
Leaf here. Did my taxes with an accountant. They contacted the CRA to check and no, it's not capital gains (they treat it as income instead). That means you paid half as much tax as you're supposed to given that Canada only does tax on half your capital gains, but on all of your income. I hope you've set aside enough to pay up when the CRA uncovers this mistake.

[Anonymous No.24917192]

>>24912955
>when COVID restriction lift

LOL! they are never going away, sorry to break the news to ya.

[Anonymous No.24917258]

>>24917176
it just depends on the activity. if you bought and hold, then sold, its capital gains. if you're buying and selling all the time its day trading and that counts as a "business".

[Anonymous No.24917396]

>>24917258
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html
>Some examples of cryptocurrency businesses are:
>cryptocurrency mining
>cryptocurrency trading
>cryptocurrency exchanges, including ATMs
>Buying a cryptocurrency with the intention of selling it for a profit may be treated as business income, even if it’s an isolated incident, because it could be considered an adventure or concern in the nature of trade.
Essentially, if you trade cryptocurrencies and it's obvious it's to make money, it's business income. If you just happen to have Bitcoin and you acquired it to buy pizza and you waited a bit and now it's worth a lot and you used it to buy a car instead, it's a capital gain. So yeah, I'm not necessarily disagreeing with you, but the CRA will have to believe you that you're not trying to make money off of it, which they wouldn't believe if you have 1000 transactions on Binance and Uniswap etc lol.

[Anonymous No.24917580]

>>24917396
i've contacted a crypto specialist accounting firm (metrics in Vancouver) and the CPA told me it's handled on a case by case basis.
he gave some examples and said that if theres like 1k transactions then yeah its cut and dry as business income but for most people who just buy, hold for some months, then sell, its capital gain. i mean even in that link you posted:

>The following are common signs that you may be carrying on a business:

you carry on activity for commercial reasons and in a commercially viable way
you undertake activities in a businesslike manner, which might include preparing a business plan and acquiring capital assets or inventory
you promote a product or service
you show that you intend to make a profit, even if you are unlikely to do so in the short term
Business activities normally involve some regularity or a repetitive process over time. Each situation has to be looked at separately.

[Anonymous No.24917610]

>>24917396
i've contacted a crypto specialist accounting firm (metrics in Vancouver) and the CPA told me it's handled on a case by case basis.
he gave some examples and said that if theres like 1k transactions then yeah its cut and dry as business income but for most people who just buy, hold for some months, then sell, its capital gain. i mean even in that link you posted:

>The following are common signs that you may be carrying on a business:

>you carry on activity for commercial reasons and in a commercially viable way
>you undertake activities in a businesslike manner, which might include preparing a business plan and acquiring capital assets or inventory
>you promote a product or service
>you show that you intend to make a profit, even if you are unlikely to do so in the short term
>Business activities normally involve some regularity or a repetitive process over time. Each situation has to be looked at separately.

[Anonymous No.24917619]

>>24912863
Charter banks report every transaction over 10,000.
Royal Bank of Canada operates as RBC Bank (GA) in the USA - they allow North-South movement without issue.

If you cash out registered retirement funds there is a one time 20% they'll take - but you have to first remove all legal presence (file your last Canadian return saying as such).

[Anonymous No.24917628]

>>24917396
and again, when they say that an example of a cryptocurrency business is trading, they are talking about specifically about high frequent trading like day trading.
its the exact same way as stock market trades are treated.

[Anonymous No.24917648]

>>24917396
This can't possibly be retroactive right? When I filed all my taxes in 2018 for all the gains I had in 2017 I did the exact same thing as that other anon. I did capital gains and just put "Bitcoin" in the description. Then I just gave the amount that landed in my bank account every month as I was cashing out. Back in 2018 the CRA didn't have any info on their website about cryptocurrencies so I don't see how they would go back and charge me more when at the time they accessed it properly.

