CANADA CRYPTO TAXES

[Anonymous No.6630720]

So you can either be taxed as income or as capital gains, if the IRS treats you as a trader or not.

http://bitcoin-law.ca/canada-tax-rules-for-bitcoins-trading/

Anyone have any experience with this?

[Anonymous No.6630845]

BUUUUUMMMP

[Anonymous No.6630865]

>>6630845
bump because holy shit

[Anonymous No.6630882]

>>6630720
never tell the government you own crypto, always use atms or local bitcoins...never get taxed on it...your welcome

[Anonymous No.6630888]

>>6630720
hand off my coins castreau

[Anonymous No.6630964]

Let's say I trade into CAD on Quadriga and then buy back into BTC on a dip, is that a taxable event? or is it only taxable once you withdraw CAD to your bank account? I know Americans have to pay tax for every trade but what about Canada? Could it be argued that the "CAD" balance on Quadriga is not real "CAD" or something?

[Anonymous No.6631152]

HOLY SHIT IT'S MUCH WORSE THAN I THOUGHT

https://bitcointalk.org/index.php?topic=1746602.0

[Anonymous No.6631157]

>>6630882
the bank will report it tho

[Anonymous No.6631235]

>>6631152
HOLY FUCK READ THIS PERSON'S POST

AAAAAAAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!


For any confusion my account wasn't frozen due to bitcoin but I have been trading crypto for years and making a living off of it. I also won money at a couple casinos and had a import export business with large wire transactions going in and out. They audited me said I owed 68000 dollars. Which was ridiculous so I had to deal with the cra. U definitely do not want to get audited. They audited me 3 more times after because I sent them legitimate paperwork and got accountants involved. How ever this took a year and the cra switched there's collection agent on me 5 times and each time I had to report the exact same thing over and over this process took a year and my final owing being less than 3000 dollars and my credit in shambles due to not being able to make any credit card payments or use a bank. So yes if u have bitcoin and plan on cashing them in MAKE SURE you do some research contact an accountant and the cra. I plan on cashing some bitcoin in soon but honestly I'm freaking hesitant lol. When you ask the cra they may not know a thing about bit coin but when time comes and the agent that didn't know a thing about bitcoin sees a large sum of money in an account what do you think the government will do. Hmm this guy has a lump some of money not reported if it's taxable we need to take as much a we can now the agent with little knowledge gets booted off the case and in comes the government of Canada...whether they know nothing or something about bitcoin doesn't matter at this point. Chances are even if you are able to keep all your money your gonna have to do a bunch of things that you more than likely don't want to do because you shouldn't have too but that's the way it goes

[Anonymous No.6631255]

why the fuck is it taxable at all if the rules aren't clear yet. fucking retarded

[Anonymous No.6631334]

>>6630720
>Canada
>IRS
>useless blogpost article posted in 2014
Did you really hope to get any real replies?
Kill yourself.

PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE PENISE

[Anonymous No.6631348]

Does this mean I have to pay more than 50% of half my gains?

[Anonymous No.6631349]

>>6630964
>Let's say I trade into CAD on Quadriga and then buy back into BTC on a dip, is that a taxable event?
YES

EVERY TRADE YOU MAKE IS A TAXABLE EVENT

HOLY SHIT I THOUGHT WE WERE FREE FROM THIS

WE AREN'T

[Anonymous No.6631374]

>>6631334
read this

https://bitcointalk.org/index.php?topic=1746602.0


we're fucked

>>6631348
I think so. I dunno

[Anonymous No.6631403]

btw nobody in this fucking thread has filled out a fintrac form lmfao

get gud. have cashed out 150k CAD, filled out a fintrac form with a real brokerage and have never had any issues. never been asked a single thing. you CANNOT just receive a shitload of money without notifying fintrac.

[Anonymous No.6631408]

https://coinforum.ca/discussion/4650/bitcoin-and-taxes-in-canada-ask-your-questions

[Anonymous No.6631418]

>>6631349
people say this but its not clear if thats the case at all. the only info i can find is msm articles saying this might apply to the us. but msm is fucking retarded and lies about everything. meanwhile this is a canda thread and i ahvent even seen rumours about every trade being taxable in canada.

it's like, write some clear terms, make it easy enough to comply with, and reasonable enough to afford. but nooooooooooooo its gotta be difficult

fuck government im so done. anarchy when?

the tax situation is very unclear

[Anonymous No.6631462]

>>6631403
Please tell me.

Did you have to tell them every single crypto to crypto trade you did?

Were you taxed at your full marginal rate or just on the capital gains?

[Anonymous No.6631496]

Don't sell. Keep holding then move to another country where there is no cap gains tax.

