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Author Topic: Bitcoin TAX  (Read 2546 times)
moneyboss
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October 30, 2013, 10:41:27 PM
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Hello i have a question, it is about taxation laws on bitcoin in CAN.

Do i have to pay tax on gift cards that i buy ? if so how does it work.

If i get the bitcoin by not buying it or mining it, but lets say as a gift or by gaming.

Do i need to pay tax on the goods i purchased with bitcoins.

very tricky situation we have here.

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October 30, 2013, 10:45:28 PM
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Do i need to pay tax on the goods i purchased with bitcoins.

The goods already have VAT included. What other tax you want to pay  Huh
balanghai
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October 30, 2013, 10:54:12 PM
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VAT is usually included in the products but if you still have stash earned there, make sure not to cash it out or else you'll get an income tax.

moneyboss
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October 30, 2013, 11:43:48 PM
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I am not sure what you two are sying, i have gotten free btc from faucets, and turned into 1 btc via gambling.

i want to buy a gift card. do i include that on my tax when tax man comes.`

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October 30, 2013, 11:53:07 PM
 #5

I am not sure what you two are sying, i have gotten free btc from faucets, and turned into 1 btc via gambling.

i want to buy a gift card. do i include that on my tax when tax man comes.`

It's 1 BTC, I wouldn't worry mate.

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moneyboss
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October 31, 2013, 12:05:58 AM
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what if i multiply that 1 btc to 20 btc. lets say i go on a "insane" run.

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October 31, 2013, 12:18:25 AM
 #7

what if i multiply that 1 btc to 20 btc. lets say i go on a "insane" run.

Then if you're in Canada you don't pay taxes on gambling wins.

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moneyboss
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October 31, 2013, 02:21:23 AM
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Magazine correct, but on btc you have to pay tax.

so im in the middle on what to do.

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October 31, 2013, 02:26:13 AM
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what if i multiply that 1 btc to 20 btc. lets say i go on a "insane" run.

Then if you're in Canada you don't pay taxes on gambling wins.
I don't think that applies for foreign gambling winnings.

It is pitch black. You are likely to be eaten by a grue.

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moneyboss
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October 31, 2013, 02:32:35 AM
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Grue even if you gamble offshore you dont need to pay tax.

correct me if im wrong,

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October 31, 2013, 02:47:04 AM
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Sites like Pokerstars and Full Tilt etc are offshore and I don't think Canadian players pay tax.

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moneyboss
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October 31, 2013, 06:40:19 PM
 #12

poker stars and full tilt dont accept bitcoins,

if i was to get a 20btc profit from gambling and not buying any bitcoins do i report that as my income tax or capital gain..or none.

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moneyboss
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November 02, 2013, 01:15:47 AM
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someone has to help.

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November 02, 2013, 01:29:59 AM
 #14

poker stars and full tilt dont accept bitcoins,

if i was to get a 20btc profit from gambling and not buying any bitcoins do i report that as my income tax or capital gain..or none.

i'd say if you made 500$ gambling with bitcoin, you can get away with not declaring it...

10,000$ of pure profit... not so much..

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November 02, 2013, 01:30:10 AM
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I am not sure what you two are sying, i have gotten free btc from faucets, and turned into 1 btc via gambling.

i want to buy a gift card. do i include that on my tax when tax man comes.`

did you include the $100 your grandma/parents gives you in gift vouchers inside your christmas/birthday cards each year???

its the same thing

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November 02, 2013, 01:38:44 AM
 #16

I was speaking about this earlier with a buddy from Canada with gambling wins and he said if you are a recreational gambler and you do it for fun and not as a main source of income then you don't have to pay taxes.

If you are a pro poker player / gambler then you have to sort of declare some sort of taxes I believe

But, you're gonna cash out in GC's / cash anyway so eh don't tell mr tax man and you'll be fine.

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November 02, 2013, 02:46:40 AM
 #17

The whole point of Bitcoin is to not pay taxes.

Except in the US because I always pay all taxes and sometimes a little bit extra for good measure. And I love the IRS because they are all great guys.

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November 02, 2013, 02:48:19 AM
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The whole point of Bitcoin is to not pay taxes.

Except in the US because I always pay all taxes and sometimes a little bit extra for good measure. And I love the IRS because they are all great guys.
This. Why do you want to pay taxes on your hard earned coins?
moneyboss
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November 02, 2013, 03:14:50 AM
 #19

can law requires tax on bitcoins, btw

since i basically got these btc from a faucet and then gambled to 10 btc
should i report this as income .

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November 02, 2013, 03:53:19 AM
 #20

can law requires tax on bitcoins, btw

since i basically got these btc from a faucet and then gambled to 10 btc
should i report this as income .

Jesus lol

no need

it's 2 thousand bucks the tax people are not gonna hunt you down

spend it, rub it on your titties, give it to a homeless man.

>>>>>>>>>>>> Bitcoininformation & DiamondCardz are SCAMMER, AVOID THEM AT ALL COSTS! <<<<<<<<<<<<
39  Belvedere Road Leyton London E10 7NW    = SCAMMER ADDRESS! TRY A MILLION LTD!
TradeFortress is a scammer!
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