Capital gains

[Tradekraft]

Does anyone know what the status on taxes is for money coming out of the exchanges and back into personal bank accounts in Canada. Or will it be better to follow a path of an offshore tax haven now that the money is out of the country?

[squirrel]

I recommend speaking with a taxation professional, whether accountant or lawyer.

That being said, if you are determined to be a resident of Canada for tax purposes, you are taxed on your worldwide income. Moreover, if you have foreign assets valued at 100K or greater, you have to declare them when you file your taxes. Generally, unless you plan on leaving Canada, moving assets offshore will not change anything tax wise.

This is just an overview of some of the most general rules. You can read about all of this on the CRA's website. Again I recommend you seek advice from a professional you trust.

 

Cheers

[Tradekraft]

46 minutes ago, squirrel said:

I recommend speaking with a taxation professional, whether accountant or lawyer.

That being said, if you are determined to be a resident of Canada for tax purposes, you are taxed on your worldwide income. Moreover, if you have foreign assets valued at 100K or greater, you have to declare them when you file your taxes. Generally, unless you plan on leaving Canada, moving assets offshore will not change anything tax wise.

This is just an overview of some of the most general rules. You can read about all of this on the CRA's website. Again I recommend you seek advice from a professional you trust.

 

Cheers

There is some stuff here that I didn't know.  Thanks I will do that.

[vrippled]

On 29/12/2017 at 4:59 PM, Tradekraft said:

Does anyone know what the status on taxes is for money coming out of the exchanges and back into personal bank accounts in Canada. Or will it be better to follow a path of an offshore tax haven now that the money is out of the country?

I came across this resource addressing the question. Hope it helps a bit

https://gowlingwlg.com/en/canada/insights-resources/canadian-taxation-of-cryptocurrency-so-far