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9382479 No.9382479 [Reply] [Original]

Hey anons, how do I legitimately cash out some crypto in Canada? I have no idea how to do my taxes.

Let's say I cashed out $10-20k this year, what would my tax obligations be? What would I owe? Thanks, anons.

>> No.9382550

>>9382479
local bitcoin
stay away from quadriga

>> No.9382612

>>9382479
If you have a job and you cash out, you'll have to pay capital gains tax. They'll tax you on 50% of what you'll make. So if you cash out 20k. You will be getting taxed on 10k of it. And that 10k then gets taxed depending on your income bracket.

>> No.9382762

>>9382479
I cashed out with quadriga at the start of the year, I made 80k from work and 50k from crypto mining/other business shit, so I was taxed on ~130k income.

then my capital gains were 100k+ because i traded coins and did ICOs, i hired an accountant (costs about 1k) to do it because it's a realized gain/loss if you trade a coin for anything else. you could probably use bitcoin.tax and use the average cost basis (cant do lilo or fifo or whatever accounting in canada). also if you had 100k or more on exchanges you have to declare it as foreign property.

taxes were about 50k in total, which kinda sucked having to sell my coins for it, but w/e I sleep well at night.

quadriga kinda sucked, took 2 or 3 months for the bank transfer to go through. dunno if they still have problems, at the time they said their payment processor left them. i heard their cash withdraws were painless 1-2 weeks max, but i didn't try it and didn't really want to risk it.

your options are only kraken, coinsquare, quadriga, or localbitcoin. dont know if the rest are any better.

>> No.9382832

>>9382762
canadianbitcoins is a good cash in mail/ direct deposit as well

>> No.9382835

>>9382550
Oh fuck, I've cashed out a bunch from there. Am I screwed?

>> No.9382858

>>9382479

Just use Payfair.io

>> No.9382894

>>9382612
I see.

>>9382762
Thanks for that info. So I need to hire an accountant? What will they ask for? I'm not really tracking my trades, sounds like it will be confusing. Also, I've cashed out like $8-10k in chunks on quadriqa, what do I do now?

>> No.9382906

>>9382762
holy shit, you got fucked

so what is your total capital invested into crypto?

>> No.9382912

>>9382550
Isn't it dangerous though? How does Local Bitcoin work?

>>9382832
Is it legit? And do they report?

>> No.9382921

>>9382762
> because it's a realized gain/loss if you trade a coin for anything else

Seriously? So we have US tier laws? I thought it was just capital gains. Do we even have crypto specific legislature?

>> No.9382924

>>9382858

What is this?

>> No.9382961

>>9382894
no worries. you dont have to hire an accountant, but i found it was worth the hours of stressing out id be doing trying to figure it out myself.

with every exchange you can export your trades into a spreadsheet, so you just give them that. if you used etherdelta there's tools that let you export the trades.

just set aside 30%-40% of everything you cash out for next years tax season, it will be due april 30th, and you'll be fine. might need to cash out more if you've been trading coins for other coins after they've increased in value, since that coins as a gain and you'll be taxed on that.

i only cashed out 30k last year and i ended up having to use my savings to afford the tax bill.

>> No.9382973

>>9382906
9k was my initial investment, last year around this time. it was a good year.
>>9382921
it falls under barter law according to the cra

>> No.9382978

>>9382961
hahahah holy fuck, i can't believe you would do this to yourself

you realise THEY now know you are balls deep in crypto and will audit you next year and forever because you're one of the idiots who disclosed you own crypto

top fucking kek

>> No.9382984

>>9382973
>>9382921
also it is still taxed as capital gains for that gain/loss (assuming you're not making a ton of trades and living off it as a daytrader).

>> No.9382995

>>9382961
>just set aside 30%-40% of everything you cash

I was already planning to do this and expected that but for fuck sakes I am not sorting every trade. I will flee the fucking country. What the fuck am I supporting anyway except the destruction of my race. My city is barely 50% white and it drops 15% every decade.

