/biz/ - Business & Finance

I would like to know too

>>17317337
>thinking you can cash out

>>17317282
I knew a guy that talked about using bitcoin ATMs to cashout a few thousand whenever he needed it. No idea if he did it, or if he reported any of his gains, he ended up moving to Thailand.

In terms of doing it legally, there's not really any option. It pisses me off too because I'd easily invest through my TFSA if I could, but none of these boomer exchanges let you own LINK through them. It's like wtf, why do these institutions get to have the authority over what kind of investment I put in my TFSA, but alas this is par of the course for leaf land, getting cucked on the daily by regulatory captured oligarchs is the Canadian way.

>cash out
Kek he fell for the meme

>>17317282
Capital gains is only on half. So at worst you lose 25% of your stack. I will either use localbitcoin or businesses such as vancouver bitcoin.

>>17317282
I’ll buy your link for cash

>>17317282
Convert it into btc and buy silver

>>17317282
Steaking is the answer. Shouldn’t be taxed capital gains on that.

>>17317282
Kraken. Easy CAD wire transfer.

>>17317410
Thought about that too, but not sure I’m willing to trust for a big amount of $$

>50%
Are you dumb? This isn't Germany.

>>17317430
this. also buy old silver and claim you bought it back in the day for peanuts. either way, bullion isnt taxed in Canada.

Copyright 2014 The Atlantic Gold and Silver CentreM A R C H 2 0 1 4 N E W S L E T T E R –E D I T I O N 1 , V O L U M E 1SILVER MAPLE LEAFS ENJOY CAPITAL GAINS TAX EXEMPTIONWritten by Kevin D.As a Canadian,andaprecious metal investor, I've wondered about the issue of capital gains taxes on bullion for a long time.Afterreviewing the Canadian Tax Code recently, I have discovered that my primary precious metals investment vehicle, 1 oz Silver Maple bullion coins,are in factexempted from capital gains taxes.Essentially, any coin that was purchased for under$1000 and also sold for under $1000 is considered Listed Personal Property (LPP) under the Canadian Tax Code. LPPis a specifictype of Personal-Use Property which would include such things as a boat, car, or furniture.The only attribute that distinguishes LPP fromPersonal-Use Property is that LPP would generally be expected toincreasein value over time, (such as in the case of jewelry, rare art, a stamp collection, or coins)whereas Personal-Use Property tends to depreciate(as with a boat, car, or furniture).

>>17317532
buy silver you expect to sell under $1000 and you avoid capital gains tax.

>>17317576
Ok so how do I convert BTC to silver?

>>17318072
https://silvergoldbull.ca/payment#

>>17317282
google local company for btc to cad

edit: Looks like Reddit took over. Thank you for 4chan Platinum stranger!

Only a retard unloads in here.
Start a company abroad in a tax haven through legal counsel and open an account in a well known exchange using the credentials of this company. Move your funds there, sell for fiat. Withdraw as necessary but start a bank account for that company first if you're withdrawing your fiat.

>>17317282
OP im in the same exact boat as you fren. I'm from Ontario. I think Gemini is the way to go.

>>17317532
How would you go about getting the bull in your bank account?

>>17317430
>>17317532
>>17317576
>>17318072
>>17318139
Tax avoidance is a serious crime.
>>17318742
>Move your funds there
Can work but unless you do a swap of some kind, you will have to pay the capital gains tax before you dump the property into the off shore company

>>17319031
Fuck off nigger I'll just say I didn't know I had to pay taxes

>>17319031
>sending crypto to an exchange is taxed

>>17319085
um.. no, sweetie, that won't work
>>17319111
>I have not heard of FMV and ACB

>>17317282
Its not half its like a quarter, it stucks but still.

>>17319653
i have no idea what you're going on about. you deposit crypto to the exchange under your offshore corporate entity, trade it for fiat, then deposit it to the corporate bank account. it's not like it's subject to canadian taxes.

