WHAT THE FUCK

thats how its is in the US and europe

With jews you lose. (((They))) hate crypto because it challenges their fiat ponzi scheme and they have little to no control over crypto. Gods chosen.... Really stirs your noodles.

THat's the one thing I'm happy about not being a US citizen.
Taxes.

Not only they tell you how you can earn or not your living but on top of that taxe you tremendously huge fees, after already being taxed for the most part by your broker.

And if you ever try to open a bank account outside, you're targeted as a tax evading fraudulent cunt and IRS will tax you until you bleed your last drop.

I have up to this day about 10 trades a day, I can safely withdraw small amounts to my bank account, and I haven't been asked any question whatsoever, simply declaring it as a living income, I pay a tax like any selfentrepreneur does.

What's best is I didn't even have to do it, I could have just drawn profits to my bank account, as long as they were small amounts of my total profit, I didn't have to pay a dime.

There is no doubt IRS is ruled by jews, they use nothing but usury to rob off people who are productive, smart or hard working.

I didn't know up until now, but there is a PDT rule instaured by IRS that puts a limit on day trading.
Who are we kidding here?

yeah fuck taxes, even worse here in shithole socialist scandinavia

I thought in the US you go to jail and get raped by blacks?

after coming back to canada from cuba and realizing the airport staff consisted of pajeets, Filipinos, and africans who can barely speak english, ive realized this isnt my country anymore.

same in my coutry and here's why im ignoring it:

if you have a rock and i have a pine cone and we trade them then why the hell should anybody else now be entitled to 5% or whatever of what we traded.

especially in terms of "profits". the exchange is actually always 1:1 in value, why should i have to convert it to some other currency and compare completely unrelated value numbers to each other in order to calculate how much of my "profit" i need to give to someone else that had nothing to do with the exchange at all?

fuck that shit. my conscience is clean for trying to escape from that injustice. makes no sense.

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You are mistaken. You owe capital gains on the profits. It's 23% max plus late filing fines. So maybe about 25% of your gains as of December 31, and if your gains are stupid high you can get a lawyer and weasel out of some of it.

You're only fucked if you declare and were a swing trading, tether fagging degenerate who unironically traded the high and didn't take any fiat profits. If that's you, then try to find a way to cash out without using a canadian bank or business.

Now if you aren't completely fucked and you want to get taxed, go to r/bitcoinca and ask someone to walk you through declaring zero cost basis cap gains. If you can program, there are algorithms there and you will just need to write a parser for your trade logs and abuse the json urls for coin market cap's historical data + historical CAD to USD rates.

The state does this to stop people from trading in commodity IOUs to avoid taxes. You'd get a whole downlow economy if it could be gamed that way. Instead they use force and inconvenience to push everyone into dollars.

You deserve this.

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i'm sure they have their reasons, i just don't approve.

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How much do you have anyway?
There are other options to cash out beside bank (localbitcoins, bitcoin ATMs, payoneer or skrill card etc).

Source plz

OP im in a similar boat as you (im from ontario). However, I have never cashed out once yet. I bought 2 btc in August of last year and traded my way up to 12 BTC and now im down to 6. Did you get a letter from cra or something? Did you cash out at all?

Ops retarded, you only owe capital gains that have been realized. If you dont cash out it is not realized. I cant find anything about tax on trades

cra data mining detected

Bingo.

>A
>FUCKING
>LEAF

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You are realizing capital gains by trading asset for another set of assets that you could not have afforded without the capital gains. Also, your Internet searching game is weak.

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I am a CPA in Canada. You are wrong, end of discussion. Only money cashed to a Canadian bank account needs to be reported.

I'm just paying tax on what I cash out. There is no way for me to track crypto to crypto considering I use shapeshift. And at that rate all my trades were 98% loss.

It's on the CRA website.

This is exactly why I don’t swing trade, ever.

Canada is a fucking pathetic joke, I owed the CRA $40k and all I did was move to Tokyo and these faggots can't do shit.

That's my plan if I make enough I'm gonna immigrate to the Czech Republic and or cash out in Belarus then move to Czech Land.

Isn't there a minimum tax threshold? Why not just Tether up and just cash out small amounts as you need it?

As far as I know nope there isn't and the CRA is useless as fuck to clearly define tax rules on crypto. As for cashing out small amounts basically your transactions get recorded if they are persistent and or deemed large enough to the tax dicks. We have something called FINTRAC a team of pricks to fuck over Canadians on taxes and other financial doings.

Thanks senpai. Booking a flight to costa rica to make a deposit