>> No.9382996

>>9382921

That's crazy. I thought it was just capital gains tax too. Anyone know if Quadriga reports? Also, if I've cashed out in small chunks of $2-3k, would that be found out?

I traded like 3k on Questrade and now CRA is saying I owe like 50k in taxes or some BS, when my account actually went to 0. I know they definitely report, but that's a legacy exchange.

>> No.9383016

>>9382996
I am seriously fucked then. I'm looking at articles and plebbit posts right now.

What the fuck man. Every single crypto to crypto trade is taxable

>> No.9383027

>>9382978
yea, that's fine. they'll have the tech to track this shit within a few years and i know every exchange i used would bend their ass backwards for them. rather pay now than pay big ass fines in a few years.
>>9382995
bitcoin.tax will calculate every trade for you. just export your spreadsheet from your exchanges and import it into their site. well worth the cost.
>>9382996
i have no doubt the cra will request quadriga's info, and they'll hand it over no questions asked. it will be found out.

>> No.9383043

>>9383016
>Every single crypto to crypto trade is taxable
it doesn't fucking matter you absolute IDIOT
at the end of the day the % of your gains/losses is THE SAME if you count up each trade separately or in total. how are people this stupid?

>> No.9383057

>>9383027
FUCK! Do we only pay tax on the amount we cash out?

>> No.9383096

>>9383057
nop, it's every time you make a trade, that's why i got fucked having to dip into my savings

>> No.9383120

>>9383027
>trade on bitmex which is non-KYC
>cash out from ATMs

pretty easy

>> No.9383165

>>9383096
But how would they even know you're trading on an international exchange? You're telling me that they're going to go after global exchanges? Exchanges like idex and ED don't even have KYC.

>> No.9383179

>>9383120
What are you gonna trade on Bitmex? And what do you mean cash out from ATMs?

>> No.9383197

>>9383179
what do you mean what am i gonna trade?

>> No.9383208

>>9383197
NVM

>> No.9383244

>>9383120
yea, this can work if you cover your tracks from the start. i definitely didn't.
>>9383165
blockchain is a public ledger, they can see every transaction. as long as they have a way to associate you with an address (like if you bought from an exchange that does KYC first), they can tell where those coins ended up. Maybe if you converted to monero and then sent to an exchange it might hide it, but i dont know enough about that tech.

trading on a international private exchange itself isnt visible, so those trades are probably safe for now, assuming they dont give in to countries requesting info or get hacked. but eventually you have to cash out and if you go through the banking system again, you'll probably get audited, and have to show all your transactions - are you gonna create fake transactions?

cash atm might work, but i cant pay my rent in cash, and a bank is going to start asking questions if i start deposits thousands of cash dollars in every month.

>> No.9383316

>>9383057
Yes. Gains tax only. Dont listen to these donkeys. Gains is 50% of 50%. Or just cash out a btc atm annonymously

>> No.9383361

>>9383316
You can cash out at a Bitcoin ATM? How does that work? Also, what are the fees like?

>> No.9383473

>>9383361
google

>> No.9383903

>>9383043
kys faggot what YOU don't understand is that I don't have a record of my fucking ether delta trades and similar adventures on backwater sites so fuck off

>> No.9383945

>>9382479
hey anon. taxes are complicated because you need to calculate the accumulated cost basis for each and every trade from cad to bitcoin, from bitcoin to eth, from eth back to cad. each and everyone.

so download your trades from quadriga or coinsquare and put them into excel.

format them correctly.

then you need to take that trade data and convert calculate the ACB for each trade...its a fucking pain in the ass. and if you don't have the math to do it, you're fucked.

I have the excel formulas if you want. I could even calculate your entire taxes owed if you gave me all your trades.

