/biz/ - Business & Finance

[LOL No.7458642]

DOES ANYONE ELSE IN HERE CANADA WHO'S MADE OVER 250K IN GAINS FROM TRADING CRYPTO UNIRONICALLY THINK THEY'RE ONLY GOING TO BE TAXED CAPITAL GAINS?!!?!?!?

HAHAHAHAHA

BOYS WERE ABOUT TO BE FUCKED FOR FULL TAXATION SINCE IT'S OUR "JOBS"

oh you got into some good ICO's? that means you advanced knowledge on the market.

Enjoy all your gains gone at 53% taxation rate.

For me I've made over 3 million from crypto and I'm question every fucking night how I'm going to actually cash out without the CRA auditing me and trying to prove I'm an active trader and taking half of my fucking money.

BOYS WHAT THE FUCK DO WE DO?
FUCK THE CRA
FUCK THE CRA
FUCK THE CRA

My accountant is fucking lost - has no idea what's going on. I started a corporation and moved the assets into the company but I still think it's not enough.

[Anonymous No.7458707]

Bitcoin atm. Under the table withdrawals.

[Anonymous No.7458712]

>>7458642
Yeah, but that healthcare. Right?

[Anonymous No.7458713]

can't you delay it and cash out a little at a time

[LOL No.7458734]

>>7458713
Everytime you move to DAI / Tether it is a taxable event which counts as cashing out.

[LOL No.7458761]

>>7458707
Oh yeah? And how are you ever going to pay for a house? I'm not here to take out 10k at a time and be under the radar I want full transparency.

[Anonymous No.7458904]

>>7458734

What keeps me from opening a bank account in a different country and casing out .

[Anonymous No.7459401]

>>7458642
If you use an exchange such as Quadriga cx, your "CAD" fund is technically not real money until you cash out. I could theoretically put in a thousand dollars, and cash out a million dollars without it fucking up my employment insurance; and sure, I'd pay a small tax.

[Anonymous No.7459688]

It really depends what province you're in too. Provinces with low tax rates like Alberta and Sask shouldnt be too bad, but people from Quebec and BC are gonna get fucked

[Anonymous No.7459774]

Is there any way to avoid taxes? I am thinking of going to kijiji and sell it maybe there is ways tto money launder . I talked to someone over the phone and he said its 5% over 10,000$. Not bad to launder your money. No way I am withdrawing at Quad. Btw Quad sends your tax info to CRA, not sure about Coinsquare.

[Anonymous No.7459795]

>>7458642
Take your money and flee to the US.

Trust me you won't regret it.

[Anonymous No.7459797]

>>7459401
That isn't true. It's whenever you have the CAD equivalence in your account not when you move it to your bank account. Those are different factors.

[Anonymous No.7459885]

>>7458707
what i thought those shit machines were only for buying, you can actully withdraw cash?

[Anonymous No.7459892]

>>7458734
Why not take a CDP instead, then sell your Dai for USD 1:1? Should qualify as a loan, eventually you declare capital gains on the Dai to Usd sale (0% profit). You take out whatever you need and leave a hefty ETH collateral... I think it's obvious to anyone ETH will keep rising, so you're not really at risk here.

[Anonymous No.7460149]

it's not fucking fair, fuck the gubment

[Anonymous No.7460208]

>>7458642

Just move to another country my dude. No reason to live in a commie block when you're at 3M.

[Anonymous No.7460325]

I actually have no fucking idea what I am going to do. I have 500k that I don't want to pay taxes on... I am not giving Mohammed my gains.

[Anonymous No.7460533]

I might unironically go to my mla and mp to discuss it. If I can convince them that I was acting in good faith rebalancing every few months and proving I held through shit times, I think I can manage it. Just have to look scared and confused when I go to them hat in hand to turn myself in.

If I find out people payed cap gains in 2018 via accountants, I'll cough up some gains to them.

If you've ever Tethered out you are acting like a trader and will be raped.

[Anonymous No.7461057]

Stfu OP it's 25% for you and anyone above 250k. I'm paying 100k on 460k. Still have to see an accountant though. The one my friend saw tod him it's 25% and I'm not going to be his first crypto gainer client.

[Anonymous No.7461114]

>>7458642
Apparently I don't have to pay anything in capital gains lol. Sucks to be you.

[Anonymous No.7461185]

>>7458734
Canadian exchanges don't have tether.

[Anonymous No.7461210]

[Anonymous No.7461327]

What if I just bought and held cryptos for the most part? I've made some trades, probably losses for the most part. I'm thinking like 100 trades over the course of 6 months. Now I just want to hodl and seeing as how my picks are going 50x this year, would I just pay the capital gains?

[Anonymous No.7461367]

>>7458642
reufgees and gender neutral bathrooms aren't going to pay for themselves

[Anonymous No.7461372]

>>7461327
>What if I just bought and held cryptos for the most part? I've made some trades, probably losses for the most part. I'm thinking like 100 trades over the course of 6 months. Now I just want to hodl and seeing as how my picks are going 50x this year, would I just pay the capital gains?


I mean sure but most people didn't, you can use that as an argument. Another argument would be if you held NEO and recieved GAS, that could be counted as a dividend in their eyes. Same with VEN and their model.

Next thing would be buying security tokens that are coming out Q2 and Q3 and using those as well.

[Anonymous No.7461388]

>>7459797

This guy gets it.

Can't OP just slowly cash out using local bitcoins?

[Anonymous No.7461440]

>>7461388
You don't understand. When playing with amounts it's simply not viable to cash out for cash.

HOW DO YOU EXPLAIN CONSTANT DEPOSITS OF 5K CASH INTO YOUR ACCOUNT.

