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[hkoppp]

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[jackg]

Yeah in most places you're only paying taxes on the gains so if the gain was 50k, the tax would be based off that - om not familiar with the Canadian system though, a lot of European ones work out what you owe themselves (once you put the numbers in for gains).

There's a chance such a transaction looks suspicious to your bank but I'm not sure there's much they can do about it and if you're using a centralised exchange then you should be fairly safe.

[I_savor_your_pets]

Even if you're using a legitimate exchange, the CRA might audit you and ask you to prove certain things, such as where your original investment came from. Be prepared to show records and documents to prove you made all your money legally.

Don't suddenly move $200K into a bank without consulting with a tax lawyer or account, and don't hesitate to ask them if they've dealt with situations like yours before.

[hkoppp]

right but the coins been in my wallet at least 3-5 years.
I don't have receipts or where i purchased them before, a while back they weren't worth much like $150-300
i can't really get my money out or cash out without being audited if im doing large  scale 100ks?

[I_savor_your_pets]

If you can prove when you bought the bitcoins, you should be fine. If you can't reasonably explain where your money came from, your money might be seized. Best talk to a tax professional before moving around this kind of money.

[hkoppp]

correct i got no proof of my btc only been in wallet for years.
no reciepts.
so even tho im paying the 50% capital gains i'll get audited and in the end the whole schbang is siezed.

[suzanne5223]

You said the coin was in your wallet for 3-5 years but you tell us the specific wallet if it's an exchange wallet your personal wallet. However, Bitcoin is not totally anonymous so there chance for the government to do a background check on your wallet but I will advise you to read this article which seems to guide for Canadian cryptocurrency users and taxes.

[hkoppp]

correct btc has always been in my private wallet eg. myceclium electurm, etc.

i was probably going to do 300k yearly think that should be ok long as i pay the capital gains.

i only move money to exchange when i wanna sell/ transfer to bank

[hkoppp]

got a question is if im doing 100k 3 times thats
3x irs notifications even tho im paying the capital gains.

or is it better to do 500k in 1 big sale
and get 1 irs notifcation?

cuz each time its over 10k its automatic irs notification

[hkoppp]

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