RE: Pay taxes on your cryptocurrency in Canada

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Pay taxes on your cryptocurrency in Canada

in cryptocurrency •  7 years ago  (edited)

There must be away to avoid paying capital gains on bitcoin. Like if its a small amount, sure you can use a tenx or xapo debit card for living transactions and leave the salary as savings? Since i live in EU, i would rather relocate to another country to become a tax resident than pay capital gains. I may seem crazy, but i dont mind CG on anything but crypto currency.

cryptocurrency
7 years ago by

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      ·  7 years ago (edited)

    Yes you can avoid paying taxes by buying a bitcoin debit card! Thank you, you inspired me to talk about that, this will be my next blog post! Make sure you are following me to see the post :)

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        ·  7 years ago 

      Taking massive risk in crypto, trying to avoid banks, and yet getting taxed! This just angers me...

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          ·  7 years ago 

        I know that feeling =/

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            ·  7 years ago 

          Just throwing ideas. How about setting up a consultancy company, getting paid in bitcoin. The company takes a loan and uses bitcoin to pay off that loan. So there is no profit, as the loan eats all the bitcoin earnings. Would you be able to buy a companies car or a motorbike or a yacht or gym equipment or whatever? would you still need to pay taxes? There must be away to avoid CG with crypto, there just has to be a way.

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              ·  7 years ago (edited)

            Honestly, your best bet is to wait and hold on to it. In a few years who knows what could happen. Maybe governments will adopt it and it will become the worlds currency. At that point you won't have to sell your Bitcoin you could directly buy the goods you want with it. This way you get no CG.

            I would avoid the schemes you are trying to do. They could work BUT if they find out you would be in trouble :(.

            I know how you are feeling. I'm hate paying taxes. The best ways I find is to hold on to your coins (or withdraw a low amount, lower than 5 000$) OR use a bitcoin debit card.

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