Topic: Have you had any problems with large Bitcoin cashouts? - page 2. (Read 1839 times)
Local bit coins would be your best bet. You might regret cashing out your stake so early though. There is a decent chance the value doubles in the coming months.
If I was under 18 and trying to cash out that kind of money, my guardians at the time would have been the first people I would be turning to to help me figure out how to tread what could be tricky waters. I obviously have no idea what your personal situation is, but hopefully you have someone you can turn to? I'm sure the laws are different in Canada, but in the US, I was still on my paren'ts taxes until I was 18, which impacted both how they, and I, could file.
If you're not going to be putting that money in banks, as you stated, are you planning on turning it into goods soon? If not, having that kind of cash sitting around isn't something I personally would be comfortable with at all.
Best of luck to you. Also, major kudos on creating that kind of wealth for yourself at you age.
If you're not going to be putting that money in banks, as you stated, are you planning on turning it into goods soon? If not, having that kind of cash sitting around isn't something I personally would be comfortable with at all.
Best of luck to you. Also, major kudos on creating that kind of wealth for yourself at you age.
If you are buying $40,000 worth of stuff, I hope your guardians would notice. Not sure if authorities would ask your guardians about your taxes. You can try calling Revenue Canada and asking them.
Not sure where you plan to keep $40,000 out of your guardian's sight, but your bank will almost surly report you to FINTRAC for transactions over $3000.
Also you may want to look over the List of Bitcoin Hostile (and friendly) Banks
If your bank is:
Unless you have an urgent need for the money, I suggest you only sell under about $1000/month.
Also you may want to look over the List of Bitcoin Hostile (and friendly) Banks
If your bank is:
- Royal Bank
- Bank of Nova Scotia
- TD Bank
Unless you have an urgent need for the money, I suggest you only sell under about $1000/month.
I won't be putting large sums of money in a bank. I will cash out of bitcoin for cash and make my purchases directly or if they accept bitcoin I would happily pay for my purchases in bitcoin. I'm just wondering if once I file my taxes I could run into any trouble.
Not sure where you plan to keep $40,000 out of your guardian's sight, but your bank will almost surly report you to FINTRAC for transactions over $3000.
Also you may want to look over the List of Bitcoin Hostile (and friendly) Banks
If your bank is:
Unless you have an urgent need for the money, I suggest you only sell under about $1000/month.
Also you may want to look over the List of Bitcoin Hostile (and friendly) Banks
If your bank is:
- Royal Bank
- Bank of Nova Scotia
- TD Bank
Unless you have an urgent need for the money, I suggest you only sell under about $1000/month.
I'm about to make a cash out of about $40k+ and am wondering if I will be met with any resistance. For someone under 18 and residing in Canada what obstacles would there be? I will most likely be selling on something like localbitcoins for cash to a verified person. I will be reporting this $40k+ to taxes (I'm not an idiot I'm not going to try and evade tax on big purchases). If I follow all rules filing taxes etc. Will I receive any trouble? Also will my guardians be notified of my money when I file my taxes?
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