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4604213 No.4604213 [Reply] [Original]

Hey anons, How do I take out btc in Canada without having to pay tax? Anyone know? Thanks in advance.

>> No.4604274

You have to pay tax, op.

>> No.4604328

>>4604213
if you have no job just take out under your personal amount, its around 10 grand, so you can only take out around 10k every year if you want to avoid taxes legally. If you have a job you're pretty fucked lol

>> No.4604341

>>4604213
I use these guys, far as i know they don't report canadianbitcoins.com

>> No.4604355

>>4604213
There are two ways to not pay tax:
1) don't make profit
2) gamble on not going to federal prison (felony)
Good luck!

>> No.4604361

>>4604274
The thing is, it's not capital gains or anything like that though. I purchased something with my credit card for someone and received crypto in return.

>> No.4604372

sell them on localbitcoin

>> No.4604389

wew

>> No.4604399

>>4604341
Is this legit?

>> No.4604424

>>4604372
Is it safe? Do you have to sell them in person? That sounds sort of risky.

>> No.4604442

>>4604361
in USA only sales of crypto is a taxable event, unless it was a gift.

>> No.4604466

>>4604399
Yup, they are based in ontario. If you don't feel safe with the mail option you can walk in to their office.

>> No.4604477

>>4604213
Just pay the capital gains tax, it's really not that bad. How much btc are we talking anyways?

>> No.4604488

>>4604213
Sell for cash on localbitcoins.

>> No.4604510

just pay your taxes man

>> No.4604511

>>4604466
Nice, I'm checking it out right now. Thanks anon.

>> No.4604540

>>4604477
About $4000 CAD

>> No.4604569

>>4604424
No you don't have to sell them in person. It isn't very risky if you go with reputable buyers.

>> No.4604592

>>4604511
np anon, Im sure their are some reviews online or something. So far i've used them 3 times, a friend of mine uses them every month to pay his rent. If you choose the mail option it usualy takes 2-3 days, theirs direct bank deposit but you need to KYC verification for that. or just walk into the office and trade coin for cash.

>> No.4604675

quadriga cx

btw they dont deduct taxes right away. you file your own taxes and report your BTC earnings. Or claim it as a gift. I think there is also a capital gains lifetime allowance ..usually reserved for when you sell your house or something

>> No.4604679

>>4604592
Nice. So you transact with them directly, right? Like, it's a centralized exchange? I can't go into their office since they are in Ottawa and I'm sort of far from there. The cash option via express mail sounds interesting though.

>> No.4604720

>>4604675
I do have a Quadriga account and might just pull out the funds and say it was a gift. How much can you claim as a gift?

>> No.4604743
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4604743

>>4604679
Yeah, basicly you put in how much you want to sell them, they round it down a bit automatically, they send you the quote, you send the coin, once confirmed they will mail it out with tracking.

>> No.4604902

>>4604720
If it's over 10-15k I would just claim it as capital gains. Every leaf gets 750k or something as tax free capital gains allowance. like i said, most people reserve it for when they sell their house.

>> No.4604914

>>4604213
just pay the taxes. unless you sell person to person you will leave behind a paper trail. you can roll the dice and hope you don't get an audit.

>> No.4604937

>without having to pay tax?
That's illegal anon. I'm going to report you to the Mounties.

>> No.4605012

>>4604902
what? no. your primary residence is tax free, forever.

>>Lifetime Capital Gains Exemption. Each Canadian is entitled to a capital gains exemption of up to $813,600 on certain small business shares, as well as on qualified farm and fishing properties.

>> No.4605026

>>4604361
The cost basis of your crypto is the price of the item. So maybe the item costs $400 Canadian, and you receive 1 ETH after that. Your cost basis for that 1 ETH is now $400. The tax is calculated based on the net proceeded of your sale transaction. So if the rate is 1ETH:$400 when you sell, there is no loss or gain, and no tax.

If the rate was 1:450 you'd pay tax on a gain of $50.

>> No.4605215
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4605215

I have tried reading up on it it has honestly left me more confused than before. CRA categorizes it as barter, but that would mean that you get taxed on every transaction you make which seems ridiculous, I would assume that means you would get taxed multiple times if you wanted to do something like get an altcoin (i.e. going from fait > btc > alt). On the other hand others say that it is capital gains and you are taxed that way. How do they even categorize things like currency that is created from forks, among many other things, remain ambiguous.

In short, I have no idea wtf is going on.

>> No.4605280

If Monero somehow lets us cash out without leaving any trace in the furture that'd be fucking great

>> No.4605323

>>4605280
nope, you'll always need someone to exchange monero to you fiat. if you go in person then you can avoid leaving a paper trail. but the moment you deal with any business that handles money, that is legitimate, they'll have to implement anti-money laundering regulations which includes identification and reporting to the CRA and fintrac.