Cashing out in Canada

[phaddie]

Hey guys,

  I am Canadian, I live in Canada.  I am starting to mine and trade.  From what I can see there does not seem to be a convenient way to turn the coins I generate and trade for into cash money.  Are there any other Canadians here who have a way of doing this? 

  Thank you in advance

    Phad.

[1715638336]

1715638336

[1715638336]

1715638336

[1715638336]

1715638336

[1715638336]

1715638336

[qiwoman]

Hey guys,

  I am Canadian, I live in Canada.  I am starting to mine and trade.  From what I can see there does not seem to be a convenient way to turn the coins I generate and trade for into cash money.  Are there any other Canadians here who have a way of doing this? 

  Thank you in advance

    Phad.

I don't know where you are but Bicoiniacs are planning to instal Bitcoin ATMs across major Canadian Cities. I am near Vancouver and I used the Robocoin atm to buy 400 Canadian dollars worth of coin and you can also sell your Bitcoin also through the ATM as well and it is very easy to use. Also BTC-E is fairly easy and has a few options to withdraw into cash as well. Have you tries that?

[phaddie]

I have not tried to withdraw cash from anywhere yet.  I was just not sure what the best way to do so is in Canada.  What kind of rates do the ATM machines buy BTC at?

  Phad

[oooo]

Your best bet is to sell your coins in person with other people using a local exchange. Alternatively, you could try the #bitcoin-otc channel in Freenode. The Vancouver Robocoin ATM will work too, but only if you're physically there

If you mine, then you're also potentially liable on tax for nearly the full amount, as capital gains would be applicable to your profit (i.e. how much did it cost you to earn the bitcoins versus how much you were able to sell them for). Of course, if you bought a bunch of ASICs, then you have a good argument to say that your cost base was actually quite substantial to minimize tax burden.

I'm not an accountant, nor a lawyer, so you'd probably want to check in with a professional on the tax implications.

Also, it seems that navigating the tortuous bank rules in Canada is a huge undertaking, which may explain why no Canadian bitcoin exchange exists (yet).

[joeroxor]

Hey guys,

  I am Canadian, I live in Canada.  I am starting to mine and trade.  From what I can see there does not seem to be a convenient way to turn the coins I generate and trade for into cash money.  Are there any other Canadians here who have a way of doing this? 

  Thank you in advance

    Phad.

Yes, I am Canadian and I use cavirtex.com to cash out. I use their debit card actually. It's very handy.

[Authentic]

Have you tried https://localbitcoins.com/ ? There you can exchange directly with another person.

[DeboraMeeks]

I think cavirtex is good according to some reviews (but there is a delay in bankwires or transfer issue for some people though) it's better to do your own intelligence before using any exchanger though. Bitstamp is recommended by some too.