WHAT IF YOU'RE TRYING TO GET RID OF 1MM.

[Anonymous No.7461465]

>>7461372
I realize most people have made thousands of trades. One of the reasons I stopped trading, apart from sucking at it, was this bullshit tax confusion on crypto to crypto.

Oh well. I'll just hodl through the year, adding fiat when I can and will deal with it when it comes time to cash out.

Godspeed, brothers.

[Anonymous No.7461537]

>>7461465
We're all gonna make it Anon. If we spend a few hours thinking it out with an accountant we save an eternal headache. It's just hard finding a legit accountant who has even considered this new asset.

[Anonymous No.7461714]

>>7458642
just pay your taxes man, ahmed needs his gibs

[Anonymous No.7461739]

>>7461537
I've yet to find an accountant in/around Toronto who knows anything about taxes regarding cryptos.

[Anonymous No.7461824]

>>7458642

Hey bud, trust me when I say you do not want to fuck with the CRA. If they get even the slightest wiff of tax evasion and start thinking you've been trying to bamboozle them, they will rape you with so many fines. Not to mention interest on whatever it is you owed them. If you wanna be able to live in Canada without constant fear at the back of your mind, then just pay what you owe and be done with it. Otherwise you'll never sleep easy

[Anonymous No.7461877]

>>7458642
This is what monero is for. Cash it out in grand cayman and buy a villa under a holding company

[Anonymous No.7461903]

>>7458707
this.
be aware the average btc atm only contains around 3000cad on any given day.
you could come back every day for a week and withdraw around 20k cad after fees.

[Anonymous No.7461934]

>>7461739

It's the same as any other valuable asset.

Some guy explained it and I'll copy and paste his answer.
-----------------------
It's pretty simple. Each time you sell or trade something of value (other than Canadian dollars), you have to report the realized capital gain and pay tax on it. So, here's an example:

Deposit $200 CAD into a bitcoin exchange from your chequing account - no tax
Buy 0.01 bitcoin for $200 - no tax
Transfer the 0.01 bitcoin to a different exchange - no tax
Trade the 0.01 bitcoin directly for 0.3 ethereum (on a day when prices are such that 0.01 BTC = 0.3 ETH = $220 CAD) - must recognize capital gain of $20 and pay tax
Transfer the 0.3 ethereum to a different exchange - no tax
Sell the 0.3 ethereum for $260 CAD - must recognize capital gain of $40 and pay tax
Withdraw the $260 CAD to your chequing account - no tax

[Anonymous No.7461946]

>>7458642
Regardless of whether is capital gains or income earned from trading the tax burden won't be too bad if you play it right. I'd say my trading has been active enough that they'll be after me for regular income tax on it. With the levels we're at income tax will be like 50%, but if we're claiming it as income from being SELF EMPLOYED TRADERS than we have access to a lot more tax write offs. I've been liquidating mine over the past few months and have made some very strategic acquisitions which in my view are all "necessary business investments / capital expenditures". Yeah i've had to spend all the money but in return you get a house, office, and car largely tax free. Any future gains I will be using a corporation to invest the proceeds into investment properties.

[Anonymous No.7462032]

Simplest way to get around it is this >>7461946

[Anonymous No.7462076]

>>7461934
How does that change the total amount you have to pay in taxes if you just held and made $60 just buy buying and selling Bitcoin? If the tax rate is the same for each trade then the total you pay is the same, whether you calculate what you owe for each trade or the total sum of your profits.

[Anonymous No.7462120]

>>7458642
Give that 1,5 million to your government.

[Anonymous No.7462131]

>>7462032
Thank you anon. Some people seem to have needlessly complex schemes.

[Anonymous No.7462156]

>>7461934
So I swing trade like a madman, I've probably made over 1k trades in the last 2 months. I'm supposed to go through each of those and figure out my gain/loss%? It's gone through like 10 accounts on different websites? There's no fucking way they would be able to find all that shit out. Basically this too >>7462076

[Anonymous No.7462175]

>>7462156
What if I went to the states and pulled out a bunch then came back to Canada, say I won a bunch at the casino?

[Anonymous No.7462200]

>>7462156
what is
>excel.exe
its genuinely amazing that so many people are so actively trading without a fucking clue

[Anonymous No.7462280]

>>7462200
and if the exchange doesn't have an export to excel option? Once I get all my shit together and send it in, some faggot is going to go through it and see I bought niggercoin 30 times?

[Anonymous No.7462282]

>>7461934

>Each time you sell or trade something of value (other than Canadian dollars), you have to report the realized capital gain and pay tax on it.

Shit ... So I'm still on the hook for trading WoW gold for healing potions?

[Anonymous No.7462321]

>>7458707
What's the fee on these? Are they safe?

[Anonymous No.7462326]

Even for a french this is quite high.
33% here if you don't create a one-person business

[Anonymous No.7462334]

>>7462321
Terrible; no.

[Anonymous No.7462355]

>>7462156
did you get some good money at least?

[Anonymous No.7462389]

>>7462326
don't worry, op is retarded. everywhere in canada you're only taxed on 50% of cap gains. so even if you're in the highest bracket for taxation that's only 60% of 50%: 30%

[Anonymous No.7462393]

>>7462280
fucking keked out loud

[Anonymous No.7462403]

>>7462355
Not really, I mean I only put in 150 for shenanagins I'm at 1.5k now.

