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Title: Canadians and paying taxes?? Post by: yodog on April 16, 2012, 05:18:20 PM well, I was wondering if any canadians are claiming there income on there taxes??
I have made quite the little bundle this month and had to direct deposit to my bank accounts... So now there is a paper trail of money that I would need to pay taxes on... any ideas? I am a full time student if that matters..... Title: Re: Canadians and paying taxes?? Post by: Fiyasko on April 16, 2012, 06:24:54 PM I dont include my bitcoin income if thats what your talking about. I see no reason to, It's not money. Therefore why should my government or it's tax department have ANYTHING to do with MY (not) MONEY!
Mybitcoins are not the same as thier Fiat coins and as such, i treat them differently Title: Re: Canadians and paying taxes?? Post by: yodog on April 16, 2012, 06:38:43 PM I am talking about the cash that I get after selling the coins that gets transferred to my bank
Title: Re: Canadians and paying taxes?? Post by: Stephen Gornick on April 16, 2012, 07:35:10 PM If you haven't yet read the following, you may wish to do so:
- http://en.bitcoin.it/wiki/Tax_compliance Title: Re: Canadians and paying taxes?? Post by: Epoch on April 16, 2012, 08:05:43 PM First read Stephen Gornick's link. The short answer is yes, you are obligated to report all sources of income.
If the government picks your return for an audit (based in part on your 'paper trail' of extra income, or just a random luck of the draw), you don't want to be in the position of explaining why you didn't report it. In the end the choice of reporting it is yours, but you should understand the consequences of not doing so. This applies to both US and Canada. One benefit of reporting mining income is that you can deduct all reasonable expenses associated with it (such as depreciation on your mining rigs, electricity, etc.). |