0.01 for the excel sheet, and 0.005 per hour to do your taxes for you.

screen shots incoming

>> No.9383955

>>9383244
this, cash will never work when you want to inject it back into the financial system to make big ticket purchase or investment. hence I only cashed out initial investment. dont want to exit all my positions and be questioned if i'm a drug dealer

>> No.9383960

>>9383945
Post your email so we can contact you in the future please.

>> No.9384036

>>9383960
heres my format for step one. basically once you've downloaded your transactions you need to sort them in chronological orders of TRADES. withdrawals and deposits really don't matter all much for calculating ACB, but are good to keep track of too.

email: quadrigacx@gmail.com

^that's right motherfuckers^ that's my email

>> No.9384055

>>9383903
you don't even need it. You just need to know how much you've put in and how much you cashed out. If they wanna see your trades they'll tell you.

>> No.9384057
File: 30 KB, 1170x637, basic format1.png [View same] [iqdb] [saucenao] [google]
9384057

>>9384036
forgot the pic

>> No.9384075

>>9384055
they will ask to see your trades in an audit, so you need to make sure your story matches your trades or an audit will fuck you.

which is why i recommend you small timers don't trade on Canadian exchanges too much...use them to get into the space.

be creative when getting out.

>> No.9384094

>>9383945
Hey anon, thanks for that info. I will email you soon.

>> No.9384105

I work for the CRA. I am not trolling, shilling or larping. It's so low key to the govt they are not even basically aware of crypto in general. We have an internal guide about crypto about a page long. Like, that's it. The govt is very conservative in regards of taxes. From what we say to taxpayer over the phone is crypto is seen as a stock (since we have no idea how to treat it).

The thing is, govt is not aware of your transaction unless quad sends them info, but quad won't because it's not considered or legalized (yet) so no information slips can't be claimed since its not regulated (like a stock).

So basically, TLDR: You are giving away your money for free to the govt (for now).

I must laugh to every call I get regarding crypto and how to claim it. Poor them.

>> No.9384110

>>9384075
I'm not creative at taxes anon, can you give any suggestions on how to get out?

>> No.9384139

>>9384105
holy shit, are you seriously not larping bro? Can I have your email or something, please?!

>> No.9384146

>>9384139
I am not larping and no I won't give my address nor info. I'd be glad to answer whatever question you may have though.

>> No.9384163

>>9384110
depends on the specifics. obviously pay your taxes. don't do anything illegal, but there's way to avoid paying taxes legally. that advice ain't free.

>> No.9384178

>>9384146
is it possible for the CRA to supena info from quadriga for a tax avoidance crackdown?

whats the statue of limitations before the CRA can no longer audit an individual?

>> No.9384287

>>9384178

Yes, they could but very unlikely. First, if they did, they won't go hard on them. They don't consider crypto as a danger. They will treat this company as a small-business company. Now, they would need to pass specific laws or make it clear on what crypto is, in regards of law. Is it considered as a stock like you get for CIBC futures, RBC and whatnot that people use? If so, legally, they would have to pass laws to make it clear in the Canadian Tax bible laws. if they, afterwards Quad, don't comply then, Quad would be in real big problem.

Realistically, do you really think CRA with limited resources (less than 10,000 employees - who are mostly overloaded in Tax Centre with real cases, with scam going on everywhere with Contractors, Jews and italians trying to rape this country will have time to go after Quad while laws are not clear and they pose absolutely no danger to the financial system in Canada?

Of course, it might change in the future.

>> No.9384290
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9384290

>>9384057
here's pic2 of the excel sheet you absolutely need to figure this shit out. there's tow different formulas for a buy and sell that can be copy and pasted for each respective transaction. it really helps to simplify things, but still requires a line by line pain staking process. notice the column titles...shits hard dude.

>> No.9384309

>>9384287
keep us updated anon, you're are only hope.

thank you for your service, I hope you find your zen.

>> No.9384360

>>9384163
I'm willing to pay!