[Anonymous No.7462483]

>>7462389
its more of an issue if they come after us claiming that its all "income from trading" (which they can convincingly argue if the frequency of trades was high / accounts were very active). Canada has hinted it may do this and if so they will come after the big boys with absurdly high income tax rates.

only way around that situation is to invest in anything and everything which can conceivably be seen as serving a function to the earners trading activity/business thus warranting a tax write off and lowering the overall taxable income

[Anonymous No.7462511]

>>7462403
you don't have to worry about taxes at all

[Anonymous No.7462534]

>>7462403
hey not too shabby. do it again and you're at 15k

[Anonymous No.7462701]

>>7462483
this is exactly what im scared of anons

[Anonymous No.7462768]

>>7458642

Just be an honest citizen and pay your taxes like everyone else does.

[Anonymous No.7462774]

>>7462701
make the investments are get the write-offs in motion. A house and office in Toronto is a damn quick way to spend a couple million.

[Anonymous No.7462798]

>>7462156
The CRA will tell you the same thing they tell everyone that get's fucked by them; keeping detailed records of your finances is your responsibility.

You'll want documentation showing losses. In that example, if you're initial $200 investment went down to 180 first, and then went up to $260, you'll want to only pay tax on the $60, not $80. When audits role around you'll wanna be able to prove your losses.

https://www.theglobeandmail.com/globe-investor/investor-education/ive-lost-my-trading-records-now-what/article34204911/


The last thing you want to do is give the CRA the power to ballpark your gains, cus I hear they like to round up and tack on a bunch of fines.

[Anonymous No.7463005]

>>7462280

Ahahah, I guess so. What a time to be alive

[Anonymous No.7463047]

>>7462768
TAXATION IS THEFT
t. doesnt want to fund a welfare state for mohammed and abdul

[Anonymous No.7463083]

>>7462798
Man taxes are fucking gay. What if I ditch out move to Denmark or some shit that has 0% capital gains on crypto I can take it out there then move back with it?

[Anonymous No.7463369]

Dumb fucks. It works out to 50% of 50%. Just the USD to CAD makes up for most of the losses.

[Anonymous No.7463510]

Until crypto is mainstream I wont be cashing out.
Legit BTC atm or Crypto cards. Travel the world fuck it braaaa. Never giving gov shit afterall my initial was so small.

[Anonymous No.7463574]

>>7463083
Yeah they are, this guy knows >>7463047

As a newcomer to Canada you wouldn't have to pay taxes on cash you bring with you the first time. But as a citizen or permanent resident, any money you make overseas is still seen as income and will be hit with standard income tax upon re-entry into the country. Technically you can get double taxed, both in the country you made your money in, and the chunk that the Canadian government takes. It's meant to encourage businesses not to operate outside of Canada and keep jobs here.

That's why Trump is giving companies like Apple a one-time tax break and Apple is flooding its American accounts with billions of its offshore funds. At any other time Apple would have had to pay a fuck ton of taxes if they wanted to move that money to the States and build a new headquarters or something.

[Anonymous No.7463760]

>>7463574
REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

[Anonymous No.7463930]

>>7458761
Take out money at Bitcoin ATM, start an LLC or S-Corp, launder money with fake invoices for "massage therapy" or some shit that can't be retraced or proven, and pay yourself a modest salary over a few years.

[Anonymous No.7464119]

>>7463760
It only gets worse when the liberals are in charge.
https://www.youtube.com/watch?v=cR9MuNnznFU

Now you begin to know true despair

[Anonymous No.7464121]

>>7458707

are u fucking stupid? Those ATM's require you ID and they give that info to the government

u cant literally be this retarded

[Anonymous No.7464282]

>>7463574
But isn't it okay if you just renounce to your citizenship of your home country

[Anonymous No.7464296]

>>7463574

every family was like that when they came to Canada and became successful tax payers, don't be a cherry picker faggot

[Anonymous No.7464394]

>>7463574
I will move out of this shithole country. Fuck canada.

[Anonymous No.7464748]

Move to Europe? If you are rich why would you want to stay in Canada? Boring, cold, more cucked than Europe
Look into Portugal, Netherlands, Belgium, countries with low capital taxes

[Anonymous No.7464825]

>>7464282
But diversity is our strength tho

>>7464296
Yeah what I said is a new immigrant family doesn't have to pay income tax on the money they bring with them the first time since they aren't residents yet. But if the husband goes back to his home country after and brings more money he made there, he will need to pay taxes on that as global income is still counted as income. Is your reading comprehension ok?

>>7464394
Grass is always greener on the other side, this system isn't really unique to Canada. I've got some buddies that work silicon valley, on wall street, one's at Goldman Sachs, and they all want to come back to Ontario; even if it the pay is lower.

[Anonymous No.7464824]

>>7464748

and spain

[Anonymous No.7464866]

>>7458642
I'm planning on moving to Belarus and declare my gains there.

[Anonymous No.7464919]

>>7464282
Also, doesn't matter if you're a dual citizen or not. Any income outside of canada is still counted and needs to be declared unless you want the CRA to drain your accounts.

[Anonymous No.7464946]

>>7458642
Also I've already talked to tax lawyers (I'm Canadian) and you don't pay 53%. You're paying 50% of 50%. Essentially you're paying 25% capital gains.

I'm in the same boat. I'm holding over 200 btc. I think just leave the country and go to Belarus and declare my stuff there. Then move back.

If you have any ideas, I'd love to hear them.

[Anonymous No.7464971]

>>7464866
Unless you plan to stay there, you're still gonna have to pay taxes as soon as you move that money here.

[Anonymous No.7464985]

>>7464946
>>7463574

[Anonymous No.7465016]

>>7464919
Not if it's income done within 6 months outside of Canada. You essentially have to live outside of Canada for that period of time, cash out off-shore and then the CRA couldn't do anything.

