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/biz/ - Business & Finance

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26392212 No.26392212 [Reply] [Original]

Looking for advice from any leafs that have dealt with the CRA for crypto cashouts. I got into crypto in 2017 through a friend and started out by buying ETH on Coinbase, which I transferred to Bittrex and engaged in all sorts of shitcoin fuckery before eventually switching to Binance. The problem is that I don't have access to that Bittrex account anymore so I can't get records of my trades. Am I going to get fucked in the ass if I try to cash out this year?

>> No.26392230
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>> No.26392383
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>> No.26392621

Canadian here. Do your best and be a good actor. If you get audited if there was no intent to not report income you will probably be ok. People with crypto will be audited and crypto tax simplicity for normies will be legislated

>> No.26392858

Cash out small amounts to your bank account 3k to multiple accounts. Do this over weeks apart. CRA will never catch your ass think a bit lad.

Even better open up all the banks you can put 5k on each card. Go to a casino once lockdown is all over. Place some bets on a slot win lose cash out. Deposit that money onto one card easy washing 10/10 would do again.

>> No.26393795

I just report what I cash out. its retarded to try and calculate and report all your crypto to crypto trades as you are forced to make at least one extra trade for bitcoin or eth most of the time just to realize gains on shitcoins.

>> No.26393868
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Again I asked this once before. Why the fuck are you leafs cashing out in government fiat?

>> No.26394238

>>26393868
Because they're stupid. Loonie printer goes brrrrrrr, now is the time to be turning cad into crypto, not the other way around.

>> No.26394285

I lost all my crypto in a boating accident. Was a tragedy. Also lost all my restricted guns

>> No.26394608

>>26394285
How weird, I sold my guns to Mike from Canmore on April 30th 2020

>> No.26394935

Canada won't exist come next tax season

>> No.26395337

>>26392212
I reported on the amount I cashed out to my bank account. I don't have the information to accurately track my 2017/2018 trades and neither does the CRA. Just make a basic attempt to report the income and they probably won't fuck you too hard or at all. If you try not to report anything that's illegal.

>> No.26395536

>>26392212
If it's over 500K get a lawyer.

>> No.26395639

>>26392621
this, also you're only taxed on 50% of your capital gains here. The CRA actually is pretty accepting of ignorance, and worst case they'll just keep sending you letters for the money you owe, and then take it back piece by piece every year from your tax returns and from your gst cheques and stuff. Ive never been questioned at all for any of the things I've claimed on my tax returns though, and ever been audited or asked to provide any proof at all.