It may seem early to start thinking about filing taxes, but this year's return could be particularly time-consuming for Canadians who have flocked to Bitcoin and other cryptocurrencies, especially those who don't realize they owe the government money.
No need to worry if you've purchased Bitcoin but haven't touched it since. But once that cryptocurrency is translated into a real-world dollar amount — such as when you sell it or use it to buy something — you are on the so-called tax man's radar.
The price of Bitcoin shot above US$19,000 in mid-December, prompting a surge of interest, along with some cautionary advice from officials. Bank of Canada governor Stephen Poloz warned about cryptocurrencies' risks and tax implications the same month.
"Characteristics vary widely but, generally speaking, they can be thought of as securities. The Canada Revenue Agency agrees," Poloz said during a Toronto speech. "That means, if you buy and sell them at a profit, you have income that needs o be reported for tax purposes."
But working out what to declare to the tax man is not that straightforward, experts say.
"There is no exact framework within the income tax act that tells us exactly how Bitcoin is taxable," said Lana Paton, managing partner of PwC Canada’s Tax Services.
The CRA issued a letter in 2013 that stated that Bitcoin and other digital currencies were not considered to be legal tender. Instead, the government agency said, cryptocurrencies are viewed as a commodity. As such, any resulting gains or losses could be taxable income.
But until the gains on that virtual currency are realized — whether that is by selling the digital currency, or using it to make a purchase — those gains are not subject to tax.
"The act of buying Bitcoin or receiving Bitcoin should not be taxable," said Paton. "The act of using Bitcoin, will be taxable."
For example, if you purchased one bitcoin for US$10,000 but sold it last year for $19,000, you will need to declare $9,000 in capital gains.
When cryptocurrencies are used to pay for goods or services, the rules for barter transactions apply.
For example, if a merchant accepted Bitcoin in exchange for a desk, a pair of glasses or jewelry — all items that can currently be bought using Bitcoin — the seller will need to include the fair market value of the good or service sold in their income for tax purposes.
"You are trading one good for another and you uptraded, so you gained in value," said H&R Block senior tax professional Valorie Elgar. "You're supposed to claim that as a capital gain."
GST or HST also apply on the value of any goods or services purchased using cryptocurrencies.
When making a purchase, any gains or losses on the cryptocurrency are considered realized and must be reported, said Paton.
For example, if you bought Bitcoin for US$1 — a price the cryptocurrency hasn't held since 2011 — and used that Bitcoin to buy a new car last year for roughly US$18,700, you would have to declare a capital gain of $18,699. https://www.castanet.net/edition/news-story-217772-6-.htm#217772PS:I have been telling you what it says above for 5 straight years over and over.. |
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You all probably seen my posts and they are always negative. Most of you are actually noobs though and came here for one reason.. profits. So you know squat. But i am curious do you have any idea just how scammy this is behind the scenes and through out history ? I have confronted and caught a LOT of idiots pulling scammy coin launches. They get mouthy.. attack.. deny it.. dump and then go into hiding. Over and over.. Do you all really think they leave ? Of course not they create a new account launch another coin and blend into the noob crowd. I could rattle of a huge list of coins exposed where the idiots fought lying their ass off.. ..only for them to vanish. Carbon Coin ring a bell ? HYP ? Big claims and BIG plans then.. coin is delisted and they are on the record bragging about profits. Over & over.. Unless you have been here like me for 5 fucking years watching stunts like URO (the piss coin) you probably have no idea. So how legit do you all think this crap is ? I have for years heard guys rattle of a list saying what they think makes a coin (startup) legit. First off they say the dev's IDENTITY being known. What like this guy ?  We KNOW who he is and did ALL ALONG.. his name is Berni Madoff.  Note: I bet my left nut he has a few noob accounts here. LOL |