>> No.9384404

>>9384287
Just to continue on this, CRA goes by good intent mostly. If you wanna declare your crypto gains as a good goy, they will take it. If you don't declare them, they have no way in finding them and I never heard anyone being audited regarding crypto.

To all Canadian Anons, if you make it. Offshore your gains. Canada is a system made by Jews to make you enslave all your life. Find your financial liberty. If only you guys knew how much taxes are really hurting people especially elderly people. Everyday is a struggle to listen to stories about how they owe taxes and can't pay them because of xyz crazy sad stories. Especially elders. They are so vulnerable. They should be giving so much instead of raping them on taxes. They live on nothing - they get sometimes refused for their DTC (Disability Tax Credit) because some idiot somewhere at Sudbury is not doing his job.

Don't give your crypto gains willingly and especially not this anon retard above me who is scamming the shi- out of you.

>> No.9384410

>>9382912
im not sure if they report, their tos says they will if they are asked too i think. But yeah it's legit.

>> No.9384411

>>9384360
send me a email, if you need to maintain your anonymity, use a temporary email service.

>> No.9384446

>>9384410
they will for criminal activity for the RCMP or provincial police. but the CRA is a different class

>> No.9384492 [DELETED] 

>>9384404
fuck it, here's the sheet for free. enjoy anons, hope you can figure it out
https://docs.google.com/spreadsheets/d/1NDAATjhFYVuOMGd22gWd7Y1Q7owLktLWbAINctyw0Bo/edit?usp=sharing

>> No.9384499

>>9384404
So if we have cashed out crypto wired to our account on a regular basis, will we be reported in some sense as to where and why we are receiving these funds?

>> No.9384511

>>9384146
What are "r*d flags" that would trigger an audit?

>> No.9384527

>>9384287
Another question is, is Canadian bank centralized (ie, like American Federal Reserve)? How has the jews got their tentancles into Canada?

>> No.9384541

>>9384446
Their (long and dry) tos pretty much lays everything out. I read it once but i remember maybe 1% of it lol.

>> No.9384577

Bought on Bitstamp, cashed outside of country. Is this a redflag? Would they know

>> No.9384592

>>9384577
your free and clear as long as that wealth stays out of country for a good period of time.

>> No.9384626

How much tax i need to pay if i never invest one dollar in btc (i mined it long time ago) and i cash out 2 million dollar ?

will they steal 50% of it???

>> No.9384695
File: 9 KB, 184x184, 4.jpg [View same] [iqdb] [saucenao] [google]
9384695

>>9382479
I have a MBA in finance, if you have any obvious questions I will respond.

Willing to help out my fellow Canadians.

I've seen a lot of simple questions in this thread that take minimal fiance experience to understand, but I'm not going to waste my time replying to all of them.

For the record I've cashed out $108,000 CAD to date due to the tax laws here in Canada.

>> No.9384711

>>9384695
finance for fuck sucks, what the kind of auto-correct is that

>> No.9384756

>>9384626
technically heres what your supposed to do. at the date of mining the bitcoin, you need to lock in the price of that bitcoin at that time. that price will be taxed as income tax. THEN, any gains afterwards will be considered a capital gain.

It's a twofold tax event if you want to go legit.

>> No.9384759

Gains * 50% * your marginal rate (approx)

>> No.9384767

>>9384756
the gain is realized at the time of selling the bitcoin/exchanging it.

>> No.9384805

>>9384695
Hypothetically, what is the best strategy to cash out say $1MM within 6 months period? Should i quit my job to hit the lowest marginal tax rate? How do I deal with taxation?

>> No.9384812

>>9384759
so if my gains are 2 millions dollar,i will 'lose' one million dollar in taxes?

thats fucking disgusting.

>> No.9384817

>>9384411
danboy248@gmail.com

>> No.9384833

>>9384812
No it should be 1 Million * Your Marginal Rate

So if you were a top income earner > 100k, then you would pay approx 500k out of 2M gains.

