Cashing out in Canada

[Anonymous No.10870229]

''Throughout the following text, for purposes of the tax exemption under section 87 of the Indian Act, the CRA uses the term “Indian” because it has a legal meaning in the Indian Act.

If your investment income is situated on a reserve, it is exempt from tax under section 87 of the Indian Act.''

Since crypto is considered investment in Canada,does this mean any indian living in a reserve can cash out using quadrigacx and not pay tax?

[Anonymous No.10870253]

yes that is why I keep an indian friend... I pay him 5% to cash out for me

[Anonymous No.10870259]

>>10870229
Does it refer specifically to income tax or to sales tax? If it’s the former I’m Elizabeth fucking Warren (or whatever the leaf equivalent is).

[Anonymous No.10870276]

>>10870229
>>A similar situation means that all of the following conditions are met:

>>you earn interest income from a savings or chequing account, or from a term deposit or guaranteed investment certificate (GIC);
you opened the savings or chequing account, or obtained the term deposit or GIC, at a financial institution (including a bank branch) located on a reserve;
the financial institution is required to pay the interest income to you at a location of the financial institution on a reserve; and
if your investment is a term deposit or GIC, then the interest rate is fixed or can be calculated at the time you obtain the investment.
The CRA will continue to review other situations based on the facts of each case.