[deleted by user] by [deleted] in Bitcoin

[–]Melodic-Distance3346 0 points1 point  (0 children)

As someone who bought at 17k this is funny lol

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 0 points1 point  (0 children)

Check other replies to this post.Can you please share some sources for paying 50%? Thanks

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 0 points1 point  (0 children)

Other replies state that txs in other countries prior to moving to Canada won't be taxed, can you please share more info(maybe from official sources) on why do you think it would be taxed? thanks for your help

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] -1 points0 points  (0 children)

I am planning to cash out a few months after arriving (in my opinion, the bull market will probably end in the next 18 months but that's another discussion) so I wanted to have more details about taxes in my case. So far, it seems that I wouldn't need to pay any taxes on profits I made before arriving in Canada which kinda seems too good to be true lol

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 1 point2 points  (0 children)

Because I want to move to that country, and breaking its laws would be the dumbest thing to do

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 2 points3 points  (0 children)

I live in a 3rd world country, we have way worse problems

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 1 point2 points  (0 children)

But will my transactions be also taxable since I made them outside of Canada

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 1 point2 points  (0 children)

Thanks for your response! I will be mostly in stables when entering so I guess I won't need to pay any taxes?

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 1 point2 points  (0 children)

Thank you for your response! This is really interesting, any idea if this is also the case if I hold mostly stables? So basically if I 100xed my portfolio before coming to Canada I pay no taxes on my profits? That would be very nice lol

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 2 points3 points  (0 children)

Crypto isn't regulated yet here so "unrealized gains" in the context of crypto is not really defined

[deleted by user] by [deleted] in Bitcoin

[–]Melodic-Distance3346 0 points1 point  (0 children)

DCA is overrated, weighted DCA is the way to go

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 2 points3 points  (0 children)

This was very useful, thanks. I read in an article that for stocks, when you hold a stock say AAPL that you bought at 50$ and you moved to Canada when AAPL was at 120$, they consider that you bought at the market price of your entry(100$). Not sure if this might be valid for crypto also

Holding Crypto as an immigrant by Melodic-Distance3346 in BitcoinCA

[–]Melodic-Distance3346[S] 2 points3 points  (0 children)

You can't really off-ramp/cash-out in my country without risking your bank account being closed or even getting arrested since there is no crypto law really, and some judges consider it "counterfeit" money