I'm thinking of going to Belarus, have someone wire transfer money to one of their banks and send it to an offshore bank. Maybe even a swiss bank then buy Vanguard index fund or something.

I don't know any other way.

[Anonymous No.7465107]

>>7458642
>Enjoy all your gains gone at 53% taxation rate.
even if it counted as income, thats not even how income tax works you fucking retard.

[Anonymous No.7465120]

>>7464985
>>7464985
That whole 'even if you're outside the country you have to pay' depends on if you declare within the six months you're living outside out Canada. I think it's called double tax. But, again, this only applies if you live 6 months outside of Canada and declare it there. Like Belarus. Live there for 6 months, get 0% tax for taking money out from crypto then move back to Canada. No taxes.

>>7464971
I don't mind paying taxes after my money is in a bank. I don't want to pay 25% taxes on the crypto money itself. Gains made from the stock market, I'd gladly pay, or leave it in a swiss bank and have it wire transfer to a bank here and no one could do anything about that.

[Anonymous No.7465176]

>>7458642
>THEY'RE ONLY GOING TO BE TAXED CAPITAL GAINS?!!?!?!?
we are though

[Anonymous No.7465216]

>>7461440
File fintrac reports idiot

[Anonymous No.7465237]

>>7465120
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/non-residents-canada.html

Nice, that's one way to avoid the tax as long as you don't own property here or have a spouse.

[Anonymous No.7465282]

>>7462483
>Canada has hinted it may do this and if so they will come after the big boys with absurdly high income tax rates.
source?

[Anonymous No.7465284]

>>7464825

> But if the husband goes back to his home country after and brings more money he made there, he will need to pay taxes on that as global income is still counted as income

i misread your statement

[Anonymous No.7465419]

Man I love Americans. And retarded Canadians itt. Im just waiting for the left wing equivalant of these dumbasses going "WHY CANT WE HAVE HIGH CORPORATE TAX LIKE CANADA!" because they are too stupid too look up another country's taxation policies and just assume we are some socialist shithole with insane taxes.
>>7465176
he is trolling and/or retarded. He also doesnt know what income tax brackets are or what provincial income tax is. Could literally make a $1bil income and my marginal rate would only be 47% and average would be lower.
>>7462326
on $250,000 you would get taxed 13.4% in the Province of BC.

[Anonymous No.7465470]

>>7465419
>we are some socialist shithole with insane taxes

you are though

[Anonymous No.7465479]

Hey guys can you tell me how QuadrigaCX works for CAD.

If you think the market is going to go down and you sell your btc for CAD in Quadriga and leave it there is that just like tether?

Wouldn't it be superior to tether?

[Anonymous No.7465873]

>>7465479
The question is if that counts as realizing your gains, or if that's only when you withdraw that money from the exchange.

[Anonymous No.7465909]

>>7458642
yup, being a daytrader is a job. Thats why when the CRA comes around I tell them I'm a young bumbling retard making risky investments with little or no time/research. Not joking.

[Anonymous No.7465926]

>>7465873
>The question is if that counts as realizing your gains, or if that's only when you withdraw that money from the exchange.
yeah I'm wondering that too.

[Anonymous No.7465972]

>>7460325
Withdraw under the table over a long period of time without leaving any paper trail for the CRA to follow. It’s not hard at all

[Anonymous No.7465989]

>>7465470
This except we rank high economic freedom have relatively low taxes just collected differently. Enjoy your fuckhueg corporate tax rate tho.

[Anonymous No.7466003]

>>7461440
> using a bank account
There’s your problem goy

[Anonymous No.7466062]

>>7458642
Fuck leafs

[Anonymous No.7466102]

>>7465989
Leftists have no idea what economic freedom is.
They think Haiti is "capitalist".

[Anonymous No.7466225]

>>7465972
Taking under the table is easy from ATM banks or other places. The problem is putting that cash back into a bank if you want to invest in the stock market.

[Anonymous No.7466256]

>>7466102
do you have a point?

[Anonymous No.7466280]

>>7466256
yes and I already made it

[Anonymous No.7466314]

>>7458642
you need to give that money to those IQ 72 refugees, how else are they going to pay for their 9 children you heartless selfish bastard?

[Anonymous No.7466336]

Tax invasion is illegal

[Anonymous No.7466357]

>>7464121
The one I used only wanted a phone number as id

[Anonymous No.7466383]

>>7466336
Taxation is theft especially in a field where the state did literally nothing.

[Anonymous No.7466449]

>>7466336
It's not taxed until you exchange it for cash.
Thereby, if I cash out outside of Canada, like say Belarus, it's not illegal.

[Anonymous No.7466463]

>>7466225
Take a job. Pay 1:1 the job income for assets. Houses. Stocks etc and pay from your cash.

[Anonymous No.7466489]

>>7466463
I'm a NEET and don't want to work.

[Anonymous No.7466493]

>>7466449
Even than it's illegal, because the tax liability is still in canada.

[Anonymous No.7466527]

>>7466493
Not until I cash out. And not if I live outside of Canada for over 6 months and cash out there.

[Anonymous No.7466554]

>>7458642
>taking an anon seriously with the title LOL
>yet another tax thread
>taxes are never higher than 50% and usually far less
SOMEONE MAKE A FUCKING STICKY

[Anonymous No.7466622]

>>7466554
>taxes are never higher than 50% and usually far less
please talk about stuff you clearly dont know shit about

[Anonymous No.7466633]

>>7458642
You think the welfare caliphate funds itself?

[Anonymous No.7466730]

>>7464121
Not the ones I went to. They only require phone number.

To be even more safe you could just use a burner number not attached to your name.

[Anonymous No.7466756]

Also guys use QuadrigaCX, they do cash withdrawals directly to your address.

