I think Bitcoin is taxable anywhere. The only problem is it is not being tracked. Because as far as what I learned in taxation class, any kind of income is taxable and should be filed as income tax. Even the ballpen being sold by a friend to a friend is taxable. And the illegal sale of marijuana or prostitution is taxable. However, those are no longer being filed because the government doesnt have any idea about the transaction. Just like Bitcoin as it is know as a transaction being done anonymously.
No, Bitcoin is not taxed in many countries because the work continues. The Netherlands and Belgium have begun to tax Bitcoin from European countries. That's what I know. As long as you do not have a huge amount of money in your bank account, you will not have any problems.
Topic: is bitcoin taxable in canada? (Read 873 times)
yes let me tell you bfiefly it is taxable like any other profits. For example if you earned in Bitcoin through work or any other services, you are required to report them, and change its value as received on that day to CDN (Canadian Dollar).
as per subject: is bitcoin taxable in canada?
EDIT: One of the articles i could find. http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property
still a bit of a grey area to me tho.
EDIT: One of the articles i could find. http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property
still a bit of a grey area to me tho.
It bitcoin is legal in Canada then Canadian or some people that will change their bitcoin to fiat in that country will oblige to pay the tax during the local exchanges transactions. The tax will be add on to the service charge for the total amount to be pay. This is part of the policy in regulation in which the government can monitor the transaction for the welfare of the citizens at the same time they can collect bitcoin taxes to help the country.
All countries in the world has been tax by the government. In fact there are lots of taxes carried by the public one of this is Final withholding tax (10%).
Final Tax is a mandatory for all passive income or income which do not exert too much engagement or effort to have it. All revenues receive by the investor is already net by this tax which not all people know.
Final Tax is a mandatory for all passive income or income which do not exert too much engagement or effort to have it. All revenues receive by the investor is already net by this tax which not all people know.
I think Bitcoin is taxable anywhere. The only problem is it is not being tracked. Because as far as what I learned in taxation class, any kind of income is taxable and should be filed as income tax. Even the ballpen being sold by a friend to a friend is taxable. And the illegal sale of marijuana or prostitution is taxable. However, those are no longer being filed because the government doesnt have any idea about the transaction. Just like Bitcoin as it is know as a transaction being done anonymously.
Bitcoin is not taxable as such but earning from it is taxable in almost every country. If we don’t convert BTC to Fiat then we are not liable to pay any taxes. But as soon as we covert our BTC into CDN (CNADIAN DOLLARS), then we have to pay taxes because if we earn anything as income than it is taxable as per a country’s revenue law.
You have to check out the legal status (legal taxonomy, not legal vs illegal). Different countries have different views and classify Bitcoins differently. In the US Bitcoins are classified as digital commodities, in Japan they are classified as foreign currency. I don’t know Canada’s classification. A local Bitcoin group, in your country, may help you a lot. The classification, defines the ruling applied. There is no special ruling for cryptocurrency anywhere, so the classification ruling applies.
All countries tax the bitcoin by itself. As the rule all passive income from banks and shares are taxable (10% Final Tax). So in other words all earnings that you receive are net by final withholding tax.
of course it is taxable in Canada
Yes it is taxable - if its your income. Any income received from work/business is taxable and its not only in Canada but same applied for other countries as well. I would suggest that people should make sure to disclose such income and they must pay the tax in local currency.
But the big thing on here is that not all bitcoin owners or earners would really tend to disclose or tell because they don't really like to pay up taxes and even government would tend to trace it then it would be impossible unless if you do make such earnings on exchanges then its possible that they can collect or impose taxes and you cant really avoid that but if you do earn bitcoin on other sources then its impossible for them to tax you.
yes it is taxable in Canada because of the usd change to cds
as per subject: is bitcoin taxable in canada?
EDIT: One of the articles i could find. http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property
still a bit of a grey area to me tho.
Yes, it is taxable in Canada, if you are not paying tax as for the government it will be illegal so tax is a major responsibility for a citizen to maintain a splendid country. EDIT: One of the articles i could find. http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property
still a bit of a grey area to me tho.
You have to check out the legal status (legal taxonomy, not legal vs illegal). Different countries have different views and classify Bitcoins differently. In the US Bitcoins are classified as digital commodities, in Japan they are classified as foreign currency. I don’t know Canada’s classification. A local Bitcoin group, in your country, may help you a lot. The classification, defines the ruling applied. There is no special ruling for cryptocurrency anywhere, so the classification ruling applies.
Yes, I agree. It can be considered capital gains. At least that is what it is in the US. I recommend trying to do the most research and finding a lawyer and accountant
Yes you may have to pay taxes on BTC trade in Canada... it may be a "capital gain" or a "business income"... see my website www.bitcoin-law.ca
Yes it is taxable - if its your income. Any income received from work/business is taxable and its not only in Canada but same applied for other countries as well. I would suggest that people should make sure to disclose such income and they must pay the tax in local currency.
This is all going to become relevant when i decide to convert my btc to usd and then to cad. Thanks for the updated info. i will continue to search for more information on the subject and post it here. Every country has different laws regarding this. I'm trying to compile a list of information for Canada.
Yep, taxable like any other profits. For example if you earned in Bitcoin through work or any other services, you are required to report them, and change its value as received on that day to CDN (Canadian Dollar).
If you want a website that explains it simply, check here:
https://turbotax.intuit.ca/tips/how-bitcoins-might-impact-your-income-taxes-333
And its official statements from CRA can be found here:
https://www.canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html
Any other questions, I would advise you to email them directly and not keep anything hidden in case of getting reported for tax fraud. Hope that helps!
If you want a website that explains it simply, check here:
https://turbotax.intuit.ca/tips/how-bitcoins-might-impact-your-income-taxes-333
And its official statements from CRA can be found here:
https://www.canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html
Any other questions, I would advise you to email them directly and not keep anything hidden in case of getting reported for tax fraud. Hope that helps!
as per subject: is bitcoin taxable in canada?
EDIT: One of the articles i could find. http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property
still a bit of a grey area to me tho.
EDIT: One of the articles i could find. http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property
still a bit of a grey area to me tho.
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