>> No.9384835

>>9384812
No, one million will be taxable. Depending on how much you work and how much you cash in for a given year, it wouldn't be that bad.

>> No.9384864

>>9384835
its be at least 300K likely...

Id recommend paying it if you plan on living in Canada for the foreseeable future.

>> No.9384866

>>9384404
How do you store money offshore? I know we have some tax treaties with some small Caribbean islands, like Barbados.

As far as I know, you have to set up a shell company there, but that's pretty much all I know.

>> No.9384870

>>9384767
The funny thing about Canada is you can't claim loses with crypto. But I've heard some talk that you will have to pay for gains as it's treated like stock gains. Which is whatever you earn when you "cash out" divided by 2 than taxed by 15%.

Say you put in $100 and turned it into $1000.
You will need to pay tax on 900/2 = 450 x 15% which is $67.50

Canada is a great place to make money off capital investments. The exchange rate is the only thing that sucks. But that doesn't include crypto because there is no exchange rate. Canadians that got into crypto in the past couple years have been planning their retirement already.

>> No.9384902

>>9382612
Isn't there something to the fact that if you trade "actively" instead of just hodling, it can be considered as a job or side job and be taxed differently?

>> No.9384905

see i've heard differently. What's fucking hilarious and sad is that they havn't even made proper guidelines for taxing crypto yet..most CA's/CPA's don't know what the fuck to do and treat it as capital gains but ive heard Canada actually treats it as bartered goods if you trade it..

what he fuck

>> No.9384907

>>9384805
You would not want to cash out your money in a 6 month period. I'm not sure why you have that time frame. You would want to talk to a finance guy that will calculate how much capital gain you can add each year to keep you under a certain tax bracket. If you tried cashing out all those gains in 6 months, you would be losing at least 20-30% of your gains with taxes.

Try to go to your bank and figure out a good balance between RRSPs and charity donations.

>> No.9384918

>>9384835
so lets say my annual salary at work is 100K and i cashout 2million dollar from crypto the same year, i will pay something like this ? :

(2 100 000 / 2) X 50% = 525 K in taxes

is my calculation ok?

>> No.9384923

>>9384870
sort of like that. tax isnt charged at the time of cash out to your bank account. its technically at the time of exchange. that includes crypto to crypto trades. every trade.

>> No.9384939

>>9384902
yes. but it needs to be more then 2 trades a day on average, AND it needs to be the only job you have going on.

>> No.9384968

>>9382612
You're wrong anon. 50% of what you make in crypto is taxed as income (in your income tax bracket). That's how capital gains works in leaf-land.

>> No.9384969

>>9384918
that's way too simplified. you need to calculate your average cost basis ON EACH TRADE to generate your total capital gain if you want your story to be straight with your actual activity.

if there were just one buy and one sell trade involved in gaining those 2 million dollars then you'd be right in your math.

>> No.9384970

>>9384756
>>9384759
>>9384812
>>9384833
Please educate yourself on the tax laws in Canada when it comes to capital gains. You are literally making me cringe even mentioning a 50% tax on capital gains.

>>9384923
Incorrect. You are only taxed when you cash out. Do you think I'm taxed every time I make a trade on the stock market? Of course not. You have to claim your capital gains when you are finished trading for the ENTIRE YEAR.

There is some kind of scare tactic with the Americans going on where they think they are forced to to track every single trade but thats ridiculous. Uneducated investors is the majority of the crypto market.

>> No.9384971

>>9384902
yea there's no well defined criteria though. they look at how often you trade, how much you trade, and some other shit. it's crazy how subjective it is
>>9384905
this meme is retarded, they've laid out guidelines on how it should be treated for years now.
yea it's taxed as bartered goods, which can have capital gains or losses.

>> No.9384976

>>9384968
that's actually kind of what he said. its really hard to understand this shit, but you both are saying the same thing i think.

