Bitcoin Forum
December 08, 2016, 06:37:37 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Canadians and paying taxes??  (Read 443 times)
yodog
Member
**
Offline Offline

Activity: 99


View Profile
April 16, 2012, 05:18:20 PM
 #1

well, I was wondering if any canadians are claiming there income on there taxes??

I have made quite the little bundle this month and had to direct deposit to my bank accounts...
So now there is a paper trail of money that I would need to pay taxes on...

any ideas? I am a full time student if that matters.....
Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481222257
Hero Member
*
Offline Offline

Posts: 1481222257

View Profile Personal Message (Offline)

Ignore
1481222257
Reply with quote  #2

1481222257
Report to moderator
1481222257
Hero Member
*
Offline Offline

Posts: 1481222257

View Profile Personal Message (Offline)

Ignore
1481222257
Reply with quote  #2

1481222257
Report to moderator
Fiyasko
Legendary
*
Offline Offline

Activity: 1428


Okey Dokey Lokey


View Profile
April 16, 2012, 06:24:54 PM
 #2

I dont include my bitcoin income if thats what your talking about. I see no reason to, It's not money. Therefore why should my government or it's tax department have ANYTHING to do with MY (not) MONEY!

Mybitcoins are not the same as thier Fiat coins and as such, i treat them differently

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
yodog
Member
**
Offline Offline

Activity: 99


View Profile
April 16, 2012, 06:38:43 PM
 #3

I am talking about the cash that I get after selling the coins that gets transferred to my bank
Stephen Gornick
Legendary
*
Offline Offline

Activity: 2002



View Profile
April 16, 2012, 07:35:10 PM
 #4

If you haven't yet read the following, you may wish to do so:
 - http://en.bitcoin.it/wiki/Tax_compliance

Epoch
Legendary
*
Offline Offline

Activity: 917



View Profile
April 16, 2012, 08:05:43 PM
 #5

First read Stephen Gornick's link. The short answer is yes, you are obligated to report all sources of income.

If the government picks your return for an audit (based in part on your 'paper trail' of extra income, or just a random luck of the draw), you don't want to be in the position of explaining why you didn't report it. In the end the choice of reporting it is yours, but you should understand the consequences of not doing so. This applies to both US and Canada.

One benefit of reporting mining income is that you can deduct all reasonable expenses associated with it (such as depreciation on your mining rigs, electricity, etc.).

BTC: 1DJVUnLuPA2bERTkyeir8bKn1eSoRCrYvx
NMC: NFcfHSBBnq622pAr1Xoh9KtnBPA5CUn6id
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!