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Topic: BTC Investing To Now Taxable Events - page 2. (Read 323 times)

hero member
Activity: 2996
Merit: 580
Hire Bitcointalk Camp. Manager @ r7promotions.com
April 26, 2024, 06:52:11 PM
#12
In Canada? IMO, it's stricter than what you're thinking right now and don't you wish to find a way out of legal terms because there's no way to avoid your obligations unless you're ready to face some consequences later on.

For the others, don't patronize someone that's asking for a method to avoid paying taxes because it's unlawful. As for the consequences, be ready for this.

you may be fined up to 200% of the taxes evaded. you may be imposed a jail term of up to five years.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
April 26, 2024, 08:56:29 AM
#11
moving any asset/commodity/security to fiat is a taxable event
but now CEX's have to report events, means the taxman has proof of events which you then hav to declare in your own filings

So what happens when you earn some Bitcoin online without buying it and then cash out?
sr. member
Activity: 798
Merit: 436
April 26, 2024, 08:55:00 AM
#10
Question on BTC and other cryptos

This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.
I know crypto to fiat and doing trades now is consider taxable.
Even staking?

What other ways can I further invest with my cryptos without it being a taxable event? Thanks

I think the approach is simple because every country wants income from all fronts including the most in the lyrics now. Well. It's simple, if you don't want to deal with the name, tax, just ignore it if your exchange asks to complete the data. It's just that exchanges sometimes make deductions in usually every transaction we make whether you are trading, staking or other always triggers a tax event and that applies if someone's investment is considered to be making a profit.

This just come to my mind as well, maybe if he can afford a flexible tax policies or even a non taxable environment by migrating to regions and countries where this is not a challenge, such could be in El-Salvador or any other country like UAE in the middle belt where cryptocurrency is being allowed to perform under free zone, we could actually spend and make use of bitcoin in some of the countries or region mentioned and have no difficult time from how to use it on a daily basis and to run the economy without government regulation and taxation that could negatively affect us. 
sr. member
Activity: 882
Merit: 215
#SWGT CERTIK Audited
April 26, 2024, 08:41:53 AM
#9
Question on BTC and other cryptos

This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.
I know crypto to fiat and doing trades now is consider taxable.
Even staking?

What other ways can I further invest with my cryptos without it being a taxable event? Thanks

I think the approach is simple because every country wants income from all fronts including the most in the lyrics now. Well. It's simple, if you don't want to deal with the name, tax, just ignore it if your exchange asks to complete the data. It's just that exchanges sometimes make deductions in usually every transaction we make whether you are trading, staking or other always triggers a tax event and that applies if someone's investment is considered to be making a profit.
legendary
Activity: 2898
Merit: 1823
April 26, 2024, 06:45:38 AM
#8
moving any asset/commodity/security to fiat is a taxable event
but now CEX's have to report events, means the taxman has proof of events which you then hav to declare in your own filings

the only options are to know enough taxlaw to know the loopholes to avoid tax in such events(legal).. or find ways to swap to fiat outside of reporting services to evade tax(illegal)

main tricks are what the elites do
dont 'spend' value(buy/sell), personally lend value as loans are not taxable
its literally a process similar to fiat exchanging, but word it right and create your own paperwork to show it worded as such, it suddenly becomes a double sided personal loan to each other which cancels each other out the same day(paid in full)

speak to an accountant/tax specialist


The TaxMan is always looking, you can't escape him.

Quote

When we were audited, the IRS crypto committee told our accountant that cold storage was a "huge red flag", https://twitter.com/bitcoinmom/status/1783616508310237525


¯\_(ツ)_/¯

What's the best path for HODLers? Because they're making it an easier decision for long term investors NOT to declare anything to the TaxMan.