>> No.9384977

Where is that CRA dude? My hunch is the CRA will be focusing on toronto/vancouver housing principal residence claims more than anything else this year? Tons of capital gains people may not be reporting hiding under main residence. Hoping crypto gets shielded from the spotlight

>> No.9384993

>>9384970
>denial

you can go that way, but if you get audited you will be fucked beyond beleaf. remember this is leaf land. not America.

>> No.9385018

>>9384968
Fuck you, there is no taxes in Canada that exceed even 40%. You can't be Canadian. What do you get out of spreading false information? Are you trying to scare people? What the fuck are you doing?

>>9384993
Yea, get familiar with the Canadian tax laws. You don't seem to be educated on the topic.

>> No.9385032

>>9385018
>Fuck you, there is no taxes in Canada that exceed even 40%
He's talking about volume, not rates.

>> No.9385049

>>9385032
this

>> No.9385074

>>9384970
This is a copy-paste i just took from a canadian tax site:

"For example, if you bought shares for $10,000 and sold them for $15,000, you have to declare a $5,000 capital gain in the year you sold the shares. As of 2016, the capital gains inclusion rate is 50 percent, so you would include $2,500 in your total taxable income."


so im my example: i sold 2 million dollar worth of BTC, i will fucking pay 1 million dollar in taxes, because i never spent a dollar to buy a BTC (i mined it), so my 'capital gain is 2 million dollars.

im screwed...

>> No.9385120

>>9385074
>i will fucking pay 1 million dollar in taxes
This is where you're wrong. Including 1 million in your gains is not the same as paying 1 million in taxes. You will include it, and then pay X% of that total amount based on your income bracket. The higher your salary and btc withdrawal, the higher your income bracket goes. So, it's advantageous to cash in slowly, especially in years where you won't be working as much.

>> No.9385135
File: 6 KB, 207x243, 1522105409593.png [View same] [iqdb] [saucenao] [google]
9385135

>>9385074
how are you this retarded?

1 million is tax free. The other 1 million you calculate your tax on. That's what they mean by 50% inclusion rate... you only include half of it. Highest tax rate is 33%, so you won't be taxed more than $330k.

That's ignoring your incorrect assumption too. If you mined it, you have to pay income tax on the full amount of its value at the time you mined it, and then capital gain is the $2million minus the full value at the time it was mined.

>> No.9385149

>>9385018
I am, I paid my taxes this year with my accountant for a good cash out of profits.

>> No.9385155

>>9385032
>>9385049
volume doesn't change the % guys

>>9385074
Listen guy, 50% of your capital gain is taxed for fuck sakes.

When you have a capital gain of $5000 you are taxed 15% of the of the 50% gain. Which is $2500 x 15%.

Stop googling random shit and posting it online thinking you know what the fuck you are talking about

>> No.9385170

>>9385135
this

>> No.9385184

>>9385155
we're all saying the same thing except for the people that aren't

>> No.9385199

>>9385135
thanks for the explanations, thats really clear now :) (and yes im a total fucking retard when comes to taxes)

as for the value at the time i mined it, its absolutely impossible to remember, it was years ago and i dont have logs, history of that.

>> No.9385219

>>9385155
>>9385184
lol

>> No.9385298

What is the best way to offshore gains? Dont you have to live in another place for a certain period of time to get rid of your tax liabilities?

>> No.9385360 [DELETED] 

>>9385298
vaultoro

>> No.9385452

Start a LLC and/or lock your trades in Smart Contract to defer taxes

You can not just offshore you're gains. CRA will look at when you initially made the trade and go from there. You effectively need to renounce your CDN citizenship and be a resident in some low tax country-is it worth all that trouble?

>> No.9385662

>>9385452
shut the fuck up

>> No.9385725

>>9385452
renouncing your citizenship means you have liquidated all your assets and you need to pay off any outstanding amounts to the CRA.

>> No.9385753

do i need to pay also a tax by province for 'capital gains' ?

so i will be double-fucked?

