[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 18 KB, 1200x600, 1200px-Flag_of_Canada_(Pantone).svg[1].png [View same] [iqdb] [saucenao] [google]
7010007 No.7010007 [Reply] [Original]

Here's what you need to know about the Canadian tax implications of cryptocurrencies

https://www.theglobeandmail.com/globe-investor/personal-finance/taxes/some-basic-answers-to-the-tax-implications-of-cryptocurrencies/article37749902/

>> No.7010048

>>7010007
...you may also be required to collect or pay GST/HST. The CRA has said that cryptocurrency transactions are like barter transactions. This means as far as the CRA is concerned, if you bought software with cryptocurrency, it's like trading a chicken for grain and both the chicken and the grain are subject to GST/HST. That's right, you may need to be collecting GST/HST when you buy things with cryptocurrency. Again, this is only what the CRA has said. It's an administrative position and there are reasonable legal arguments for challenging the CRA's characterization of cryptocurrency

>> No.7010285

>>7010048
ya cra are a bunch of retards they cant even afford to audit like 10% of earners over 1 mil and just started auditing paypal bussiness accounts this year doubt theyre coming after gst/hst on crypto lmfao

>> No.7010333

>>7010007
i thought cryptos were considered foreign asset or whatever. fucking shit fuck cuck nigger

>> No.7010401

what are the chances i get fuked by the CRA cashing out 30k str8 to my bank? or would i be better doing in like 5k increments

>> No.7010415

>>7010007
"I traded bitcoin for ethereum. Do I need to report anything?

From a tax perspective, this scenario is identical to buying software with cryptocurrency. CRA policy says that transaction is a barter transaction. Each side of the transaction is characterized as a disposition of property, and each disposition is taxable as income or a capital gain based on the fair market value of the cryptocurrency at the time of the transaction."

Fuck you CRA cucks, you will never find out what my coins where doing on binance and bitmex.

>implying chink exchanges will grant the CRA access to users records

>> No.7010439
File: 47 KB, 456x432, 1411268810148.jpg [View same] [iqdb] [saucenao] [google]
7010439

>I traded bitcoin for ethereum. Do I need to report anything?

>From a tax perspective, this scenario is identical to buying software with cryptocurrency. CRA policy says that transaction is a barter transaction. Each side of the transaction is characterized as a disposition of property, and each disposition is taxable as income or a capital gain based on the fair market value of the cryptocurrency at the time of the transaction.

Does that mean I have to report EVERY fucking trade I made? WTF???

>> No.7010440

>>7010401
I am cashing out 50k straight to the bank, then I will pay capital gains on it, even though I made a few trade (which technically mean it should be income), but good luck finding out about that CRA cucks.

Also if you split it into 5k that will be more suspicious and they will try to catch you. Just pay the mininmum you can

>> No.7010446

>>7010401
very high for anything over 10k, obviously do a mix of increments or all the same

>> No.7010465

>>7010439
only if you think the CRA will ever be able to have access to every trade you made

>> No.7010486

>>7010465
cra should be pritty incompetent since over half the work force is women and pajeets

>> No.7010518

>>7010440
how much will you have to pay on that 50k? and to be eligble for capital gains you have to hold for a year dont you?

>> No.7010529

>>7010486
kek, pajeets are great at this stuff.Do you know how many crackers have been tricked into pajeet PnD's on biz?

>> No.7010554

CRA can suck my nuts, good luck getting exchange info

>> No.7010555

>>7010518
not a year, its ambigious how long, just as long as you didnt actively trade. Which I did, but they wont know

>> No.7010600

>>7010529
fucking cock shit fuck god damnit, i got a joke for you. whats the difference between pajeets, kikes and the canadian government??? FUCKING NOTHING AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>> No.7010637

>>7010048
>fall for shitty ponzi scheme
>get charged GST for it.

>> No.7010724

I'm going to be filing it as business income but I'm also going to be tax deducting my bathroom since most of my trades were made while taking a shit

>> No.7010806

Tldr?
How much am I looking at paying in taxes?

>> No.7010933

so.. can't i just drive around emptying them bitcoin atms? they can't track that can they?

>> No.7011080

>>7010806
purchase price - sell price = capital gain or loss
if capital gain take half of that and you pay taxes on that half based on your individual tax rate. if you made a loss you can claim it as a loss and have your annual income reduced

>> No.7011852

Should i pay taxes on crypto to crypto or only when i cash out?

>> No.7011877

>>7011852
see
>>7010439

>> No.7011949

What do you think is the percentage of people who will pay taxes on crypto to crypto ? I dont mind paying taxes when i cash out but this is ridiculous

>> No.7011982

You guys should just move to a country with no cap gains taxes...

9 Expat-Friendly Countries with No Capital Gains Taxes
http://nomadcapitalist.com/2014/04/06/top-5-expat-friendly-countries-with-no-capital-gains-taxes/

>> No.7012010

>>7010048
Canadian small business fag here. You only need to file to collect GST if your business earnings in four consecutive quarters add up to more than 30k. But that would be for any additional sales beyond that point.

>> No.7012071

All Canadian's qualify for a one time $800000 Capital Gains tax exemption, if you're going to talk tax do your research.

>> No.7012142

>>7012071
Does crypto qualify? https://www.google.ca/amp/s/turbotax.intuit.ca/tips/claiming-the-capital-gains-exemption-376/amp