Guide for cryptocurrency users and tax ... - canada.ca

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Bitcoin Taxes Canada

So I have made like 6 grand from bitcoins last year, but I had most of my trading records on gox so all my records are gone
I am wondering if I should forgo "adjusted cost base" entirely and just enter a zero to avoid the hassle of proving how much I actually paid for them (~100)
Will this be more or less dangerous than using an accurate estimated number I can't prove?
I don't mind paying extra tax if I don't get fucked in my ass with an audit.
PS I live in Canada but it's probably a similar situation in US
submitted by msmith555 to Bitcoin [link] [comments]

How are Bitcoins taxed in Canada?

If an international student cashes out 10k cad worth bitcoins , would he have to pay taxes?
Those bitcoins were bought back in my home country. Im thinking about cashing out some to support my studies in Canada
Would i haev to pay taxes? IF so how much? The transaction will be done thru a Canadian bank account btw.
submitted by notafancyname123321 to PersonalFinanceCanada [link] [comments]

Just read this post by Canada Revnue Agency. Ridiculous. How can people get around paying taxes on bitcoin capital gain in Canada?

The fundamental reasons for getting into crypto is that you want to keep government off your back and also you have low-level of confidence in your country's financial system.
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html
You have to pay capital gain taxes on precious metals if you sell them online where it leaves records. I don't know much about that of bitcoin and cryptocurrencies. Are there any ways to keep the government off our back?
submitted by appplejack007 to Bitcoin [link] [comments]

When you make a purchase of cryptocurrency do you need to declare or put on tax report in Canada? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Canada : Department of Finance proposal to treat Bitcoin as a financial instrument and exempt from GST/HST (goods and service taxes)

submitted by mqrasi to Bitcoin [link] [comments]

Taxes. Cashing out bitcoin. What do I need to know? (Canada)

Hello,
I am a tax resident of Canada, and I want to cash out about $75k of bitcoin that I purchased several years ago. I've never done this before.
What do I need to know about taxes?
After the money arrives into my bank account, do I need to fill out any paperwork? Do I just declare the money as "other income" on my next tax return? Will the exchange I use to sell the bitcoins send me any paperwork? (Or will they send any paperwork to the government?)
If it helps, I have bank accounts in Canada, US, and France. I have a passport for Canada and France. I am currently living in Canada.
My goal is to give the least amount possible to the government. How do I do that?
Thanks!
submitted by IndividualResource9 to BitcoinBeginners [link] [comments]

[ADOPTION] Town of Innisfil, Ontario, becomes the first municipality in Canada to accept bitcoin for taxes via a partnership with the Toronto-based crypto brokerage Coinberry.

[ADOPTION] Town of Innisfil, Ontario, becomes the first municipality in Canada to accept bitcoin for taxes via a partnership with the Toronto-based crypto brokerage Coinberry. submitted by kylekemper to Bitcoin [link] [comments]

Bitcoin More Efficient for Paying Taxes in Canada, Says Local Exchange

Bitcoin More Efficient for Paying Taxes in Canada, Says Local Exchange submitted by cryptolobe to cryptolobe [link] [comments]

The second city in Canada will start accepting taxes for real estate in bitcoins.

The second city in Canada will start accepting taxes for real estate in bitcoins. submitted by btcxlab to btc [link] [comments]

BitcoinMeister - Silent Bitcoin institutional adoption is here, 1 less US tax? Canada & custody, central banks, MWC!

BitcoinMeister - Silent Bitcoin institutional adoption is here, 1 less US tax? Canada & custody, central banks, MWC! submitted by Yanlii to cryptovideos [link] [comments]

Canada: Ontario Town Approves Pilot Program for Paying Property Taxes With Bitcoin

Canada: Ontario Town Approves Pilot Program for Paying Property Taxes With Bitcoin submitted by castorfromtheva to Bitcoin [link] [comments]

Ontario town first in Canada to accept Bitcoin for property tax

Ontario town first in Canada to accept Bitcoin for property tax submitted by SpitFir3Tornado to CryptoCurrency [link] [comments]

You can already pay your Toronto taxes (and 8000 other bills in Canada) using Bitcoin since 2013 using bylls.com

You can already pay your Toronto taxes (and 8000 other bills in Canada) using Bitcoin since 2013 using bylls.com submitted by FrancisPouliot to BitcoinCA [link] [comments]

Moving to Canada with assets in bitcoin (Tax question)

Hello everyone,
I'm Oussama from Tunisia, I'm 21 years old.
I will be moving to Canada (Toronto) to study there then settle afterwards,
I've got a sum of ~100k CAD in bitcoins,

My question is:
Will i have to pay the income tax for that? If so, how much will it be? (I have read that you don't pay the tax on your first $45k there in Ontario. If that, will i have to pay tax just for the other 55k? Or it's possible to withdraw less than 45k yearly and don't pay tax on the first 45k then pay 5% instead of 10% on the second one? Do they ask for proofs of income? cos it's bitcoin and there's no papers and i'm coming from abroad.)