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Did you all know that instead of using Bitcoin you can use Interac eTransfer world wide with many banks ? I have used it with LocalBitcoins service to dump my shitty ass retarded failed BTC shit coins. Yup.. it cost me 1 single dollar and i every time had the confirmation email and money in my account instantly. Not as Valve pointed out with $20 in fee's and as the average states around 33 hours. How is Bitcoin even considered a competitor when services like that (and others) exist ? I am wondering if you were all aware of this fact. I should hope so.. i see nothing but a flood of noobs spouting off about how Bitcoin is so great. Class is dismissed. |
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Well you done it.. pat yourselves on the back guys ! You are a hair away from posting 20,000 ANN topics.I never thought I'd see the day when we hit 10,000.. not any time soon anyway. Little did i realize that the pace would pick up to obscene and ridiculous levels. So yeah, congrats.. you all make me sick. You put on a clinic of greedy stupidity flaunting a vulgar display of idiocy. Seriously it's time for high fives investards.. it's party time in crypto-land almost. When do you all realize this shit it is fucked up scammy and retarded ? I have seen users here post topics and replies saying "The more the better" I even seen Coindesk post a news story claiming "We need all the coins we can get" during the SCRYPT cloning days. What's to say ? Wait ! ..i know How much ROI's can i makes of teh profits coinz ? Is teh ethereumz teh futurez ? Caen i haz Ripple moneyxz now ? I really hope each and every single one of you learn a valuable life lesson here. |
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The Grand Mufti of Egypt, Sheikh Shawki Allam, has issued a fatwa against the digital cryptocurrency bitcoin. The influential religious authority said that is not permissible to share bitcoin by selling, buying, leasing, or any other means. He said that it is not considered very safe because it carries with it several risks and isn't regulated by a centralised authority.
The Grand Mufti’s declaration that bitcoin is not permissible under Islamic law follows a ban by the Egyptian state last month after the first exchange opened in the country in August. Grand Mufti Allam compared bitcoin to gambling due to the high prices it is reaching. He said this can directly lead to the financial ruin of the individual, a group, and institutions. On the political front, an advisor to the Grand Mufti alleged that it was being used to fund terrorism.
Despite reaching the dizzying heights of $20,000 per bitcoin, the cryptocurrency slid back to around $13,000 and is currently sitting at $13,990 at the time of writing. Another cryptocurrency, Ripple, has been making huge strides over the past week; while most other cryptocurrencies were sliding to lower levels, Ripple was bucking the trend and increasing in price, it is now sitting at $2.41 per coin and boasts a larger market cap than Ethereum according to Coin Market Cap. http://www.bbc.co.uk/news/world-middle-east-42541270https://www.neowin.net/news/egypts-grand-mufti-issues-fatwa-against-bitcoinPS:Ripple is scammy bullshit. |
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..U.S. government agency and other relationships will help increase market penetration and increase the number of early adopters of the new technology. https://www.castanet.net/edition/news-story-213580-6-.htm#213580As posted on my local news web site.. Big Blockchain Intelligence Group Inc. says it has hired a former U.S. Homeland Security special agent to head its forensics division.
The Vancouver-based company says Robert Whitaker, a former Homeland Security Investigations supervisory special agent, will serve as its director of forensics and investigations.
Whitaker's responsibilities will include the global rollout of the company's QLUE.io product, which allows clients to access information they require within any blockchain.
The company says Whitaker's U.S. government agency and other relationships will help increase market penetration and increase the number of early adopters of the new technology.
CEO Lance Morginn says in a statement that Whitaker is an obvious fit for the position and he'll provide the company the opportunity to become the industry leader.
