/biz/ - Business & Finance

>>29719868
Bullish for XMR

>>29719868
taxes are 15%

50% of capital gains are taxable
highest tax bracket is 30%

30% of 50% is >>> 15% tax on your gains

Many of that money goes to impoverished third worlders seeking a better life, you should feel good about it and not care so much about material possessions, 270k is still a lot, come on dude!

itt anon doesnt understand taxes

>>29719868
You are retarded. 50% of capital gains is TAXABLE INCOME, not literally what you owe in taxes.

>>29719980
Highest bracket is over 50%

>>29719868
Cash out 49k/year

>>29719868
>being this retarded about tax law
ngmi

>>29719868
lmao you will owe more, because crypto gains are buisness income, so the 10% rule applies, which means you will owe the gov 90% of your gains

>>29720188
>>29720282
>>29720382
??????

>>29720577
Kek

>>29720577


>you invest 1million dollars
>your coins turns it into 2 million dollars
>your profit is 1 million dollars
>you get 50% of that is TAXABLE
>you made 500,000 income
>say tax rate is 40% at 500,000> bracket
>500,000*.4 = 200,000
you pay 200,000

>>29719868
imagine paying taxes to a faggot commie government

gotta leave NZ before I cash out

>>29720810
This right here. Idk why it's so difficult for people.

>>29719868
1.) don't cash all of if out in one year
2.) if your income from other sources is low, you'll be in the low end of the tax bracket until you sell too much (point #1)
3.) taxes go down once you hold for more than a year
4.) it's 50% of the income that is taxable, meaning not 50% of the income is taxed.

>>29719958
>anon where did you get this 1 MILLION dollars
>Uhmm uhmmm... NIGGERS
Yeah I am sure that will go over well.

>>29720098
>impoverished third worlders
No it doesn't. It goes back into the pockets of rich people.

>>29721028
what if you traded a lot and your income is considered business income

then it would be 100% taxable right?
does anyone know the highest tax bracket for businesses in canada?

>>29720098
You need to make haste and kill yourself if you really believe that.

>>29721028
There must be some sort of way to get crypto into your TFSA...

>>29720810
Lmao smart fucking kid

>>29719980
>capital gains

Declare it as business income unless you're a long term buy and hold investor or you want to risk an audit.

>>29719868
Bnb doesnt require to give any id. I can think of 7 ways to cash out without id. Wtf are you doing anon

>>29719868
BTC >> Monero >> NuCypher >> BTC >> 50k over 10 year with reinvestment

>>29721102
Free education and healthcare for third worlders is THE LAW. Maybe in some roundabout way it benefits the (Jewish) rich but don't act like straight money isn't getting dumped on niggers just for being niggers you leftist fag.

>>29721143
then 100% of the income is taxed at your marginal rate, and the top brackets are often above 50% depending on province
do everything you can to ensure your crypto stays classified as capital income
crypto to crypto is also considered a taxable event in cucknada as well

>>29720188
They dont get it. Unless you trade daily like a degenerate only 50% of your profit is taxable so in your case 125.5k . Peanuts>>29720382
Lol stfu stupid idiot fuck u dont know shit

>>29719868
I've already accepted you can only cash out so much each year. Thats fine with me. I wont work and they're forcing you to hold for bigger gains. If you really think crypto is dead would be when I would sell it all

>>29720239

You don't have to report then? I can live w that.

>>29719868
Taxation is theft

>>29719868
>Paying anything in taxes to this illegitimate stolen government

I'll pay taxes when Trump is in the white house

>>29721504
genius

>>29721734
Qtard pls go

>>29719868
Newfag retard here. Serious question:

Can you feasibly just move out of Canada, in the case of OP, and move to a relative tax safe haven like Singapore or other southeast Asian country to not have to deal with this shit? I'm in the U.S and though it's not nearly as bad as Canada, the future is not looking good. I hate this country and all the nig worshipping degenerates here anyway so I plan to move. Can i escape this buklshit when i make it?

>>29721252
tfw I already maxed out my TFSA

>>29719868
I'm in Colombia, no taxes.

>>29719868
Just incorporate overseas bro
Tell the taxman you lost your crypto in a boating accident lol

>>29719868
>>29719868
>>29719868
What I want to know is, how are taxes calculated if you make "gains" trading one crypto to another (say from some alt back to ETH on uniswap), and then ETH nosedives to near worthless before the end of the year?

For example, what happens if buy $5000 worth of ETH, trade it for an equivalent amount (minus gas fees) in some shitcoin on uni, that shitcoin balloons my investment to $500,000, and then I trade that back for 500k of ETH. Then for whatever reason, ETH's value crashes to 0 and I don't get a chance to sell.

Am I still on the hook for all those taxes on gains? How does that work?

>>29721802
I suppose he could IF he didn't cash out long enough to become a citizen of another country.

>>29720098
How will humanity ever progress if the rest of it can't tie their shoes? Why should they? How will saving people who don't want to change progress humanity in any way?

>>29721802
I did and it worked fine

>>29722053
your losses are deductible so your 500K loss would counteract your 500k gain iirc

>>29721802
do you have to become a citizen to create a bank account in the other country?