[Anonymous No.24917700]

>>24917648

From what i'm reading they could try to go after you for every trade if they decide to audit you. but maybe youll be lucky and they won't notice.

[Anonymous No.24917772]

just open a bank account in the Bahamas/Switzerland after corona and transfer all the money there, problem solved.

[Anonymous No.24917808]

>>24917772

Every trade you make is considered a taxable event so every time you traded btc for a shitcoin you basically cashed out

problem not solved

[Anonymous No.24917879]

>>24917808
yes but how would the authorities in your country know that you cashed out in another country? I mean sure, it's going to cost you because you probably have to fly there, open the account etc. but it's going to be way less that paying your taxes

[Anonymous No.24917924]

>>24917879

If you did KYC and traded on an exchange , they have the ability to find out. And youre taxed on your gains when trading , not only when you cash out.

[Anonymous No.24917956]

>>24917924
sorry if I'm stupid but literally how would they know you've been trading?

[Anonymous No.24918003]

>>24917956

exchanges keep records of all your trades

[Anonymous No.24918052]

>>24918003
yes but how would the tax authorities in your country know you're on binance? sure they could check your account but if all that's been done is sending 20k to binance and then nothing comes back why would they care? they would have no idea you have 10mil in the bahamas

[Anonymous No.24918097]

>>24918052

They might not know , but there are not that many exchanges and if you've done KYC perhaps the exchange has notified them in some way.

Plus your browsing history could be an indicator, not sure if they'd look into that though.

[Anonymous No.24918145]

>>24918097
that's a lot of if's... even if they did audit you, if they money is in Switzerland there's no way they can get it and there's no way they can prove it was actually you behind the computer doing all the trades. That's the defense I'd run with, or just leave the country because if you've already made it, who in their right mind would stay in canada

[Anonymous No.24918170]

>>24918145

maybe they can't get at your money but in their books you still owe them.
they could seize whatever assets you do have, and if you left the country, perhaps they would try to extradite you.

[Anonymous No.24918222]

>>24912863
Good luck with the exit/departure tax.
>you can't cash out
Isn't a meme
lol

[Anonymous No.24918245]

>>24918222

cashing out isn't even the issue

people are basically cashing out every day for tax purposes, if you're trading frequently, under canadian rules

[Anonymous No.24918280]

>>24912863
Also don't forget about tax form T1135, SLAVE!

[Anonymous No.24918297]

>>24913890
Ndax is decent low volume tho
Theres otc in major cities
Vancouver bitcoin claims to do any amount

[Anonymous No.24918315]

>>24918245
Well cha.
It ain't your money tho, its uncle sams.
Uncle.....John MacDonald's?

[Anonymous No.24918350]

>>24918315

>Oh you traded some monopoly money on a computer screen ?

>Literally give us everything you own

th-thanks

[Anonymous No.24918564]

>>24917145
This crossed my mind as well. I was thinking I might have better with my credit union account than my RBC account but who knows.

[Anonymous No.24918645]

>>24918350
Go cry me a whole gosh darn tailing-pond-polluted river by the highway of tears, ya hoser.

[Anonymous No.24918723]

>>24918350
Actually, sorry my guy, didn't mean to be puttin' up ma dukes. Love ya mean it.
Just read through the thread and seems ya got yer head on straightwise. Carry on, stiff upper lip and all that faggotry, etc.

[Anonymous No.24918902]

>>24918723

[Anonymous No.24919263]

>>24916096
Yeah it's a great city if you have 412 million to buy property with. Fucking retard.

[Anonymous No.24919326]

This thread is pretty much why I gave up with crypto before the crash. Retarded transaction fees(at the time), government started to get their jew claws on it, limited ways to cash out(at the time). Now you've got retards like OP trying to learn how money laundering works from other retards who haven't also figured it out yet.

[Anonymous No.24919678]

Tax evasion doesn't exist for everyone. I am a city employee (drives Zamboni) that makes 40k a year with a gross 33k income, there's basically nothing I can do.