Canada taxes 2

continuation of was afk but answering anons questions and adding some more of mine
>i have similar issues that my accountant made go away...CRA has their hands full chasing CERB bullshit
how has your accountant declared your gains? same as me? one or two lines?

>which bank OP ? And how did you withdraw 100k fiat into your CAD bank ?
did your bank block your account or ask questions? just curious. also bump.
the big banks - TD, Scotia, BMO, RBC all don't ask questions let alone block - i used one of the accredited KYC exchanges

>Did you reinvest the full 400k tether into alts, or just a part of it?
If you do 100 - 2 you're using your entire cost basis of the 2k on that first 100k sale and everything else going forward is at a cost basis of $0.00 (aka pure profit to be taxed).
Honestly the way you're doing it is probably fine. It's just 2k and you're dealing with it properly.
I reinvested 300/400 into alts - im just worried theyll consider those movements taxable events. but i hope youre right user.

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im probably making something out of a nothingburger to be honest but after seeing some user post a "FUCK IM GETTING AUDITED BY THE CRA" today it rustled some jimmies

technically you should be paying gains on the full 400
every trade is a taxable event
you should probably ammend your taxes to avoid fines

realistically though, what are the chances the CRA will dig deeper? I’m hearing a lot of
> just pay on what you withdrew to fiat

Cashed out 150k in Canada AMA

did you declare taxes?

how did you report your capital gains? did you leave out any gains you left in crypto?

did the CRA contact you for any reason after you declared taxes? how did you respond?

did you cash out a lump sum 150k or separate amounts?

what was your initial investment amount in CAD?

did you directly invest this amount in the token that mooned for you to take out 150k, or an assortment?

do you still have gains in crypto that you're not reporting?

so many questions user

dude stop being a fag and go back. the government isnt some all knowing omniscient entity. if you want to go by the books and pay all your taxes then just do it, if not stop being a pussy and assuming theres some secret system. fuck i hate zoomers

buddy, i wish i was as complacent as you but since trudeau's bitch went on a power trip to cancel all the truckers money im convinced they stacked CRA resources to hunt you for your cryptos this season. if you have any experience with taxes on your gains please share otherwise fuck right off

ya good luck taking tax advice on a childrens cartoon forum in an attempt to hide the $42k in crypto gains you made, you retarded faggot. fuck off and go back

it's worth a shot, some bright anons in this sub that helped me make it this far - the whole reason why i even have these problems in the first place. clearly you spend more time cooming to trannies than participating in the odd meaningful discussion on this forum to realize that. stay retarded

>owe the CRA $6000 in capital gains tax by April 30th
Literally what the fuck? I thought I had all year to pay this off

will i be okay if i just file my net capital gains for the year, instead of reporting like 2000 transactions with dated conversion in terms of Canadian dollar value? That shit will take me fucking weeks to calculate

I got out of bed to type this,
Ya I declared

cashed out all my crypto then reinvested some after the 2021 taxable year was over, rest in cash

they did not contact me, I just payed my capital gains, used koinly to make the records.

cashed out 50k then 70k, 30k

21k

assortment

nope all caught up till 2022

before this I had an 830 credit score
>good goy

also how do i claim a loss on bsc shitcoin rugs if i didn't bother selling the tokens for like 14 cents

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The most common advice I’m reading everywhere is yes that’s fine, but just document your shit in case they ask for more details

If you use koinly and generate a report it literally does what you’re saying, just one line under capital gains labelled CRYPTOCURRENCY

I have every intention of paying muh taxes when it’s time but this year I want to take out like 10k in crypto as a lifeline.

Should I even bother declaring this? I’ll own up to it later but I don’t want to complicate things right now

Didnt play the rug game, buckko

you can wait with that some imo, but amend the tax in a year or 2

Thanks user, did you also submit your list of all transactions as an appendix to your tax report to the CRA or just kept it handy in case they did come knocking?

Also did you reference wallet addresses and txids or nah

I used koinly reports to show transactions gave them to accountant
I showed my ledger address in the report transacting with the exchanges

Do you know if your accountant sent the transaction list to the CRA, or just the required tax documents?