Up to $10k at a time iirc.

[Anonymous No.7466777]

>>7466756
Ay what %?

[Anonymous No.7466798]

>>7466756
Quadriga is 500k at a time.

[Anonymous No.7466818]

>>7466777
2% and then $20 for shipping

Also just checked, it's $5k limit per withdraw, and $10k 24hr limit.

Pretty good

[Anonymous No.7466833]

>>7466798
>>7466756
Quadriga owner has been charged with identity theft before

[Anonymous No.7466848]

>>7466798
Yeah that's for cheque or bank transfer only

We want to hide from the CRA remember lmao

[Anonymous No.7466852]

>>7466280
okay....?

[Anonymous No.7466863]

>>7466818
That's pretty good if I ever need liquid money fast.

[Anonymous No.7466893]

>>7466622
what province does Marginal tax even hit 50%?
Quebec maybe. Assuming we are pretending its not capital gains.

[Anonymous No.7466930]

Join us and watch your money grow. We have all the tools you need:',

https://discord dot gg/pbN4G73

[Anonymous No.7466948]

>>7466833
source?

[Anonymous No.7466981]

>>7458642
Okay.

[Anonymous No.7466984]

>>7458707
You’ll die waiting for a confirmation

[Anonymous No.7466986]

>>7466756
I live in surrey tho. Shit is going to get stolen

[Anonymous No.7467119]

>>7466489
Create a 'business' and 'employ' yourself.

[Anonymous No.7467147]

Do you all realize that Quad is sending whatever you have bought or withdrawn to CRA? Do you realize that they are the biggest crypto in Canada and are abiding by the law, to the letter? Do you realize that you need to money launder your money in an illegal way to get it cash to avoid paying taxes? Kijiji or craiglist is a good option to start looking how.

[Anonymous No.7467178]

How do I buy and sell crypto in Canada without the CRA knowing?

[Anonymous No.7467196]

>>7467178
ATM or other places. I knew a guy that would buy my bitcoins at 1% but his place randomly got burned down and I can't get in contact with him anymore.

[Anonymous No.7467233]

>>7467147
or just use localbitcoins brianlet

[Anonymous No.7467333]

if I bought 2k worth of crypto from coinbase will irs come try and fuck me even if i've never traded with it

it's fucking nothing

[Anonymous No.7467362]

>>7467333
if you're canadian probably not

[Anonymous No.7467397]

>>7467147
Lmao if I cash out $250k I just need to pay $55,000. I have no idea what the fuck amount you guys have made. But people talking about leaving the country or laundering are fucking nuts. Laundering is typically for when you make money illicitly and need to clean it. Risking jail time, moving to a shithole or paying high fees to avoid $55k in tax seems nuts to me lmao. And keep in mind I'm going to wager none of you poor cucks have a $120k salary to report either. So you pay like $33,000 making it even crazier.

[Anonymous No.7467455]

>>7467397
>Lmao if I cash out $250k I just need to pay $55,000.
how the fuck did you get this number?

what if they say you are a "high frequency trader" or "professional trader" or whatever and you get charged at full rate

[Anonymous No.7467554]

>>7462175
You would be required to supply a win/loss statement from a casino

That being said, The D casino in Vegas accepts Bitcoin, might be a good way to clean money if you are ok with losing half of it.

[Anonymous No.7467565]

>>7467397
Look, I just want to put my crypto money in a stock exchange and never having to pay taxes for it, alright?
If you can tell me how to do this without having to leave Canada, that'd be great.

[Anonymous No.7467712]

>>7466756
I've tried getting the verification process done and it's been 2 months and it's still in progress...fuck this shady shit.

[Anonymous No.7467717]

>>7467455
>how the fuck did you get this number?
$120,000 income, $250,000 capital in the province of BC. - taxes of just $120k income.
Literally how I actually am reporting except less than half the 250k number.
As I said. No income otherwise youd pay around $33k on $250k here.
>what if they say you are a "high frequency trader" or "professional trader" or whatever and you get charged at full rate
>what if they say you are a "high frequency trader" or "professional trader" or whatever and you get charged at full rate
I am not. this is Canada M80. Not that complicated. This isnt the IRS coming to shoot me for reporting my taxes too accurately. I mean Im not using a TFSA anyway, these things dont mean what you think they mean, and a guy working a 40 hour week whose only paper trail is a deposit in his Quadriga account isn't going to have this problem. Jesus you guys are dense
>>7467565
You can under report. But other than that no anon. Stop being a jew and just pay your taxes.

[Anonymous No.7467767]

>>7458642
M8 if you've made 3 mil from crypto why the fuck would you stay in cucknada? I'd be on the first plane out.

[Anonymous No.7467789]

>>7467717
>I am not. this is Canada M80. Not that complicated. This isnt the IRS coming to shoot me for reporting my taxes too accurately. I mean Im not using a TFSA anyway, these things dont mean what you think they mean, and a guy working a 40 hour week whose only paper trail is a deposit in his Quadriga account isn't going to have this problem. Jesus you guys are dense
Dude if you only deposited it in Quadriga at the start of the year and when the year is done you take out 20x that amount, do you not think they are going to ask questions?

[Anonymous No.7467796]

>>7467554
Just put half on black and half on red. Clean money as long as it doesn’t land on 0. Then you’re fucked.

[Anonymous No.7467828]

>>7458642
>Enjoy all your gains gone at 53% taxation rate.
free healthcare aint free senpai

[Anonymous No.7467854]

>>7467828
Neither are those rainbow sidewalks

[Anonymous No.7467863]

>>7467828
I really wish Canada privatized healthcare like Switzerland has.