But if a user's coins went through a centralized exchange, doesn't the government already know, or at the minimum, can know that that user HODLs Bitcoin?
hero member
Activity: 854
Merit: 663
April 25, 2024, 10:45:55 AM
#7
You're not taxed with the usage of cryptocurrency though, you're taxed when you bought that item with fiat so the only taxable event is the time that there's a fiat interaction. Regards to transfers, I think that in some way, transaction fees in crypto counts as tax but with a lot of extra steps, think about it, the tx fees are used to pay the miners and those fees that the miners get, they convert it to cash and when they do it, they likely buy something for themselves that will benefit them and those stuff will involve taxes.
Let's say someone earn Bitcoin whether it's from giveaway, freelance or jobs, it might be not a taxable event when you directly spend it (no capital gains since you use Bitcoin as a currency). But you still need to pay income tax because it's one source of your incomes.

Although it will decrease the tax you need to pay, but it's not a way to completely avoid paying tax.
legendary
Activity: 1904
Merit: 1563
April 25, 2024, 10:34:28 AM
#6
I don't know the specific case of Canada but I'm sure it happens like in most of the world: the moment you use bitcoin to buy something else, be it cryto, gold or whatever is a taxable event. It does not happen like in investment funds in some countries that you can make transfers without paying taxes until you convert the funds to money.
You're not taxed with the usage of cryptocurrency though, you're taxed when you bought that item with fiat so the only taxable event is the time that there's a fiat interaction. Regards to transfers, I think that in some way, transaction fees in crypto counts as tax but with a lot of extra steps, think about it, the tx fees are used to pay the miners and those fees that the miners get, they convert it to cash and when they do it, they likely buy something for themselves that will benefit them and those stuff will involve taxes.
sr. member
Activity: 798
Merit: 436
April 25, 2024, 10:29:21 AM
#5
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.

You can invest in bitcoin on a non custodial wallet, hold it for years and you will earn from it without paying anyone tax to either maintain the wallet you're using or the unit of account for your asset value as the banks do charges for maintenance.

I know crypto to fiat and doing trades now is consider taxable.
Even staking?

If you're going to opt in for trades, then you are likely to make use of the centralized exchanges in doing that and there is no how you can manage to escaped being taxed from these exchanges, what you should considered is the rate you're being charged, which i think should be more affordable for you than not, except you're not going or make use of a centralized exchange for trade or avoid trading at all.
legendary
Activity: 3080
Merit: 1500
April 25, 2024, 10:09:15 AM
#4
Question on BTC and other cryptos

This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.
I know crypto to fiat and doing trades now is consider taxable.
Even staking?

What other ways can I further invest with my cryptos without it being a taxable event? Thanks

Move from centralized exchanges to decentralized exchanges. That might help you in trading. But for crypto to fiat trading, I don't think you have any options available.

If you volume is huge, you may consider setting up a company in crypto tax heavens and you can transfer funds from that company to your Canadian account as profit. But I am not sure how the local law works. You may want to get more clarity from a local lawyer.
legendary
Activity: 1372
Merit: 2017
April 24, 2024, 10:40:34 PM
#3
I don't know the specific case of Canada but I'm sure it happens like in most of the world: the moment you use bitcoin to buy something else, be it cryto, gold or whatever is a taxable event. It does not happen like in investment funds in some countries that you can make transfers without paying taxes until you convert the funds to money.
legendary
Activity: 4424
Merit: 4794
April 24, 2024, 04:02:08 PM
#2
moving any asset/commodity/security to fiat is a taxable event
but now CEX's have to report events, means the taxman has proof of events which you then hav to declare in your own filings

the only options are to know enough taxlaw to know the loopholes to avoid tax in such events(legal).. or find ways to swap to fiat outside of reporting services to evade tax(illegal)

main tricks are what the elites do
dont 'spend' value(buy/sell), personally lend value as loans are not taxable
its literally a process similar to fiat exchanging, but word it right and create your own paperwork to show it worded as such, it suddenly becomes a double sided personal loan to each other which cancels each other out the same day(paid in full)

speak to an accountant/tax specialist
member
Activity: 512
Merit: 33
The Quest of the Best Information to the Solution
April 24, 2024, 03:51:01 PM
#1
Question on BTC and other cryptos

This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.
I know crypto to fiat and doing trades now is consider taxable.
Even staking?

What other ways can I further invest with my cryptos without it being a taxable event? Thanks
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