>>17319904
Curious to hear a rebuttal to this. Seems too good too be troo

cahs out?

BUY MORE YOU FOOL

>[rubbinghandsintesifies]

I think I like the offshore idea the best. Basically money laundering but better than giving free linkies whichll end up in Canadian trans rights, thanks bros

I moved to NB because of this
10% federal atlantic tax credit on business investment
50% provincial tax credit

>>17317430
>>17317532
how do you cash out your silver?
liquidity is shit and any business like the bullion exchange will give you horrible spreads - so that you might as well have done it legally or used bitcoin ATMs instead.

>>17318139
This works but only good for small amounts/ making a precious metals portfolio. I've only cashed out 600 bucks at once and a total of a 1k in a year. They need verification on large purchases. So keep it under 1k for the first purchase and just do it every month. If they ask for verification cancel the order and hope the tax dicks don't reem your asshole. I've been fine for the last 3 years but then again my situation is completely different , virtually the tax dicks would have a bad time taking me to court to even bother.

>>17320607
>I moved to NB because of this
>10% federal atlantic tax credit on business investment
>50% provincial tax credit
More about this please.
-Your crypto holdings are considered a "business investment"?
-50% of... ? & In additional to the 50% deductible on capital gains that is applicable in the rest of the country?

>>17317282
Why would you want fiat? It's absolute worthless garbage.

>>17317282
Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare. Coinsquare.

>>17320688
you can usually find someone locally who'll buy at spot price

This fucking thread is seething with CIA GLOW NIGGERS. DIRTY FUCKS FUCK YOU FOR GETTING THESE DUMB NEETS TALKING

FUCK
YOU

>>17320688
>how do you cash out your silver?
Local buyers that aren't actual dealers. Coin shows sometimes can be good places.

>>17320793
What's so great about coinsquare? I use it, but it won't help you with taxes.

>>17320809
Just report your taxes on your own kek

>>17320836
This thread is about ways to avoid crypto taxes for leafs, retard

>>17320803
Well dipshit if you could have read the thread you'd notice this leaf land specific so no CIA glowies here. CRA and CSIS are more likely.

>>17320855
O...
right...
only retards plan to not pay tax

Imagine planning 50% of whatever you hold is going to be gone lol. What the fuck is the point then

>>17320920
KYS CRA faggot

the only people who get charged for tax evasion are big fish. All the cases are listed on the CRA website, and they are in the order of the millions of dollars. The system is too overloaded with typical chink activity to deal with crypto fags.

https://www.canada.ca/en/revenue-agency/news/newsroom/criminal-investigations-actions-charges-convictions.html

>>17321052
Well my hope just grew a bit. Maybe the chinks were useful for something after all

>>17321098
Yeah there is like 1-2 million of them just in Vancouver and millions more abroad who somehow have passports involved in all kinds of fraud.

>>17317410
>using a transparent blockchain to avoid taxes
enjoy getting ass raped by trudy when they hire a chain analysis firm

>>17320953
It's 50% of the taxes that CAN be taxed. Of that 50%, you will pay between 0% and 35% depending on your tax bracket.

>>17320700
How did you get the money in the bank?

>>17317465
>50%
Link is considered a utility token in Canada, this is a separate asset class from one where you would pay capital gain like a commodity or the derivative of a commodity (e.g. the contractual right to Bitcoin on an exchange). Every time you buy and sell LINK you owe tax on that transaction. If you traded your entire stack back and forth several times you could easily owe more tax than you had in LINK

>>17320749
when I'm cashing out, I'm going to start a business
when I have to pay tax I'll get some of it back

>>17321713
you only owe taxes on profit, if you lose the money that u made in that transaction then you dont owe them money.

>>17321826
nope, LINK is considered a utility token, not a commodity or a security
you owe 5% GST on every single transaction in addition to any capital gains.

>>17321713
source?