[Anonymous No.7467921]

>>7467717
>You can under report. But other than that no anon. Stop being a jew and just pay your taxes.
Look, at 25%, If I were to cash out now I'd be paying half a million.

The thing is that I need that crypto into a bank so that my financial accountant can accept that money from a check and put it in the stock market. I want this to happen without having to pay taxes.

I'm thinking of cashing out in Belarus but idk any exchanges that wire transfer. Or at least, none that I know of that doesn't have insane % rates.

[Anonymous No.7467925]

>>7467767
to Where anon? North Vancouver is the best place to live as a rich man unless you are trying to do degenerate shit.
>>7467789
no. For starters could have literally done that with a single trade, Cad to BTC.
Second of all this is the CRA they won't do shit. Third, there is no evidence on the contrary, fourth nobody here meets the definition,myself included. Seriously tho man ask Can drivers what they report to the CRA and realize they make Al Capone's tax statements look legit.

[Anonymous No.7467976]

>>7467925
*cab drivers

[Anonymous No.7467992]

>>7467925
>For starters could have literally done that with a single trade
but you didn't and they are going to figure that out because the price of btc didn't go up that high in that period of time

another thing, some anon told me to go to my bank and file fintrac reports with the government before I take the money out, that way the CRA fucks off

[Anonymous No.7468008]

>>7467921
Just pay your taxes and sleep well fsggot. You live in the best country in the world at that isn’t free.

[Anonymous No.7468042]

>>7467925
North Vancouver is the best place. I'm glad my parents bought there when it was affordable.

Although I really need to hustle to make money to keep up with everyone else here. I only made 200k on crypto and it's in the tanking stock market right now sadly. I need to come up with something else.

[Anonymous No.7468049]

>>7468008
Stop telling me to pay my taxes and find a solution.

[Anonymous No.7468071]

>>7468049
There is no solution. They plugged all the loopholes and autistic fucks on biz aren’t going to know about one if it exists.

[Anonymous No.7468086]

>>7468049
Pay your taxes you fucking kike it's the cost to live in a good country.

If you don't like it move to america.

[Anonymous No.7468179]

>>7468049
If what you say is true you’ll still pocket 1.7M and be able to live off 6% interest very easily. Stop being such a kike faggot.

[Anonymous No.7468177]

>>7468071
>>7468086
Arrrghhh, useless. I might as well just travel and never pay anything.

[Anonymous No.7468194]

>>7467992

>but you didn't
So? you are allowed to invest. Do you even know what capital gains is? Spending a few hours shitposting on /biz/ doesn't magically make it income taxable.
>because the price of btc didn't go up that high in that period of time
Actually it literally did you newfag. Like exactly 20x almost. Amd Eth Dwarfed kt.
>another thing, some anon told me to go to my bank and file fintrac reports with the government before I take the money out, that way the CRA fucks off
I mean you seem to be paranoid so it will give you piece of mind.
>>7468042
buy property in Surrey anon. We will make it together.

[Anonymous No.7468196]

>>7458642
Canadian here too - seriously? there's so many ways for you to cash out with paying prolly 5-10% of your total $ out, also why do you need to fully cash out - order some shit using ur crypto and then resell it or pawn it.

[Anonymous No.7468232]

>>7468071

>They plugged all the loopholes and autistic fucks on biz aren’t going to know about one if it exists.

its true I already checked, even ATM's cant help you.

Maybe localbitcoins but you have to trust people to not fuck you over, and u literally have to do small batches.

Other than that, you'll have to pay some hefy price to get a good 'accountant'

[Anonymous No.7468252]

>>7468196
Don’t lie. Op doesn’t want cash under a mattress. He wants clean money to invest. It’s not possible.

[Anonymous No.7468282]

>>7468232
But then it’s in cash. You can’t get it into a bank account without raising eyebrows.

[Anonymous No.7468297]

>>7468179
The goal I wanted was to have ~4 million $ in a bank and live off ~4% interest per year in a Vanguard fund index.
Paying my taxes would be a damn bitch, especially with bitcoin recently crashing. I'm just weighing my options.

I wouldn't mind paying taxes but I want to find another way before giving up.

[Anonymous No.7468308]

>>7468194
>So? you are allowed to invest. Do you even know what capital gains is? Spending a few hours shitposting on /biz/ doesn't magically make it income taxable.
What makes you a "professional trader" then?
Is there a certain number of trades?
I mean how do they decide this?
Seems insane, unfair and arbitrary.


>Actually it literally did you newfag. Like exactly 20x almost.
Okay, what if my alts went up 40x.
My same argument applies.

[Anonymous No.7468311]

>>7466986
Hey me to. Just don't be telling anyone you're in crypto

[Anonymous No.7468330]

>>7468282

>You can’t get it into a bank account without raising eyebrows

what? I can put $4000 in my bank account and no one will say shit

[Anonymous No.7468356]

>>7468297
Well you don’t have $4M you have 2.3. So you’ve already failed. We can’t always hit our goals. Just pay your tax faggot. It’s the price of living in a great country. Belarus has no tax because it’s a shithole and no one wants to live there.

[Anonymous No.7468363]

>>7468194
Well I've lost a fair share of my money in the latest market crash, I think I'm going to just keep that in the stock market as a retirement fund and finally look for a job in this city.

Hopefully someone is hiring electrical engineers haha.

[Anonymous No.7468397]

>>7468330
How about $1.7M? Any single deposit over 10k or a certain amount per year triggers cra scrutiny.

[Anonymous No.7468431]

>>7468363
Which city? There is fuck all for engineering jobs in gta because they imported so many of them in the early 2000s. Every job gets 100s of applicants. Peo report last year said only 1/3 grads finds engineering work.