Big Blockchain develops blockchain technology solutions, search and data analytics. Now from Coindesk.. by 2140 | June 19 2016 | News | VANCOUVER, BC – 19 June, 2016 – Blockchain Intelligence Group (“BIG”) today announces that it has entered into an exclusive license agreement with BMEX Corporation (“BMEX”), a company operating in Japan, whereby it will provide BMEX with its proprietary Qualitative Law Enforcement Unified Edge (“QLUE”) Blockchain technology software. The QLUE technology incorporates advanced search algorithms and various techniques to detect suspicious activity within Bitcoin transactions - all using proprietary methods under BIG’s own Bitcoin Blockchain Law Enforcement Analytics Platform. The 12 month agreement with BMEX also provides licensees with the option and right to market BitRank.io within Japan under a similar agreement once a pricing plan has been put in place by the Licensor. Christopher Filiatrault, CEO of BMEX, stated that, “The opportunity to distribute BIG’s technology throughout Japan is a win-win for all involved. The technology is at the forefront and center of Bitcoin’s acceptance in Japan and can be adopted very easily by our existing customer base. We are very excited to bring the technology to the Japanese market.” Lance Morginn, CEO of BIG, commented that, "We are very excited about this partnership based on the existing network of relationships and business ventures BMEX has in Japan." About BMEX BMEX Corporation is headquartered in Tokyo, Japan. BMEX runs a network of Bitcoin ATMs in various locations around Japan. BMEX has also developed a Bitcoin wallet and Crypto trading platform for its 4000+ member base. About Blockchain Intelligence Group Blockchain Intelligence Group is headquartered in Vancouver, BC, Canada. As a developer of Blockchain technology solutions, search and data analytics, BIG's propriety platform will globally target governments and Fortune 1000 companies that operate in the finance, and e-commerce sectors. For more information visit: www.blockchaingroup.io Blockchain Intelligence Group Lance Morginn CEO & Director D: 1-778-819-8702 email: lance@blockchaingroup.io Shone Anstey President & CTO D: 1-778-819-8703 email: shone@blockchaingroup.io Forward-Looking Statements: Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the effectiveness of the technologies, regulatory uncertainties and other factors, many of which are beyond the control of BIG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from the BIG’s expectations include, consumer sentiment towards BIG’s products and Blockchain technology generally, litigation, technology failures, competition, and failure of counterparties to perform their contractual obligations. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. www.blockchaingroup.ioThe publication of a press release on this page should not be viewed as an endorsement by CoinDesk. Customers should do their own research before investing funds in any company. Sooo uhhhm which part do i FUD ? EDIT: I guess this should have been put in the Bitcoin section not here.. oops  |
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https://www.neowin.net/news/steam-will-no-longer-support-bitcoin-due-to-high-fees-and-volatilityIt's funny because i said that exactly the day before then i seen the news story. I have been warning you all for ages but you won't listen. Valve made the decision and parroted precisely what i said before their announcement. As usual i am right. Not sure i care though. I care about Bitcoin ..not the losers here in crypto. I have no interest in helping dimwitted idiot profiteers or their predators that groom them. You all want to believe in a fantasy and disregard reality. You deliberatly choose to portray a facade grounded in some type of mystical crypto-faith. The "one day" mantra. Only problem is nobody lifts a finger to make that "one day" a reality. Crypto died a long time ago and what replaced it was a culture of ponzi / pyramid scheme aficionados. The majority involved couldn't care less if as Valve said the fee's were 20 cents and are now $20. You all simply shrug your shoulders and carry on cawing like crows about the magical wondrous opportunity that is "Bitcoin". You simply all fall back on the retort that Bitcoin price is high. And ? What you don't think it will be decimated when a few whales turn the momentum and put the fear into the little shit morons buying them for ROI's ? Of course it's a bubble and of course the price will tank. History through all of humanity cites endless references.. so why would Bitcoin be any different ? Then you all chant about this is "different" and Bitcoin is strong. Nope. Laws and regulations are hampering it and it's intended use as a currency (because it's not being used as one) The ice cold crystal clear reality is ..it failed. It doesn't work as intended.. as a currency. Bitcoin is NOT a viable alternative digital currency. Almost anything else would be a more reasonable alternative. For example i can pay $1 dollar and have the confirmation email from Interac eTransfer in less than a minute. So why would i pay $20 and wait maybe 30+ hours and jump through silly insecure sketchy crypto hoops ? Meh.. It's time for the little crypto-brats to grow up and the predators to get the middle finger. Those of you that know better should be ashamed of yourselves. This was never intended to be a dishonest scammy scheme of sorts to prey on the gullible for FIAT. It was launched to embrace a new ideology.. that was shot and pissed on 5 years ago. Have fun buying Tulips.. "Proset" baseball Cards, Dotcom bubble web scheme's, 1980's Water Filters, Tickle Me Elmo's, Furby's, Cabbage Patch Kid Dolls, Teddy Ruxpin's, Housing Market Bundled derivatives.. and... BITCOIN.