>>17321898
>he sucks CRA cock so much he reports untraceable trades

>>17321906
123(1) of the Excise Tax Act exempts “virtual payment instruments" (cryptocurrencies) from GST with the exception of "utility tokens" (LINK)

>>17321982
Hol the fuck Up that's new to me. So these stupid 1% trades I've been making have made me exponentially poorer? Fuck me I'm never cashing out in Canada or declaring shit

>>17321982
Post a gouv link

>>17321982
but what if you bought LINK before that law came into place?

Alts to ETH through Uniswap, then transfer my ETH to Shake pay and cash out through e-transfers.

>>17322237
https://fin.canada.ca/drleg-apl/2019/gst-hst-tps-tvh-l-bil.pdf
In an earlier draft they explicitly named "utility tokens" as an exception, but in the current draft they don't explicitly name them but utility tokens like LINK would still fall under exception (a)
and although this isn't a new law, it is clarifying a grey area, so it is essentially retroactive (people should have been paying GST on utility token purchases this whole time)

>>17322294
I'm thinking it's larp. Exchanges don't charge us 5% upon purchase. The only thing I found about this is a proposal for some shit I'm too low IQ to understand

>>17322367
I don't think there any Canadian exchanges that offer any utility tokens. If they do though, they should be charging GST, and if not you are supposed to be self-reporting it. Regular old cryptocurrencies where previously in a grey area, but now they are specifically exempt from GST
This is still a draft, but the spirit of their intent is clear and as it is clarifying a current grey area, it will be mean that you really should have been paying GST on utility token purchase all along once it comes into effect

I got to be honest with your brother. I push the limits with my TFSA. I am border-line day trading in it. It's close to 180k. I lived in SK as an English Teacher, and never paid taxes in either country. I have a paypal account filled with money that I got through selling garbage from aliexpress. I grow marijuana plants indoors year round and about 10 outdoors. I even breed pure german shepards. I haven't had a real job since 2017. Unless you consider the time I took a job at Amazon for a blue badge, and instantly went to the dentist and got glasses then quit. I still get checks for 90 bucks every other month from Ontario Trillum benefit and I regularly make cash deposits. Guess what? Not a fucking peep from the CRA. Unless you are making >100k a year and operate your own business. No one cares about your fucking shit crypto gains as long as you cash out slowly. Go on Kijiji and put a free fucking ad saying you are selling crypto for 1% < CMC rates. Cash only. You will get bites. Fuck man. Relax Change your name to Manish Singh and you can literally print counterfeits. Canada is a joke.

>>17322315
So they dont explicitly name utility tokens, but expect us to pay gst on it?

Canadians can use Coinbase linked to Paypal this really isn't rocket science.

Also 50% Canadian capital gains tax is a myth for people who don't actually understand the tax system.

I know a place in Europe where you can have cash for your coin for a 1.5% fees max 25k a day

It's Canada they can literally tax you on fucking bartering here, based on what they determine the value of your itemd to be

>>17322578
>confers a right, whether immediate or future andwhether absolute or contingent, to be exchanged or re-deemed for money or specific property or services orto be converted into money or specific property or ser-vices,
is a catch-all way of saying utility token

Tachyon Protocol (IPX) is a decentralized internet protocol that aims to create a Libre, Secure and Private Internet for you. Based on Tachyon Protocol (IPX), the Next-Gen VPN, IoT, DeFi, Storage, CDN, DNS and other Apps will benefit 900 million users at least.

Great advice, i used some of my profit to diversify my portfolio, and increase my stack of tachyon protocol IPX because it is a hidden gem #buyandhodl

>>17320350
That will work if it is a new purchase by the off shore company. Also, I am pretty sure that the company has to engage in actual business on a semi regular basis for CRA not to look at it.
>>17321052
>>17321125
Not necessarily. If your taxes look fishy they will just flag it and start gathering evidence and put in the hopper. Tax man will get his pound of flesh. Also, if you are selected for an audit, It is up to you to prove you don't owe what CRA says.