[Anonymous No.6631512]

>>6631496
but I want to live here....
>>6631403
>fintrac
If you fill this out every time does the CRA fuck off?

[Anonymous No.6631531]

you guys are retards. its treat as a capital gain so 50 percent of your gains are taxed. if you make over 200k, you are taxed at around 16%.

[Anonymous No.6631542]

Holy shit these threads are so fucking annoying

3 letter agency, LEAVE

[Anonymous No.6631575]

>>6631531
many reddit threads say this isn't true

if you are taxed as a trader(if you make many trades in a year like we ALL do) then you are taxed at the FULL marginal rate

[Anonymous No.6631601]

>>6631575
well im a dual citizen so cra can fuck off LOL

[Anonymous No.6631619]

Remember that you can withdraw BTC/BCH via Bodog (gambling site) and withdraw cash from there, and gambling winnings aren't taxable. So at least part of your cash outs could be done that way. I would only report what you cash out via Quadriga as they report to Fintrac.

[Anonymous No.6631622]

>>6631462
Capital gains only, adjusted to the rate after earnings for the year. The form ONLY asks about your personal details. It is carried out by registered MSBs with inquiry to the customer (you).

As a trader in recognized currency, you must deal with STRICTLY registered MSBs or be subject to audits if the bank deems the deposit unusual. FINTRAC needs to know about it BEFORE you deposit funds or you are going to be raped in the ass. Personally, I agree with it. I'd rather you pay your goddamn taxes, because you're living in my country too. Don't be hoarding money like a worthless nigger.

If you are concerned about very large amounts, please hire a financial manager. Don't be a retard.

[Anonymous No.6631684]

>>6631622

If I'm a worthless NEET who made 500k from crypto, how would i go about paying taxes?

[Anonymous No.6631705]

https://canadian.tax/bitcoin-tax/

[Anonymous No.6631716]

>>6631575
they're not gonna tax some part time /biz/ memer with another income source as 'carrying on a business

[Anonymous No.6631720]

>>6631684
Did you sell your BTC and deposit the money already?

[Anonymous No.6631726]

>>6631622
>Capital gains only, adjusted to the rate after earnings for the year.
Even though you must have made a lot of trades?
Did you have to report every crypto to crypto trade?
What happened when you did your taxes?

>or be subject to audits if the bank deems the deposit unusual
Audits from the CRA?

[Anonymous No.6631738]

>>6631622
There is no way the CRA would find out about your trading activities on non-Canadian exchanges. There is no way they can prove that if you deposit Litecoin or Bitcoin to Quadriga that it was an investment you made money on. Don't be stupid, only report what you have to. I sure hope you aren't wasting your hard earned gains paying more taxes than you need to be.

[Anonymous No.6631739]

>>6631716
but what if you quit your job and crypto is your only income

[Anonymous No.6631747]

>>6631720

No, wondering for future cashing out purposes.

[Anonymous No.6631758]

>>6631684
Find a brokerage that is also a registered MSB, and hire a financial manager from a firm (before engaging with the brokerage). Be honest and ask them as many questions as you need to about your earnings, and how you can reduce the impact of taxes. But pay your fucking taxes. They may suggest you reduce the amount per year to retain your low capital gains tax bracket.

[Anonymous No.6631800]

>>6631739
then they probably would and you should look into appropriate deductions;

pc, apportioning rent/ electricity etc

[Anonymous No.6631801]

>>6631747
Max your RRSP contributions for decreasing your tax bill.

[Anonymous No.6631830]

https://turbotax.intuit.ca/tips/how-bitcoins-might-impact-your-income-taxes-333

Spells it out pretty plainly for anyone not understanding what "capital gains only" means

[Anonymous No.6631833]

Easy, just get yourself an offshore tax haven like our own fucking federal government openly does.

The sad thing is this country is so retarded they're probably going to reelect it because pride parade attendance is somehow regarded as a legitimate election issue now.

[Anonymous No.6631859]

>>6631801
>>6631758

Thanks guys.

[Anonymous No.6631906]

>>6631738
>There is no way the CRA would find out about your trading activities on non-Canadian exchanges.
but if you make a bunch of money they are going to wonder why you have a bunch more crypto than you previously had before

>>6631800
that's fucking stupid.
That's 25% MORE taxes they are taking from you.

>>6631830
but what if they deem you a "trader" then you are automatically taxed 25% more

how the fuck is this determined?

[Anonymous No.6631937]

>>6631738
Are you actually retarded? You only answer the questions you're asked. Do it right though, and fill out the proper paperwork with a MSB. MSBs are required to report transactions to FINTRAC. You then have to pay your taxes. It's not that complicated.

