moneyboss (OP)
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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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zubelutte
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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  |
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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.
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moneyboss (OP)
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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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Magazine
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October 30, 2013, 11:53:07 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.`
It's 1 BTC, I wouldn't worry mate. |
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moneyboss (OP)
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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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Magazine
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October 31, 2013, 12:18:25 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. |
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moneyboss (OP)
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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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grue
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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. |
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moneyboss (OP)
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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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Magazine
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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 (OP)
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October 31, 2013, 06:40:19 PM |
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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 (OP)
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November 02, 2013, 01:15:47 AM |
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someone has to help.
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adamstgBit
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November 02, 2013, 01:29:59 AM |
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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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franky1
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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 |
I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Magazine
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November 02, 2013, 01:38:44 AM |
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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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Elwar
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Viva Ut Vivas
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November 02, 2013, 02:46:40 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.
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin. |
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Jabbatheslutt
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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? |
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moneyboss (OP)
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November 02, 2013, 03:14:50 AM |
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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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Magazine
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November 02, 2013, 03:53:19 AM |
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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. |
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