[Anonymous No.7468453]

>>7468356
Look at 1.7 million, with 4% annually, I would only get ~ 68k. Minus ~30% gains on that, I would only get a little over 45k per year.

I want to make 100k without having to do anything. And not paying my taxes would go a long way into doing that.

[Anonymous No.7468455]

>>7468431
North Vancouver ;_;

[Anonymous No.7468482]

>>7468397
>>7468330
file fintrac reports you fucking idiots

[Anonymous No.7468486]

>>7468397

That's why you have to do it in small batches like I previously said. No way you are cashing out 1.7million in 1 go you are a lunatic.

There are so many crooks that left their original country in capital flight. If you actually do live in North Van, im pretty sure you can ask some chink or persian to hook you up with an accountant that funneled in millions of dollars.

[Anonymous No.7468536]

>>7468356
The best countries in the world have the lowest tax/spending rates and the highest levels of economic freedom.

[Anonymous No.7468556]

>>7468330
I did this when i was a bartender. was fine.
>>7468397
no, not $1.7mil
>>7468308
Well on stocks its based on your t5008 forms, other income or job. t5008s dont exist in crypto so it would be insanely hard for them to make a case on that. Best you can say is you made a few trades as a hobby got super lucky and made it. They cant really say anything to the contrary as Crypto isnt a proper security. If you have a fulltime job that constitutes most your income they have an even weaker case.
>>7468311
Sorry foe your loss anon.

[Anonymous No.7468562]

>>7460325
fuck paying for jamar and jafar to pump out more babies from their multiple wives
im going to be taking my gains and making that life a reality for myself instead of subsidizing it for some mountain goat fucker from the middle east or africa with a double digit iq because the kikes tell me it makes me a good goy

[Anonymous No.7468567]

>>7458642
>get friend from another country to start company there
>he hires you
>he pays you with money you wire him via privacy coins

how is this hard

[Anonymous No.7468598]

>>7458642
Seek refugee status in Singapore.

[Anonymous No.7468698]

>>7468556
>Well on stocks its based on your t5008 forms, other income or job. t5008s dont exist in crypto so it would be insanely hard for them to make a case on that. Best you can say is you made a few trades as a hobby got super lucky and made it. They cant really say anything to the contrary as Crypto isnt a proper security. If you have a fulltime job that constitutes most your income they have an even weaker case.
interesting
thanks for that


dont I have to file all of my trades though from every exchange?

[Anonymous No.7468741]

>>7458642
You have options anon. As long as your not a us citizen or holding a US passport what I'm going to tell you will be gravy.

Open a bullshit company in hong kong. Doesn't have to be a legit business, doesn't even have to make a dime.

This will entitle you to a personal HK bank account. Since there is no capital gains tax, you can convert your crypto to bitcoin/ether and sell via bank transfer at very low fees.

At the end of the year claim it as short term capital gains and pay 0%. Granted you need money for a few flights back and forth and pay a few g's to have a company do the paperwork but that's a fraction of what you would have paid the government of cuckada.

Only bad thing is you can't bring the money back to canada without being audited/taxed, but you could live/retire in some country that doesn't tax incoming transfers from abroad(there are dozens).

[Anonymous No.7468916]

>>7468741
>Only bad thing is you can't bring the money back to canada without being audited/taxed
kind of defeats the purpose

I dont want to live anywhere else

[Anonymous No.7468926]

>>7468698
I dunno, Im not going to, just a quick book. This is the CRA as I said, cab drivers and the likes always lie and this is even easier. if you are borderline its worth risking it to look less daytradery. But anything that could be a reasonable interpretation will at worst case scenario incur fines or interest that are worth the risk.
Also forgot the third thing they look at is source of funding. Obviously if you are running a fund or investing otherpeoples money it isnt capital gains, likewise with margin trading(typically) for some reason, whereas solely using your own savings looks good.

[Anonymous No.7469005]

>>7461903

you'd get audited for even a single 3k withdrawal

[Anonymous No.7469010]

>>7468562

fuckin 59 IQ /pol/fag

im not trying to get ubertaxed either but thats some next level cope

[Anonymous No.7469070]

>>7468926
If they flag and audit you, will they continue to audit you every year after that?

[Anonymous No.7469149]

>>7458642

If you're an "active trader" which is an extremely loose term, you would be subject to taxing it as a Business Income. AKA taxed 100%

The nose knows

[Anonymous No.7469187]

>>7469070
Oh yeah. And you have no idea.

I can't say much about where I work but I can't guarantee you they will verify every tax you are going to make, any 'error' mistake will be assessed and if you don't pay, collection will call on you or they have the LEGAL right (and they do it, very often for people who are making 75k and more) CRA will automatically do your taxes for you (obviously, they will screw you).

One thing I have learned, if you try to bypass CRA, do it smartly. If you overdo it, they gonna get you until you die.

[Anonymous No.7469281]

>>7469070
no idea, My knowledge is only really around policy, and not much to do with crypto even.

[Anonymous No.7469303]

>>7458642

Not canadian but I just realized that my goal has always been to make 1 million and to make 1 million (and actually have 1 million) I need to have a portfolio worth of 2 million.

Fucking crazy.

[Anonymous No.7469335]

>>7469187
Also wanted to add something, you can joke about anything in Canada. Sweet country, nice people but one thing for sure they aren't nice is people making 75K per year. Those people are targeted (by the system) and they will do everything to make your life miserable if you don't produce your taxes or 'forget' to report any income they have.