[Anonymous No.6631940]

>>6631906
>that's fucking stupid.
>That's 25% MORE taxes they are taking from you.
so you should be able to get away with capital gains concessions while the rest of use pay income tax rates?

[Anonymous No.6631948]

>>6630720
>http://bitcoin-law.ca/canada-tax-rules-for-bitcoins-trading/
>posted 2014

bro wtf

[Anonymous No.6631965]

>>6630720
>Canada
>IRS
Really goy?

[Anonymous No.6632056]

>>6631937
>You then have to pay your taxes.
Isn't the taxes the more complicated part?

Don't you have to tell them every single crypto to crypto transaction you've made?

Does doing this through FINTAC make it easier or something?

[Anonymous No.6632078]

>>6631940
>so you should be able to get away with capital gains concessions while the rest of use pay income tax rates?
No, everyone should have low income taxes.
At least SOME of us get a lower tax rate.

I mean new zealand has no cap gains tax and they are a very successful country.

[Anonymous No.6632089]

>>6630720
what if i were to just break even on my initial investment?

[Anonymous No.6632160]

>>6632056
No. Keep your shit on file in case they want to audit the earnings. Make the files available to your financial manager. This is why it's important that your financial manager belongs to an accredited firm.

[Anonymous No.6632181]

>>6631758

By the way, does this using this method mean that I pay more taxes than what my capital gains calculator says, or is it just a step that I need to take in order not to get fucked by the CRA?

[Anonymous No.6632203]

>>6632160
>>6632056
This includes all dealings with websites like localbitcoins or paxful. Log ALL data about the transaction, including dates and conversations transcripts.

I have not yet been asked about any of this.

[Anonymous No.6632206]

Can someone please explain something to me. When they say capital gains is taxed at your marginal rate right. So let's say I only make $20,000 a year so my marginal rate is 15%. But I have $500,000 in capital gains from crypto. Does that mean they're only taxed at my marginal rate of 15?%

[Anonymous No.6632221]

>>6632181

Adding onto this, how much does

>Find a brokerage that is also a registered MSB, and hire a financial manager from a firm (before engaging with the brokerage).

All that cost? Sorry if these questions are dumb.

[Anonymous No.6632243]

>>6632206
>Does that mean they're only taxed at my marginal rate of 15?%
lol no
i dont know what country that is, but 500k would likely hit the highest marginal rate

i hope you get a 50% discount where you live

[Anonymous No.6632257]

>>6632181
If you cash in enough to raise your tax bracket, you pay more in capital gains. Ask your goddamn financial advisor / manager.

[Anonymous No.6632278]

>>6632160
>No. Keep your shit on file in case they want to audit the earnings.
Oh, so it's only if they audit you.

If you file FINTRAC they probably won't audit you right?

Another question, do you have another job?
Maybe they don't tax you as a trader because you have a main job and you make cryptos on the side? I dunno.

>>6632203
>Log ALL data about the transaction, including dates and conversations transcripts.
God damn, it's fucking true.
You really need to write down every single fucking transaction you make in crypto, holy fuck.

>I have not yet been asked about any of this.
That's because you haven't been audited.

[Anonymous No.6632409]

So I made like 150 crypto-crypto trades, all with a gain or lose of under $10. Please don't tell me I need to write every trade down on some gay form. Can I just report the overall capital gain/loss? Why is there easy how-to guides for this shit.

[Anonymous No.6632448]

>>6632409
>Please don't tell me I need to write every trade down on some gay form
Yes you do.

AHAHAHAHAHHAHA

welcome to bureaucracy and statism

[Anonymous No.6632486]

>>6632278
>If you file FINTRAC they probably won't audit you right?
That's right. If a MSB is doing business with you, it doesn't raise many red flags unless you have a criminal record, or you have come in contact with a business under watch by FINTRAC. FINTRAC is watching EVERY BUSINESS. They know who is fucking around and they maintain a web of everyone laundering money, committing fraud, enabling fraud, etc.. If they think something is up, they will ask you. You better be ready when they do, or you are going through a full 10 year background check and audit and a carousel of interviews, which will be extremely painful.

[Anonymous No.6632537]

>>6632243
I'm talking about Canada

[Anonymous No.6632578]

>>6632486
>criminal record
does going to provincial jail for 1 day to pay off a fine count as a criminal record?


Also again, so you were only taxed on half of your marginal rate?
I heard if you make a bunch of trades they can tax you as a "professional trader" which is your entire marginal rate?

[Anonymous No.6632714]

>>6632578
If you're in CPIC, FINTRAC knows the details of your arrest / fine.