Cheers, eh.
submitted by oussamaw9 to ontario [link] [comments]

Innisfil is the first city in Canada to accept Bitcoin for taxes

Bitcoin Magazine reports that the tiny town of Innisfil (population 36.5k) just passed an initiative that allows residents to pay municipal taxes (income and property) with bitcoin starting April 2019. Andrei Poliakov, CEO of Coinberry, told Bitcoin Magazine that the exchange has been in talks with officials for some months, thanks to logistical work by the Blockchain Association of Canada. (Link)
submitted by messaricrypto to Bitcoin [link] [comments]

Forbes: Bitcoin Investors Targeted With Audits By Canada's Federal Tax Agency

https://www.forbes.com/sites/ktorpey/2019/03/06/bitcoin-investors-targeted-with-audits-by-canadas-federal-tax-agency
Interesting to see what comes of this.
submitted by tojoso to PersonalFinanceCanada [link] [comments]

Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes

Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes submitted by ulros to fbitcoin [link] [comments]

Bitcoin Adoption in Canada: Second Municipality to Accept Bitcoin Property Tax Payments with Coinberry

Bitcoin Adoption in Canada: Second Municipality to Accept Bitcoin Property Tax Payments with Coinberry submitted by CoinberryOfficial to Bitcoin [link] [comments]

Moving to Canada with assets in bitcoin (Tax question)

Moving to Canada with assets in bitcoin (Tax question)


Hello every one,
I'm Oussama from Tunisia, I'm 21 years old.
I will be moving to Canada (Toronto) to study there then settle afterwards,
I've got a sum of ~100k CAD in bitcoins,
My question is:
Will i have to pay the income tax for that? If so, how much will it be? (I have read that you don't pay the tax on your first $45k there in Ontario. If that, will i have to pay tax just for the other 55k? Or it's possible to withdraw less than 45k yearly and don't pay tax on the first 45k then pay 5% instead of 10% on the second one? Do they ask for proofs of income? cos it's bitcoin and there's no papers and i'm coming from abroad.)
Cheers, eh.
submitted by oussamaw9 to legaladvicecanada [link] [comments]

Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes

Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

Ontario Town, Canada Approves Program To Allow Payment Of Property Taxes With Bitcoin

Ontario Town, Canada Approves Program To Allow Payment Of Property Taxes With Bitcoin submitted by Kryptomoney to u/Kryptomoney [link] [comments]

Canada: Ontario Town Approves Pilot Program for Paying Property Taxes With Bitcoin

Canada: Ontario Town Approves Pilot Program for Paying Property Taxes With Bitcoin submitted by Ranzware to BitNewsLive [link] [comments]

Bitcoin and Canadian taxation of cryptocurrencies ... Bitcoin TAX Myths! How to Avoid the Headache with ... 2020: EXACTLY How to buy Bitcoin or ANY CRYPTOCURRENCY in ... Bitcoin Tax Implications and Canada How does Bitcoin work and how do you buy it in Canada?

Bitcoin is a relatively new e-currency payment system that is not operated by a centralized government authority like most other currencies. Popular for online payments and transfers due to its built-in encryption and security methods, Bitcoin has captured the attention of many non-traditionalists and tech-minded people. It has also captured the attention of the Canada This guide covers bitcoin and cryptocurrency tax laws in Canada. We will go over everything from crypto-to-crypto trades to hard forks and ICOs. We will also look at how you should prepare and file your crypto taxes. The CRA (Canada Revenue Agency) has a fairly broad yet straightforward definition for cryptocurrency. Cryptocurrency is basically ... Tax on bitcoin in Canada When Do Taxes Apply? When cryptocurrencies are involved, taxes apply when the following happens: – If you sell bitcoin and other cryptocurrencies. – When you gift others cryptocurrencies. – When you trade or exchange cryptocurrency, including crypto to crypto transactions. Bitcoin Taxes in Canada. Steven Hay 1st January 2019. In our article on the general and worldwide taxation of Bitcoin, we examined a variety of relevant subjects. Before diving into how Bitcoin is taxed in Canada, you may wish to read that previous article for some important background information. Among other subjects, it covers: The crypto taxation and regulation agreements reached at recent ... Tim acquired $3,500 worth of Bitcoin to buy the furniture with. By the time he bought the furniture and converted his remaining Bitcoin back into dollars, the value of Tim’s Bitcoin had increased by $500. The gain realized by Tim was on account of capital, so Tim has to report a $500 capital gain on his income tax return. However, only 50% of that capital gain is taxable.

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Bitcoin and Canadian taxation of cryptocurrencies ...

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