| Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum. |
 | 
09-09-2019, 09:20 PM
|
#1 | | My dinner reheated before my turbo spooled
Join Date: Apr 2005 Location: Vancouver
Posts: 1,771
Thanked 582 Times in 173 Posts
| Question on CryptoCurrency tax info
As i know if you deposit over 6K or 10K (Can't remember what was the limit) within a month, Bank will report to CRA.
But if i withdraw 2-3K every month to my bank direct deposit, will bank report this activity to CRA ?
| 
|  | |
09-10-2019, 09:17 AM
|
#2 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
|
Maybe we should report this thread to the CRA right now......
| |
| | |
09-10-2019, 09:30 AM
|
#3 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,695
Thanked 2,421 Times in 918 Posts
|
Deposits of >$10k cash are reported. As well as unusual activity.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
| 
| | |
09-10-2019, 11:05 AM
|
#4 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 15,302
Thanked 15,398 Times in 5,090 Posts
|
^ It is Fintrac that money moving around over $10k gets reported to... it's not CRA.
| |
| | |
09-10-2019, 11:13 AM
|
#5 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2001 Location: Burn-A-Bee
Posts: 3,930
Thanked 385 Times in 170 Posts
|
Are you trying to avoid paying capital gains tax, or just good old fashioned money laundering? lol
__________________ Never argue with a dumbass, they drag you down to their level and try to beat you with experience My Feedback
Blah™
| |
| | |
09-10-2019, 11:54 AM
|
#6 | | My dinner reheated before my turbo spooled
Join Date: Apr 2005 Location: Vancouver
Posts: 1,771
Thanked 582 Times in 173 Posts
| Quote:
Originally Posted by Hakkaboy  Are you trying to avoid paying capital gains tax, or just good old fashioned money laundering? lol | I'm taking profit out. I'm too poor to do money laundry. Lol
So far, I have not take any of it out.
My accountant is telling me to report it as capital gain on the amount that I'm taking out.
| |
| | |
09-10-2019, 09:07 PM
|
#7 | | Captain Happy Bubble is my Homeboy
Join Date: Jul 2007
Posts: 319
Thanked 294 Times in 53 Posts
| Quote:
Originally Posted by ime2006 I'm taking profit out. I'm too poor to do money laundry. Lol
So far, I have not take any of it out.
My accountant is telling me to report it as capital gain on the amount that I'm taking out. | It would be a capital gain if you were in the long game for crypto. However, if you're actively trading crypto then the CRA could make a case for business income.
100% of your business income is subject to taxes at your marginal tax rates; whereas, only 50% of your capital gain is subject to tax at your marginal tax rates.
And, for further clarity, the calculation for a capital gain (if it was that) is not based on the amount of money that you take out of your crypto account. A capital gain is equal to sale price of your crypto minus your adjusted cost base. It's still a reportable and taxable event if you've realized a capital gain in your crypto account and whether you've taken the funds from your crypto account and moved it to your regular bank account is irrelevant for tax purposes.
| |
| | |
09-10-2019, 10:29 PM
|
#8 | | Rs has made me the woman i am today!
Join Date: Apr 2013 Location: revscene
Posts: 4,044
Thanked 4,530 Times in 1,518 Posts
|
Speaking of ACB (adjusted cost base), here's a great resource in calculating it: https://www.adjustedcostbase.ca/
__________________
|| 18 FK8 | R-18692 | Rallye Red | 6 MT ||
|| SOLD 97 E36 M3 Sedan | Arctic Silver | 5MT ||
|| RIP 02 E46 330ci | Schwartz Black II | 5MT | M-Tech II | Black Cube | Shadowline | Stoff Laser/Anthrazit ||
|| RIP 02 E46 M3 | Carbon Black | 6MT ||
| |
| | |
09-11-2019, 11:59 AM
|
#9 | | I help report spam so I got this! <--
Join Date: Dec 2010 Location: Vancouver
Posts: 2,867
Thanked 1,215 Times in 535 Posts
|
Obviously your accountant would tell you to report it. He'd lose his license to practice if he doesn't and gets found out.
Only way for CRA to audit is to enforce transaction reporting from exchange annually like traditional securities exchange. I don't think the process for them to do this currently exists (could be wrong).
| |
| | |
09-12-2019, 06:57 AM
|
#10 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,695
Thanked 2,421 Times in 918 Posts
|
I don't think the exchanges report any transactions to the CRA.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
| |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 12:48 PM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