>Finally make it at 1 million
>live with roommates in a cheap rent
>eat frozen pizza, play video games and eat cheetos, life goes on
>cash out 45k yearly to sustain yourself for a lifetime
>pay for service in btc
>eventually wait for a housing market crash to buy a house
>dont need a car cause car ownerships is a wagie scam
>hire uber to travel
>enough for luxury vacation in cuba twice a year
>be the happ

>>29721845
I'm only 23 so I haven't really had the opportunity to max out my TFSA yet. Is it worth it? Why not just buy crypto?

>>29720810
thanks

>>29722222
mirin them digis
I plan on doing this as well

>>29722334
>car ownership is a wagie scam
biggest redpill itt

>>29722334
>market crashes before you can cash it all out
Well anon?

>>29722450
Drive a car to our date?
Of course not honey, let me call my “Uber” vallet, he works nearly for free.

>>29722544
>never get to fuck in an expensive vintage car
>always have to ride in the back of some pajeet's or arab's shitmobile
>she will be eternally unimpressed
Disgusting. Enjoy your borderline public transit poorfags.

>>29720810
did he have to be so damn aggressive to mickey? fucking kek one of the best versions of this i've seen

>>29721252
RIOT, HIVE.V, GBTC, the list goes on

>>29721605
>Unless you trade daily like a degenerate only 50% of your profit is taxable so in your case 125.5k
>>29720188
>You are retarded. 50% of capital gains is TAXABLE INCOME

Am I retarded?

I always thought gains are 100% taxable or is this a discussion for non Burgerstanians?

ie they are capital gains and follow capital gains rates (either short or long term)

I might not be horribly fucked this year in taxes due to being an idiot and trying to swing (made some still but those taxes).

https://www.hrblock.com/tax-center/income/investments/how-to-figure-capital-gains-tax/

>>29722334
No planning for kids, thinks crypto won't go to bear, carcel for life

>>29722277
Even if you don't realize said losses? That's good to know.

>>29722053
>don't get a chance to sell.
>>29722277
>your losses are deductible so your 500K loss would counteract your 500k gain iirc

He would have to sell at 0 (or $5000) to negate it. If he never sells I think he owes the tax (short term most likely on $500k...and short term is pretty much regular income tax not long term %).

Still not sure where this 50% gains comes from, unless I am retarded (I mean I know I am but I still don't see the 50%)

>>29722088
>How will humanity ever progress if the rest of it can't tie their shoes?
The short answer is no. The productive are forced to pay for the unproductive in this suicidal society. Instead of having a society of safety nets where everybody is employed and working its safety nets for scum that don't do anything. Ancapistan would pretty much be preferable to this forced arrested development

>>29722932
>>29723298

Ah Canada, so I am retarded and can't read.

Sure is nice to live in The Land of the Free, Fuck the CROWNS TAXES we are leaving....

Leafs don't even pay taxes to their country if they don't live there

>>29719868
That's not how it works, you'll pay normal tax rate on half so 33% on the 216-250k amount, 29% on the 159 - 216k portion, etc

>>29722753
Fucking this, quit fucking "buying" new vehicles that you never actually own because you just have a perpetual loan and when it is paid off you faggots trade it in because you don't have a fucking clue on how to turn a wrench let alone own one. Just bought a new intake and carb from summit for my shortbox squarebody with a 454 ci , cannot fucking wait to put it on.

>>29721463
They’re KYCing VPNs tho

>>29721102
>>29721150
Newsfags

>>29719868
>realizing the gains in Canada
fuck that, I'm not giving these cunts another cent of my tax dollars, I fucking hate the government with every inch of my being. I cashing out in Malaysia or something and renouncing my citizenship to this commie hellhole

>>29723907
Good riddance

>>29720810
>you get 50% of that is TAXABLE
no i get 100% of that and my tax bracket is 1,000,000 so i have to pay 50%

>>29721734
Taxes are for cuckolds

>>29719868
Government = mafia that works for the oligarchy class

>>29721102
>>29721150
you two sound mad that your tax doesn't doesn't actually go to third world african niggers(hint: it does)

>>29720098
First of all that is false. Second of all, fuck you. People get taxed to work (the fuck). They get taxed when they buy shit. They get taxed when they invest and make a profit while the government mafia takes 0 risks. These retards don't create programs that help the people they are taxing from. Fuck government to all hell.

>>>leafland

look at him

look at him and laugh

>>29719868
Goyim must pay their taxes

>>29719958
you can't outjew the jew, they've been at this game for way longer than you and will definitely find a way to fuck you over if you try to outsmart them

>>29724325
50% of capital gains is taxable at the applicable tax rate
You make 500k. 250k is taxable. 250k is not.
You'll pay about 110 or so on 500k, maybe 150

Anon. These stupid fags at the CRA can barely keep track of who owes them what for CERB. Do you think they are tracking you on a decentralized exchange?

If anyone ever comes knocking, say you didn't know, and lie on your report for minimal gains and say you are a paper handed little bitch. When you cash out, you fucking leave to a country that respects you and doesn't tax capital gains.