>>17322518
Ayylmao I know you're not larping because I work for Amazon

>>17317282
I know a guy who buys bitcoin for cash or metals. Maybe find somebody like that.

The best low risk investment with massive profit potential right now, is tachyon protocol IPX, don’t miss out .

>>17317282

Ontario here.

Good friends with an investment planner who works at one of the top banks, he said the CRA and bank have zero knowledge of cash outs for crypto into banks. Investment planner is also a trader.

If you aren't doing some huge amount at once you will be fine.

>>17324047
Last two years when peak kicks off I always apply and demand blue badge. Wont be happening anymore for me. Other people I pushed told me you go straight to white badge. Too many people were getting the job using their PTO and massage therapy at rub and tugs and quitting. Hilarious if you ask me. BELL call centers used to have an 8 wk training course back in the day where you would get paid and then you would work a day and quit as well. Get a paycheck for sleeping and watching sexual harassment videos.

>>17324712
What about a few 5k over a few days would that trigger anything? Also would you know if you triggered anything? Like frozen account?

>>17323648
I was pointing out criminal charges, sure if you get audited you pay but not charged

>>17324712
You could do this. But you are still leaving behind a paper trail.
CRA may flag your SIN and start gathering evidence over the years. Then bring down the hammer 10-20yrs down the road.

>>17325055
structuring is illegal and if you get pinched it would be hard to explain multiple deposits below the 10k trigger.

This is one of the ways they nailed Mike "The Situation" Sorrentino.

>>17325113
You will pay hefty penalties, back taxes and interest charges. Maybe a tax lawyer and/or accountant can negotiate it down to just back taxes but you will be on the CRA watch list for the rest of your life.

is it possible to move to america and become an american and cash out there without paying canadian taxes? fuck this country I want a gun and i dont want my taxes going to trannies

>>17325376
crypto is also taxed in the US retard

>>17325487
right I know but I dont want to be double taxed. Isn't the cost of living and the tax rate much lower in certain states? I cant afford to retire with cambels premium soups being at their current price

Pay your fucking taxes goofs. You know if everyone had the same mindset of trying to avoid paying taxes there would be no money for roads, healthcare, welfare, student grants etc. etc..
I'd report all you to the IRS faster than you could say tax cheat. Scumbags thinking they should keep all of their profits like the greedy little fuckers that ya'll are

you pay tax ON 50% of your gains, you don't pay a blanket 50% capital gains tax on all your gains you fucking idiots read past the bold numbers in the google search you did for CAPITAL GAINS CANADA


50% of your gains are taxed according to your overall income. 50% are yours to keep tax-free.

>>17326235
>muh roads
>muh gibs

Yep, poster child for free and on demand abortions with complimentary tubal ligations.

Smack your whore mother across the face for me for not swallowing you.

>>17317282
You will get raped by the CRA at some point if you were swing trading. More so if you did this over a period of years.

If you've only been buying and have records, then a good tax accountant can probably get you by with the fines on the appreciation of the BTC/ETH you purchased it with and if you were quick in converting from fiat, these will be minimal.

If you fuck around and get caught later through chain analysis, prepare your asshole because you will end up owing the taxes on it at zero adjusted cost basis + possibly having it count as income (because swing traders are professional traders) + nominal fines + having to pay accountants. Works out to about 70% of your gains before labour costs.

If you did it all by the book then do shit like max out your RRSP, then you will probably pay around 23%. Likely 25% when you factor in the currency conversion if you have to use a larger exchange to accommodate a serious sum of money.

>>17326290
Why the fuck should 50% of my gains me eligible to tax?

Looking for a low-risk investment with massive profit potential then check out Tachyon (IPX).

>>17326235
Please be a troll... I don’t believe that a retard like you could’ve found /biz/ let alone figure out how to post on 4chan.

>>17323415
>>17323640
>>17324451
>>17326997
KILL YOURSELF

I have a question about crypto to crypto in canada.