>> No.9385799

>>9385725
Where the fuck do you guys come up with this stuff? Seriously. Are you so autistic where these imaginary facts just shoot up in your mind? Please tell me where the fuck you guys have learned this?
>>9385753
Are you retarded? There is no such thing as provincial taxes when it comes to capital gains you fucking moron. I have lost my mind on this thread. I guess the lowest IQ Canadians only go on this board

>> No.9385822

>>9382479
Be me
From Toronto

already cashed out 100k no paper trail

buy gift cards with profit taking off the top

buys my groceries, home supplies , dinners , coffee , beer and wine from superstore giftcard ect...

not using any of my income .

only pay tax on my income from job

only use decentralized exchanges

pay cash downpayment for house

>> No.9385836

>>9385822
nice LARP you sand nigger

>> No.9385841

>>9385822
btc atms for cash when i want it. only %12 fee

sell btc on kijiji for cash

>> No.9385848

>>9385662
no u

>> No.9385858

>>9384404

No lie it broke my heart when I spoke with like an 80 year old classy looking white lady who randomly struck a conversation with me about how the government is completely fucking over the older generation by giving them almost nothing. They barely get any health benefits and pension. Meanwhile refugees and immigrants are getting in by the hordes and abusing the system. Shit is fucked.

It was even more weird that we got into that conversation because I'm a pajeet. Honestly didn't think she'd someone like her would approach me at a McDonald's complaining about refugees and shit. I thought white people didn't see the difference between different brown people. but it was really illuminating. I'm thankful as fuck for the older generation these guys worked fucking hard to build the country that Canada is today, and made sure to let her know that.

>> No.9385860

>>9385799
>>When you leave Canada, you are considered to have sold certain types of property (even if you have not sold them) at their fair market value (FMV) and to have immediately reacquired them for the same amount. This is called a deemed disposition and you may have to report a capital gain (also known as departure tax).

>> No.9385869

>>9385836
i buy esso gas git cards. i buy tim hortons gift card , i just bought a camera at Henrys with a gift card ... all bought with ltc or btc. Fucking at a crypto steak at the keg a few nights ago

>> No.9385898

you don't cash out, retard.

you can buy anything you want with bitcoin.

>> No.9385938

This thread has left me more confused than before. So what's the general consensus here then? Because, one guy who claims he works for the CRA is saying don't pay taxes on crypto gains. Does that mean I can cash out like 50-100k without worrying about the CRA coming after me? That doesn't sound right.

>> No.9385953

>>9385938
>>https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

>> No.9385958

>>9385938
buy everything with BTC , use bank account for car , house ....

whats so hard to understand

>> No.9385959

>>9385155

If I cashed out 2Mil of crypto, and let's say I started with 50k, how much tax would I pay?

I've always thought it was basically income tax on 50% of your capital gains, should I be paying far less? This is what the calculators say at least

>> No.9385985

>>9385959
You would pay $146,250 in taxes on those gains

>> No.9385999

>>9385985

WTF? That's it? Can you show me a website online where I can confirm this? Some of these calcs are trying to jew the shit out of me.

>> No.9386010

>>9385958
How can I buy everything with BTC? Can I buy gas with BTC? Also, what do you mean use bank account for car, house?

I am a full time crypto trader

>> No.9386042

>>9386010
aka basement neet
>>9385999
Learn how to use RRSPs and contribute to donations. If you are making that kind of money off crypto just go to a financial adviser and help yourself. I'm pretty sure anyone making over a million dollars in crpyto is either a lucky basement neet or someone who doesn't take advice from a autistic board like /biz/

>> No.9386068

>>9385822
How do you buy giftcards with crypto?