Ask a financial advisor / manager. I can't answer your question.


https://www.youtube.com/watch?v=Wb0ZNgU6QFM

[Anonymous No.6632944]

>>6632714
>If you're in CPIC, FINTRAC knows the details of your arrest / fine.
>Ask a financial advisor / manager. I can't answer your question.
Hmm, damn that sucks.
Okay.

If they audit you once will they audit you every year or will they fuck off?

[Anonymous No.6633054]

>>6632944
They just want to know if you're a criminal. Remember it is against the law to not report your income. If you can be honest with as many officials and accredited people as possible about your trading, and keep air tight records from day #1 crypto trading, you're fine. Otherwise you will have trouble proving you're not a criminal, and they will prod harder.

[Anonymous No.6633057]

Just pay capital gains and they wont fuck with you unless you made an amount worth their time

[Anonymous No.6633109]

>>6633054
Okay, I'm just confused about this "if you trade a lot you will get labeled a professional trader and have to pay the full marginal rate" bullshit

How true is this?

I thought it was just on your capital gains?

What if you stop working and live off crypto gains?

[Anonymous No.6633112]

>>6632448
>being the employee that has to open up the parcel with a stack of 3,800,000 trades my bots have done

[Anonymous No.6633332]

>>6631349
Dimb shiflt if you dont cash out its unrealized. They tax realized gains.

[Anonymous No.6633349]

>>6633109
You won't get a real answer here. You have to ask a financial advisor. All major canadian banks have them. Literally walk in and ask for an appointment. DO NOT hide anything, just be honest with them and ask any real questions you have.

[Anonymous No.6633353]

I guess you could just withdraw your money at a bitcoin atm and only make cash purchases with the profits to avoid taxes

I doubt they can track crypto to crypto trades, unless an exchange gives them your info

All they can really track is that you’re buying crypto with cad because the bank can tell them

[Anonymous No.6633404]

>>6633349
I've been to financial advisors.
How much do they know about taxes though, wouldn't I have to get an accountant?

The fact you only had to pay money on cap gains and not your full marginal rate is promising though

[Jew No.6633432]

>>6633353
nailed it. fuck these god damn tax shills coming in here. u cant tax it u cant stop it. hows that 5 grand with no paper trail feel? sweeeet as

[Jew No.6633476]

>>6633109
fuck these niggers pushing this tax bullshit. i have a paper wallet with no name on it and can go to a bitcoin atm and withdraw cash. dont fall for these tax faggots and their scam. jews lost. we win

[Anonymous No.6633574]

>>6633432
>>6633476
I never looked into these but the ones in my area charge 10%

[Anonymous No.6633684]

>>6633353
>>6633432
Actually I just thought of this. Buy bitcoin from a person or bitcoin atm with cash, make all the crypto trades you want but make sure your exchange accounts don’t get tied to your identity. Then you can cash out at a bitcoin atm/person for cash. no way they can track you

[Anonymous No.6633792]

>>6633684
>>6633476
>>6633432
Imagine being this retarded.

You're talking about breaking the law. If you're caught, you are DONE. You're likely talking about piss cash, like 10,000-30,000 dollars. You may be able to get away with that if you're extremely careful, but DO NOT fuck around with tax fraud and money laundering. You are absolutely fucked if you're caught.

https://www.youtube.com/watch?v=CLHQjrGYAz0

[Anonymous No.6633805]

>>6633684
>>6633476
>>6633432
dont they have cameras and report to CRA or police?

[Anonymous No.6633933]

>>6633792
No shit I’m talking about breaking the law retard.

[Anonymous No.6634018]

>>6633805
You can use a site like localbitcoins.com if you want to avoid cameras

[Anonymous No.6634039]

Join to make some profit during the dip
Discord>> UXBnfm2

[Anonymous No.6634120]

>>6633933
So you want to break the law in Canada, you want to launder money, you want to commit tax evasion, and you admit this?

Hope you're on https faggot :)

Hi CSIS! Hey crown! Hope the audit yields plenty of evidence. Remember to make sure his income lines up with his story! Is this enough evidence for you guys? Put him away and make sure he gets lots of unlubricated anal sex.

[Anonymous No.6634206]

>>6634018
Can I see your ID please? Leave my country you fucking brainlet. Jesus christ.

[Anonymous No.6634327]

>>6634018
seems much more sketchy

[Anonymous No.6634362]

>>6634120
I'm not trying to break the law either for the record

[Anonymous No.6635121]

>>6630720
>Canada
>IRS

Why do non-US residents on this board refer to their country's tax collection agency as the "IRS"? Are people really that stupid, or is it some kind of inside joke?