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The Big Bang Theory - S11E09 - The Bitcoin Entanglement https://the-big-bang-theory.com/episodeguide/episode/1109/The-Bitcoin-Entanglement/Sheldon tries to teach the guys a lesson after they cut him out of a potentially valuable Bitcoin investment Which airs on November 30th will feature a story segue about the infamous "Bitcoin" ..and it's "investment" of course ( since it has no other real viable use) I've also seen other shows mention it and it's not flattering. Such as The Simpsons and Family Guy. It's always just some sketchy money making scheme. Personally i don't see the logic in " investing" in a failed currency  The real question is.. is it too late to fix Bitcoins laughing stock reputation by making it work as intended ? When other options like Interac eTransfer were faster and Cheaper and.. safer ..5 years ago. I'd say we got a problem, never mind the ugly vulgar abomination that is the "ICO" shit storm. What i envisioned is the writers of that show coming here and looking at all this moronic bullshit for TV show writing research.. Put on a tie and a nice set of slacks investards ..you are being watched.They probably noticed that i am the only one in crypto not a greedy mouthing breathing startup millennial fucking shitbird chucklefuck retard profiteer gimp hell bent on bastardizing teh profits coinz exchanger block-chainz for some perverse money making gimmick scheme " investment" Get your fucking shit together people.. your " investment" is showing  |
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Noobs currently pile in here and are NOW leap-frogging over learning the prerequisites. Since every single coin is an ICO there is nothing to know. You all simply head over to the "exchanger" and login and look up the tard' syymbol and click buy. Based on what ? Your technical knowledge of the design and source code and functionality of crypto-currencies ? Fuuuuuuuuuuuuuuuck no. Get it ? How the fuck do you dare call yourselves "investors" when you have demonstrated no actual knowledge of " crypto" ? How the fuck do you "invest" in something you don't know anything about ? Simple you post stupid questions here LOL This shit was streamlined for idiots.Moar ICO'z HODL ! <dev dumps> ..no one cares ( because both parties looking for the *new coin anyway) What it actually is and how it works is of no concern to anyone. The only thing that matters is.. Is the new fancy schmantzy ICO gimmick convincing enough to get popular enough to dump fer teh ROI's. If you noobs can not look at the source code and see how it's rigged unfairly then what right do you have "investing" in them and there by pushing them onto others ? You noobs are not asking the questions you should be. All i see is "which one will make me rich?" being asked over and over. And i just explained above the answer to that.  |
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I'm done.I recently got rid of my Bitcoin. I am making this my last post on this forum. Why ? I can't stand you people. I have ZERO respect for you. You took something meaningful and perverted and destroyed it out of greed. The people involved with "Altcoins" killed it.. "it" as in all of crypto past / present and Bitcoin itself. "You" as in the majority who controls crypto.Few people here i recognize.. it's all noob accounts (or made to look that way) <-- socks / puppets. Old users fell silent or went along with it all or simply left long ago. Yeah Bruno.. i am typing this farewell speech in poem form And yeah he launched a fucking ICO and Shelby said he would too. See the pattern ? I am not launching an ICO. And unlike the other 99.99% of people who called them a scam i am not supporting them. I suggest you review history if you don't know what i am talking about. Start by looking at the community feedback on the first few ICO's here. You will find they were laughed off the forum for being scammy and ignored.. ...until you all showed up.I have nothing to offer this place anymore. I also see no hope or future and think Bitcoin is stained beyond redemption. That's it.. there is nothing left. Nor do i think anyone here will care. So by all means enjoy your scammy shenanigans.. while you can. (while the legal enforcement continues to encroach) Then you can all do what you always do.. play the good guy and publicly denounce the scammy shit you were doing for years lining your pockets. I seen it happen with SCRYPT coin cloning. This time i won't bother sticking