>> No.9386104

>>9386042
I don't live in a basement lol

>> No.9386126

>>9385999
$1950000 is capital gain. you're only taxed on half so that's $975000.
15% on the first $46,605 of taxable income = 6990.75
20.5% on the next $46,603 of taxable income (on the portion of taxable income over 46,605 up to $93,208) = 9553.62
26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489) = 13333.06
29% on the next $61,353 of taxable income (on the portion of taxable income over 144,489 up to $205,842) = 17792.37
33% of taxable income over $205,842 = (975000 - (46605+46603+51281+61353)) * 0.33 = (975000 - 205842) * 0.33 = 253822.14
add them all up, 6990.75+9553.62+13333.06+17792.37+253822.14 = $301491.94

you would owe $301491.94 in tax, assuming you made no other income, and assuming you didn't put any in a RRSP

>> No.9386158

>>9386042

I am indeed a basement neet (that works from home online). I haven't even made that much yet from crypto but I just wanted to know how much I would have to pay if I ever did

thanks anon

>> No.9386169

>>9386126
oh that's just the federal tax rate too, you get taxed provincially as well. yippe

>> No.9386175

>>9386126

Cool, that's quite helpful

Much more reasonable amount than 150k that the other anon claimed, although he seems to know how to maximize the benefits that the tax law affords us

>> No.9386183

>>9386169
i did a rough calculation, it's going to be around 450k.

>> No.9386189

>>9386169
There is no such thing as provincial tax for capital gains you stupid fucking frenchie

>> No.9386257

>>9386189
oh you're right. it is marginal tax rate so instead of the full federal rate you have to calculate it based on the marginal tax rate of your province. in ontario, over 220k capital gains is taxed at something like 26%

>> No.9386326

>>9386068
coincards dot ca

>> No.9386366

>>9386326
Thanks

>> No.9386400

>>9386257

what the fuck

Means you have to pay nearly 450k or so in taxes for 2M in capital gains

>> No.9386423

>>9386326
Thanks for this anon

>> No.9386433

>>9384812
No, it's 50% of 50% so you would have to pay ~500k $

>> No.9386439

>>9386400
you must be misunderstanding. instead of using the federal rates i used in >>9386126
use the "marginal tax rate" in the capital gain column on https://www.taxtips.ca/taxrates/on.htm (assuming you live in ontario). it's all lower than the federal rate

>> No.9386454

>>9386423
my pleasure
They are adding more cards soon, including Harry Rosen which I am quite stoked about. It sucked so hard having to buy my $1500 Kiton sneakers with cash :(

>> No.9386474

>>9386439
oh nvm, it is higher because this is using the % of total capital gains, not taxable capital gains. hah fuck

>> No.9386507

>>9386474
in ontario it'll be closer to 480k

>> No.9386688
File: 203 KB, 349x491, 1514926611833.png [View same] [iqdb] [saucenao] [google]
9386688

>>9386474
>>9386507
>>9386439

WE'RE GETTING KEKED SO HARD WTF CAN WE EVEN DO AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

>> No.9386716
File: 259 KB, 593x635, 1523420560372.png [View same] [iqdb] [saucenao] [google]
9386716

>>9386688
dump as much as you can into an RRSP, locking it in there until you're 60+

>> No.9386740
File: 49 KB, 750x749, 1521689788465.jpg [View same] [iqdb] [saucenao] [google]
9386740

>>9386716
>Putting your money into a ponzi scheme that could dry out any decade

FUK NO NONONONONONO I DON'T WANT TO

>> No.9386741

>>9382762
lol wtf. I'm not home right now to prove it but I paid an account 200 bucks and ended up paying 18,700 taxes on ~150k declared gain.

>> No.9386750

>>9385822
until the government starts wondering how someone with little to no declared income is paying cash downpayment for a house

>> No.9386802 [DELETED] 

>>9386741
hrm, that seems really low, you might want to get that double checked with another accountant. remember, you can't blame your accountant for fucking up, you are still liable.

>> No.9386814

>>9386741
did you have any income with that or did you only have capital gains for that year?

>> No.9387317

>>9382479
a lot of jews in this thread