You would think that an investment that has multiplied 800,000 times in value since its inception would have the Canada Revenue Agency scouring the earth looking for tax dodging Canadians. Here's why the CRA isn't worried.
Canadians are notorious rule followers.
It seems that whatever ridiculous law or tax the government decides to levy on its citizens, Canadians will do as instructed. Not because these rules are enforced by heavily armed thugs in blue uniforms (although it helps), but because Canadians follow rules. And the rule is you must pay capital gains tax on any investment regardless of the fact that the 50% they take is complete extortion.
Canadians do not know how to buy Bitcoin
Leave it to the complicit Canadians to miss the boat on the most revolutionary world changing economic paradigm shift since the creation of the internet. Ask the person next to you if they own Bitcoin. You know what their answer will be. "No. I don't believe in it. I don't understand it. My financial adviser doesn't like it. Only criminals own it". You get the idea. So the CRA need not bother expending expensive resources tracking down an non-existent revenue source for them.
Canadian retailers are clueless
So you were smart enough to invest in Bitcoin a few years ago. You realize that Bitcoin is money and you have zero intention of converting it back to an ever declining Canadian FIAT currency. There are pretty much no retailers in Canada willing to accept your Bitcoin in barter. The average store clerk will look at you like you are from Mars at the mere mention of transacting in Bicoin.
So there you have it. You are either clueless are a demonetized rich person with a store of wealth sitting on your smart phone and no idea what to do with it. Fortunately there is an option.
Turn Bitcoin into more Bitcoin
The BitClub Netowrk has combined two very lucrative ideas into a single membership platform that allows each member to cash in on Bitcoin mining and leverage the power of Network Marketing. They pay you daily profits based on the Bitcoin being mined and from your profits you contribute a percentage back to re-purchase additional shares. This allows they to pay for the maintenance of the machines and helps to purchase more. They only accept payment in Bitcoin and you will effectively turn your Bitcoin into a daily Bitcoin mining operation that adds Bitcoin directly to your personal wallet every day. This is passive income of Bitcoin'ers.
Of course I know you will pay your capital gains tax to the CRA like the good rule follower you are.
Click here to join.
Thats true they thought we are played buh they are
Congratulations @sinushacker! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCRA tax reporting is another factor:
https://steemit.com/cryptocurrency/@robvann/crypto-income-tax-reporting-quality-varry-by-exchange
Further to my previous note, I found this solution:
https://steemit.com/cryptocurrency/@robvann/income-tax-solution-for-cryptocurrency
That's a good find!