>>29720098
Kek
Well baited, m'lady

>>29719868
We’re going to need that 230k for FREE* healthcare, leaf bro.

>>29719868
only 50% of your capital gains is taxable, and the tax bracket for capital gains is not 100%. You're going to pay at most 25% if not lower depending on how much you earn, lower if you withdraw over a couple years.

Are you that fucking retarded that you don't know the basics of capital gains tax in our country?

>>29724572
you can claim capital gains loss

>>29720820
For some reason I thought NZ didn't have a cgt... how high is it?

>>29721873
same and Based, imagine paying taxes on fucking crypto lmao.

>>29719868
I thought the idea was that 50% of my capital gains are taxable at my normal tax rate? Is it literally "we take half of your gains"? If I recall correctly it was that only half of your capital gains are taxed, not half taken - what I understood was that only 50% of my total gain can be taxed. If I'm wrong I'm just going to sell my crypto and not bother with the whole endeavor, as that's demoralizing enough for me to not want anything to do with it. If I ever turn $10k into $100k, I'm not fucking handing those greasy gasees $45k lmfao. As I understand, in that hypothetical scenario I'm going to have $45k of my gains considered taxable income, and so I'd be owing more like $15k on a $90k gain.

>>29719868
>find fellow alters
>buy gold with bits
>become a bank
ez

>>29725567

>>29725567
correct, in Canada, 50% of the value of any capital gains are taxable. You add 50% of your gains to your income

>>29722526
Then you barter with crypto?

>>29720810
>50% of that is TAXABLE
>>you made 500,000 income
>>say tax rate is 40% at 500,000> bracket
>>500,000*.4 = 200,000
>>29724325
>>29719868
And if you lost your bags they would still fuck you

>>29723225
no you'd have to sell at $0

>>29720098
It goes into the pockets of embezzling corrupt fuvks, you retard. If it goes to south america and other 3rd world countries, it's even worse. Neck yourself,

I’m an American in dire need of a good Christian brother to extend a helping hand, if you can spare anything you will be saving my life and faith, thank you and God bless America.
0xCa088F11d4a8eB171297366E23bef988017DB12c

>>29719868
buy now and sell the dip tomorrow and you can probably use that as a writeoff

If I swing weekly does it count as capital gain?

>>29726438
sent ;)

>>29720810
And even then there are brackets fro that 500K, so only like 350K of it gets the 40% slap.

>>29720098
You're admitting that Canadian tax dollars goes to non-whites disproportionately?

>>29720098
If the mongrels are incapable of self-governance then they shouldn't be given independence. It would be cheap to govern them than it is to give them aid as they probably would be wealthier due to superior management.

>>29728674
*cheaper

>>29720098
Makes me want to not pay taxes even more so. I don't care for helping non-White people.

>>29720098
No, they give it to niggers that are too retarded to have a job.

>>29720098
This but unironically. Also you will never be a woman

>>29719868
Yeah and those store prices

>>29721791
> lolololol i called someone qtarf because they said trump

>>29719868
Yeah it sucks ass, how do they think they're entitled to it? How in any way did they help you with making those gains? Most governments make it awkward and then expect you to hand a lot of it over? Did they put in the hard work and research? It should be fucking outlawed.

fifty percent of your gains are taxed at whatever tax bracket you fall under for regular income. so if you are a poverty neet you would only pay, maximum, 82 grand in tax

>>29720810
>that webm
Audible kek

>>29720098
>Many of that money goes to impoverished third worlders seeking a better life, you should feel cheate and do something about it while there's something to be done.

>>29719868

There’s a reason make it stacks are so outrageously high.

>>29722222
Where to!? Tutorial?

>>29721802
With that attitude you're rping canadian or just get the fuck out dont need you here

>>29720820
so.. if you leave a country before you cash out, can they come after you for it? will they?

>>29722222
woah so if we move, renounce citizenship, the old country can't come get you?

what if you forgot about having 10k ADA on an exchange and want to withdraw it after finding it three years later? What are the tax implications on that in Canada? Yes I know Im a noob for not withdrawing it earlier. is being ass raped my future?

>this whole thread
Enjoy your fucking audits, buckos

>>29719868
Feels good living in Romania and paying 10% tax on crypto and investment gains. Can you take in more gypsies and feed them pls?

>>29719868
>>just realized that even if my favorite alt moons and my bag turns into $500k, I will owe the ((government)) $230k in taxes if I realize the gains.
So just make 1mil to get your 500k? Whats the problem? You are literally retarded if you think you can escape tax.

>>29722222
Checked and based
I’m going to based Poland
They hate nigs and fags

>>29720810
thanks
t.tax retard

>>29719868
Don’t listen to these fags
Talk to a professional anon

>>29722222
insanely based. can you provide a little more evidence or more on your experience?

>>29724818
I mean, literally how can they even price that you weren't scammed?
>The crypto in that wallet went missing after I downloaded a Japanese porn game from a sketchy russian site.

Literally what could they do?

Where my tax haven niggas at?