Fellow Canuck are you mining? | Bitcointalksearch.org

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Quote from: ArticMine on June 29, 2016, 03:42:19 PM

Quote from: Spoetnik on June 29, 2016, 03:17:51 PM

...

Hoping your paying your taxes on that or JAIL time !

Canada Revenue Agency says tax rules apply to bitcoin

This applies to your earnings past 3 years too and not just Bitcoin itself.

See also, Exchanging Digital Currency in Canada | TurboTax Canada

Or use Google before playing games with ponzi coins for dollars (while chanting free MARKET)

PS:
Not for 2 years i think OP.

I report my income from all sources, including crypto currencies, and pay my taxes. Why do people have so much trouble with this? There is nothing new here. As for TurboTax I do not use that software since it requires Microsoft Windows. I use GNU/Linux instead. The Microsoft Windows operating system is a major cause of people loosing their crypto currencies due to malware hiding in the operating system's DRM. If I used Microsoft Windows I would be claiming tax losses due to stolen crypto currencies rather send the CRA substantial sums of money every three months.

Your a perceptive little Monero shill eh ?
You did not grasp that i was posting that link and the others for informational purposes on Tax guidelines
..as i said ?

Funny your whacked out fucked in the head interpretation was i was trying to get you to install Turbo Tax on what i was assuming was your windows PC ?

LOL

Can i ask you, do you take any medications son ?
You seem to be mentally ill.

Seems you had a separate conversation than i did.
Let me know when your back we can clear up this mess and get you back on track.

..in the meantime.
We'll all just take your word for it LOL

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

Quote from: shyliar on June 29, 2016, 03:57:17 PM

...

I followed the rules as outlined to me in 2013. If you mined 7000 litecoins when they had a value of 0.07 CAD each that could be considered income. If you saved those coins and sold at 49.00 CAD that's capital gains. Any trading profits are capital gains.

Edit: If you pay taxes on anything that's a capital gain as if it's general income you end up paying twice the tax you should be paying.

Yes of course; however in some case for example very active professional traders, trading can be considered a business, and trading profits are then treated as income. This can also be an issue also with stocks for example. Here is an explanation of what factors are considered in treating a gain as capital or income in Canada. http://www.taxtips.ca/personaltax/investing/taxtreatment/capitalorincome.htm

SeriousInvestor

newbie

Activity: 48

Merit: 0

I SERIOUSLY mine a SERIOUS amount of SERIOUS BTC.
SERIOUSLY!

shyliar

hero member

Activity: 728

Merit: 500

Quote from: ArticMine on June 29, 2016, 03:51:13 PM

Quote from: shyliar on June 29, 2016, 03:47:04 PM

...
Cashing in comes under capital gains which means 50 percent is tax free. The other 50 percent is taxed like normal income. If possible and you have enough RRSP contribution room you can put the other 50 percent in your plan and pay no tax for that year. It works well you can spend 50 percent of your profits now, invest the other 50 percent in a tax sheltered fund and eventually have a very comfortable retirement. And best part it's all legal.

Mining is considered income and it is best to keep one's mining separate and treat it as a business.

I followed the rules as outlined to me in 2013. If you mined 7000 litecoins when they had a value of 0.07 CAD each that could be considered income. If you saved those coins and sold at 49.00 CAD that's capital gains. Any trading profits are capital gains.

Edit: If you pay taxes on anything that's a capital gain as if it's general income you end up paying twice the tax you should be paying.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

Quote from: shyliar on June 29, 2016, 03:47:04 PM

...
Cashing in comes under capital gains which means 50 percent is tax free. The other 50 percent is taxed like normal income. If possible and you have enough RRSP contribution room you can put the other 50 percent in your plan and pay no tax for that year. It works well you can spend 50 percent of your profits now, invest the other 50 percent in a tax sheltered fund and eventually have a very comfortable retirement. And best part it's all legal.

Mining is considered income and it is best to keep one's mining separate and treat it as a business.

Edit:

RRSPs can provide some tax shelter provided one has RRSP room left etc. The reality is that if one bought Bitcoin in 2011 - 2012 in the 2 USD to 10 USD range and then sold those same Bitcoins for hundreds of dollars each after Apple gave the iSheep permission to buy Bitcoin in 2014, one ends up paying substantial amounts of income tax.

As for the iSheep who bought Bitcoin after Apple gave them permission in 2014 they may have significant tax losses depending on when they sold. Personally I do not have a problem with paying income taxes. I would much rather make money and pay income tax than loose money and claim income tax refunds. People who invest with the objective of not paying income tax, end up more often than not loosing money.

shyliar

hero member

Activity: 728

Merit: 500

Quote from: Spoetnik on June 29, 2016, 03:17:51 PM

Quote from: ArticMine on June 29, 2016, 02:21:27 PM

I do mine Monero. Canada is actually a very good place for mining crypto because in most parts of Canada the winters are very cold.

Hoping your paying your taxes on that or JAIL time !

Canada Revenue Agency says tax rules apply to bitcoin

This applies to your earnings past 3 years too and not just Bitcoin itself.

See also, Exchanging Digital Currency in Canada | TurboTax Canada

Or use Google before playing games with ponzi coins for dollars (while chanting free MARKET)

PS:
Not for 2 years i think OP.

Cashing in comes under capital gains which means 50 percent is tax free. The other 50 percent is taxed like normal income. If possible and you have enough RRSP contribution room you can put the other 50 percent in your plan and pay no tax for that year. It works well you can spend 50 percent of your profits now, invest the other 50 percent in a tax sheltered fund and eventually have a very comfortable retirement. And best part it's all legal.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

Quote from: Spoetnik on June 29, 2016, 03:17:51 PM

...

Hoping your paying your taxes on that or JAIL time !

Canada Revenue Agency says tax rules apply to bitcoin

This applies to your earnings past 3 years too and not just Bitcoin itself.

See also, Exchanging Digital Currency in Canada | TurboTax Canada

Or use Google before playing games with ponzi coins for dollars (while chanting free MARKET)

PS:
Not for 2 years i think OP.

I report my income from all sources, including crypto currencies, and pay my taxes. Why do people have so much trouble with this? There is nothing new here. As for TurboTax I do not use that software since it requires Microsoft Windows. I use GNU/Linux instead. The Microsoft Windows operating system is a major cause of people loosing their crypto currencies due to malware hiding in the operating system's DRM. If I used Microsoft Windows I would be claiming tax losses due to stolen crypto currencies rather send the CRA substantial sums of money every three months.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Quote from: ArticMine on June 29, 2016, 02:21:27 PM

I do mine Monero. Canada is actually a very good place for mining crypto because in most parts of Canada the winters are very cold.

Hoping your paying your taxes on that or JAIL time !

Canada Revenue Agency says tax rules apply to bitcoin

This applies to your earnings past 3 years too and not just Bitcoin itself.

See also, Exchanging Digital Currency in Canada | TurboTax Canada

Or use Google before playing games with ponzi coins for dollars (while chanting free MARKET)

PS:
Not for 2 years i think OP.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

I do mine Monero. Canada is actually a very good place for mining crypto because in most parts of Canada the winters are very cold.

evergrow

sr. member

Activity: 426

Merit: 256

Quote from: CanadianChemist on June 29, 2016, 09:38:37 AM

Are you mining any altcoins my friends and where are you located?

I'm located in Germany and I don't mine any coins. I have done it in the past (2-3 years back in time)

CanadianChemist

newbie

Activity: 6

Merit: 0

Are you mining any altcoins my friends and where are you located?

Topic: Fellow Canuck are you mining? (Read 793 times)