around to say i told you so anymore. You people are not worth it. Crypto and the people involved with it are a waste of time. I am tired of scammy bullshit for Bitcoin profits.. while sacrificing Bitcoin in the process. Altcoins make BTC look bad. Who is fueling the shitcoin crap ? BTC whales. Why ? To get more Bitcoin.. while destroying it. Yup my new coin i am flogging is the Bitcoin killer.. wanna buy some for.. uhh.. Bitcoin ? It will replace Bitcoin.. but uhh.. you need to buy them ICO coins from me on Poloniex.. with Bitcoin. Mmmhhmm i just love the ole paradox You all are exhausting, stupid and greedy. I am not. I am above you and am a better person with integrity and class. So i am choosing to not associate with people like you anymore. I don't want to be around broken English greedy self destructive fools destroying crypto for what ever chump change BTC dust they can get as quick as they can at the cost of destroying crypto ..forever.You are all beyond redemption and beyond reason. Staying here any longer would simply be a continued waste of my precious time. Something i value more than BITCOIN. A few people here like kelsey or BitcoinExpress.. or maybe even mprep may understand. If my comments here are worthless maybe my leaving will be of more use. Yeah a long post (FUD) ..but the last one
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Yup.. all i ever see in the world of 'crypto' is noob accounts.
And for some strange reason they get mouthy like they know things.
They don't.
So i contest this is a bad thing (for crypto)
For example they latched onto ICO's and are supporting them out of greed.
Which in turn is killing crypto and ruining any future it might have had.
Noobs if you don't learn history it has a tendency to repeat.
And this scammy ICO bulllshit popularity is the same as late 2013's SCRYPT cloning phase.
What goes up must come down.. this time it will be with tougher and tougher regulations though.
Because you are BEGGING for them by being greedy irresponsible Investards.
NOOBS ..everywhere.
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Ok so i was wondering if anyone has used Western Union to sell BTC on LocalBitcoins.
I have BTC on Bittrex so i have to send it to LBC for starters.
Not sure how long that will take either or if i have control over that.
What i am wondering is has anyone done that before with LBC and did the Fee's cost a lot ?
Did it take a long time ?
I don't want to use PP or a bank account.
A couple years back i used Interac eTransfer a bunch of times to sell Bitcoin.
That worked fast and easy.
But i need to use Western Union or similar this time though.
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Since it is in fact law.. i am curious how many of you have or not. ..feel free to vote if you have the balls |
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I have seen the accusation of being a pedophile come up a lot.
I first seen a guy here named VOD with a web site link exposing him for it from 2013.
When i posted it he quickly ran and negged me accusing me of being one for downloading porn at RarBG.
Then today i seen him accuse QuickSeller of being a pedo too.
So is this for real or what ?
Or is this some new slang insult or something ?
Lets do a pedo list now asshole profiteers..
- VOD
- Gleb Gamow
- Spoetnik
- QuickSeller
Did i miss one ?
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
You're a pedo !
NO, you're a pedo !
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I am genuinely curious people.. think of this as a survey. I know a lot of scammers the guy exposed will say NO. But what does the community think ? And aside from the idiot yammering on about pedo crap again say what ever you want. PS:I voted NO for a variety of reasons. Oh and by the way.. i am taking over this section so all the little VOD's and Lauda's can sit down and STFU now. I am in charge and this is my section know chucklefucks. I will be here 24/7 now ruling with an iron fist  What the fuck are you gonna do about it pussies ? ..call the cops |
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I really wonder what the world thinks on this question. I have heard soooo many defenses of blatantly bad coins mentioning how they made money off it. As though it make the coin ok.. To me i thought this was a rhetorical question.. common sense. But maybe it's not ?  Does a coin reach legit status simply because the price of it shot up high ? |
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