Bitcoin and taxes in Canada @ - %53
I had a recent conversation with a guy my age who is a chartered accountant. In Canada we are used to high taxes in order to sustain this socialist country.
The conversation basically ended with him stating any gains in crypto (and if you are found), will more than likely be at a %53 tax rate. It’s not going to be treated as a capitol gain tax, but he said “personal income”.
The laws in Canada haven’t been set in stone, and my acquaintance said there will need to be some court cases in order to solidify crypto’s status. My advice for anyone who was lucky enough to see this at $22,000 CAD, well cut that in half or else!
In a speculators market, we can’t forget that the .gov eye is on the big money ALWAYS. So I’m guessing at least in this point in time, cut your profits in half before you celebrate. Perhaps you are smarter than most and can find some offshore places to hide your profits. I’m certainly not savvy enough to give that advice but I’m sure there are ways.
This is not legal advice, nor am I claiming it to be tax advice. All I’m saying is to stay frosty and factor these important things. There are three things for sure in life: death and taxes! The last thing in life is the most important.
BB613
Here are a couple of links to check out if you have had huge gains with crypto:
https://turbotax.intuit.ca/tips/how-bitcoins-might-impact-your-income-taxes-333
Yuck that's horrible. Hodl I guess
It's too bad you can't move the profits directly into an RRSP.....or can you?
I’m sure there will be some kind of mechanism if crypto is allowed to continue making mainstream. However what you may think you know about RRSP’s may be false as well. That’s a different discussion. That’s taxed as well, just later.
Oh I know - just at a reduced rate...when i'm old (er). :) I have no illusions of avoiding tax....just deferring it a little.
thanks awsome post
check this out
https://officialbtc.usitech-int.com/
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