Under 75k, they don't care about you. They will give you your 1k-4k return. That's pocket change. They are not bothered with the little people but trust me, more than 70k. You gotta watch yourself. (and all that, I am talking about invididual tax, not business, that's another UGLIER STORY).

They want your money, you think you live in Canada for free? If they don't get your money, for them, its Ukraine 2.0 so they need your money BAD.

Source: I am talking about someone who _knows_ the system. I won't get say where I work but you can guess easily.

[Anonymous No.7469417]

>>7469335
Honestly I'm wondering if it isn't better to just live somewhere else. I love Canada but being taxed this much is just annoying.

[Anonymous No.7469440]

>>7469335
what are you talking about? CRA isn't even law enforcement like IRS. Also why can't you fags share your information with insurance companies and the likes so we can lock pajeets the fuck up.

[Anonymous No.7469447]

>>7458761
Local bitcoins
Craigslist
Btc atm

Launder through a casino - gambling winnings are tax free in Canada

[Anonymous No.7469515]

>>7469417

That's my goal also. This country is good as a stepping stone to get wealth, not living. The system is there to make you work 9-5, pay taxes and get sucked into it until you die. It's by design. If you have money, I suggest you trying Europe ( I lived there 3 years). It's 100% way better than Canada. Weather, food, people. But Europe is the same thing like Canada, 9-5 jobs and even lower pays. But if you have money, and can live from it and open a business. Then my suggestion, go there. Or Dubai.

[Anonymous No.7469600]

>>7469187
>Oh yeah. And you have no idea.
holy shit that's retarded

they will audit you EVERY FUCKING YEAR?
What if when they audited you, you came out clear with no problems?

[Anonymous No.7469606]

>>7469440
Never said its law enforcement but they will make your life until you die miserable. They will hold and freeze your bank account or from your 9-5 job, will withdraw 20% of your cheque until you pay the amount due. Trust me, there is so many ways they can get you.

Obviously, you won't go to jail but good bye child care benifits, GST every 3 months, or provincial programs. Also, good luck asking for a jewloan to buy a house or etc.

Like I said, I won't say where I work exactly but Collection Dept ain't no joke.

[Anonymous No.7469656]

>>7469606
but I plan on paying my taxes
I just dont want to be charged as a "professional trader" at the full rate
what classifies someone as this?
it sounds arbitrary and unfair.

[Anonymous No.7469747]

>>7469600
Your SIN number will be flagged until you die. Doesn't mean you will get audited but you are flagged. If you make a single mistake (forget to report your T3, T4, T5001 any form) - they will automically assess you without giving the benifit of the doubt and ask you to provide proof of all income reported. If you fail to do so, they will put penalty + interest (big time) and you will be forever in debt with them. So once you get caught, declare everything and KEEP records of every bill/slips whatever - . Hope I was clear.

I won't answer any more question regarding CRA - just be smart. Govt gives you the benefit of the doubt until proven the contrary.

[Anonymous No.7469756]

>>7469515
I was thinking of heading to the Philippines for fucking girls for pennies and being treated like a king. I've always wanted to know what it feels like to have a girl's life in your hands. Or retire in Montenegro. Poland is also an option when Europe crashes and Muslims take over everything. Dubai is a tax haven but it seems too hot to live there. Not sure if living there is good.

But the problem is that I don't want to just hold my crypto. I want to invest somewhere and have it grow and there's no reasonable way of doing that without paying taxes.

[Anonymous No.7469788]

>>7469010
>t. achmed
youre not gonna make it

[Anonymous No.7469857]

>>7458642
That's what I have been saying all this time here. It doesnt matter if capital gains tax is low. Most countries that have different taxes for active trading will fuck you. If you make 6 to seven figures in a year with trading and dont have any other job it is considered your main professional activity and you will get raped. Look for a country with low income taxes

[Anonymous No.7469880]

>>7469606
>if you don't pay your taxes they make you pay it, with interest, and any fines
No shit really? I thought taxes were optional!?
>>7469656
in your case you get the benefit of the doubt. As I said it is fairly clear with stocks, but crypto is a mess. If you have a fulltime job that supports you, dont over aggressively daytrade, or have investments from loans, margins, credit or other peoples money, it's a hard case to say its not capital gains.

[Anonymous No.7469946]

>>7469747
>Doesn't mean you will get audited but you are flagged. If you make a single mistake (forget to report your T3, T4, T5001 any form) - they will automically assess you without giving the benifit of the doubt and ask you to provide proof of all income reported.
so basically if you are flagged, make sure you do your taxes properly each year or else they will audit you again, if you do it properly then they won't audit you?

seems reasonable actually.

[Anonymous No.7469976]

>>7469880
>If you have a fulltime job that supports you
what if I quit my job and live off my gains?

[Anonymous No.7470030]

>>7469976
don't do that until you are safe from the taxman.

[Anonymous No.7470328]

>>7469976
The faggot taxman assumes you need a job to survive and if you dont have one and you make your living trading
"Well that has to be your job then" t.taxman

[Anonymous No.7470349]

What's this "Withdraw under the table" thing?

Can't I just withdraw to bank and then from ATM?

[Captain Canuck No.7470356]

>>7458642

Audit your buying history from any site you traded CAD -> Crypto.

Audit your trading history on any exchange you actually verified with IDs.

Hopefully you did the majority of your trading on an exchange without your ID attached to it.

Find out exactly how much Crypto the government knows you bought.

Find out exactly how much Crypto they know you have from trading on verified exchanges.

When you go to cash out, sell exact amount of coins that you've calculated.

"Fully cashed out of crypto"

Pay taxes on portion

Have cash and remaining crypto

- Captain Canuck

[Anonymous No.7470464]

>>7469010
Good goy