Let's say you buy 1 btc for $300, then later you trade that same 1 btc for some altcoin. Btc is now worth 15k, so you have to pay taxes on that gain (100 to 15000). But what if that altcoin crashes down a day later, what happens then? Would you sell it to make it a capital loss to off set it or what. Or lets say you just held it, would that mean you pay capital gain tax on the (100 to 15000) despite it crashing a day later?

>>17325157
How could it be illegal for someone to deposit their legally obtained money in their bank account in bits instead of all at once?

>>17326290
shitt, i always thought it was the latter. i dont even mind paying taxes now, that sounds like a bargain

>>17327123
btc to alt coin a 1:1 trade

like at the time 1 bitcoin if it were to get you 10 ethereum you wouldn't have made any profit or lost anything cause you just transferred bitcoin to another program

>>17327200
You still pay capital gains tho

>>17326843
what is income tax

>>17327200
This is wrong.

The BTC to altcoin transaction is treated as BTC => 15k => altcoin. So you pay for the gain on the 15k. If the 15k worth of altcoin crashes, you can deduct the loss.

>>17326389
I've fucked with trading coins a tiny bit, fairly confident overall I'm at a capital loss so not gonna bother reporting it. If I ever cash out my plan is to just convert coins to some privacy coin then back to BTC to sell then pay capital gains from my original purchase price to my cash out price and hope for the best. Hope likely am I to get absolutely fucked. I probably made like under 10 trades in 2017, and maybe about 5 trades in 2019.

>>17327152
>tolerating taxes
Imagine being a docile sheep who enjoys being fleeced. The government is literally taxing me for bringing in more money into the country. I am likely to spend the vast majority of it inside the country thus doing my part to stimulate the economy, they should be fucking paying me.

>>17327357
How would you deduct the loss if you just held it, since capital loss counts from crypto to crypto or crypto to fiat. Unless there somethin idk about

>>17327528
Well you could trade into a stablecoin and back to trigger the loss.

>>17317432
>Steaking is the answer
This. In Canada, mining crypto counts towards income tax. Should be the same for steaking.
If making a large purchase, don't cash out to fiat. Just pay in bitcoin. Should be doable in the Canadian province of China

>>17322367
Definitely a LARP. Faggot can't provide sauce and is clearly bullshitting.

>>17322854
>utility token
https://www.merriam-webster.com/dictionary/utility%20token

Look retard:
>a digital token of cryptocurrency that is issued in order to fund development of the cryptocurrency and that can be later used to purchase a good or service offered by the issuer of the cryptocurrency

>purchase a good or service offered by the issuer of the cryptocurrency

The issuer of LINK is NOT who you are purchasing from. You are purchasing data from Node providers who are independent of the LINK issuer.

>>17325142
The statue barred date for peronsal tax returns is 3 years from the date they're filed. They can only open a tax return after that date if they have definitive evidence of fraud or gross negligence, but it is very very rare.

>>17324712
I’m sure that’s fine with like 10k or less

I’m talking about 200k or more cash out

>>17317282
you thought you could leave flavortown so easily?
ngmi

>>17329681
The fuck would you need that for?

Also just perform a section 85 rollover with your family and declare them as owners and cash out your personal exemption each year. That way you don't need to pay tax at all. You people crying about not being able to cash out muh 100k amounts are absolute degenerates who weren't going to make it anyways. That being said if you blow all that cash on hookers drugs and traveling the cra can't do much when you don't have any assets. Tax evasion is a civil crime you can't go to jail for it

>>17326235
Jokes on you. Our politicians pay $10 million to a terrorist whenever they kill one of your soldiers.

>>17328311
>>17328339
I provided draft government legislation and your source is "merriam webster" lmao

>>17328339
and even going by your definition you can see that what is in the draft legislation
>confers a right, whether immediate or future andwhether absolute or contingent, to be exchanged or re-deemed for money or specific property or services orto be converted into money or specific property or ser-vices,
is much, much more general as it doesn't specify the issuer