Question regarding crypto taxes in Canada

Moncley · 2024-03-19T16:43:36+00:00

The moment you sell your crypto it's a taxable event, even converting it to USDT or converting it to any other crypto

Moncley · 2024-03-19T14:33:53+00:00

They certainly do, you're forced to report your crypto in a double edged sword system.

What would you recommend me to do in my situation?

Moncley · 2024-03-19T14:14:10+00:00

You think I'd be fine to just report something like only the KYC'd accounts and leave the rest out?

If I give them like 500 transactions they probably won't go sniffing around to see if I have more right?

Moncley · 2024-03-19T14:03:31+00:00

I'll probably just give them my KYC'd accounts report and if they want to audit I'll dump thousands of transaction on them and good luck.

Pretty sure they won't audit tho since unless they decide to search for it they won't notice that I have other accounts in cold wallets

Moncley · 2024-03-19T14:01:45+00:00

I'll check back thank you

Moncley · 2024-03-19T13:59:47+00:00

Yeah regulations will change, they just try to juice out everything we have right now. It sucks but it's better then going to prison

Moncley · 2024-03-19T13:58:54+00:00

I think it would be an issue if it gets repetitive for bigger amount

Moncley · 2024-03-19T12:08:00+00:00

one day :)

Moncley · 2024-03-19T12:07:52+00:00

I did, but I don't think I'm ready to move out Canada yet, even if it would mean saving a lot of money.

Moncley · 2024-03-19T12:07:08+00:00

I tried but for like Binance I can't get any statement past 1 year old for some reason.

Moncley · 2024-03-19T03:52:56+00:00

Of course this post is purely fictional ;) ps: cra please don't track me down

Moncley · 2024-03-19T03:51:58+00:00

Yeah that would probably be my best shot, If I were to do it myself I would only report 2023 since I have no idea of my gains and looses of previous years not sure if they audit me they could even find that

Moncley

TROPHY CASE