You know that only half of your capital gains are taxable in Canada?
If you make a $1,000,000 in profit with crypto, you only have to tax $500,000 of those.
Last year in February I cashed out $120,000 in capital gains through stocks. Only $60,000 were taxed at a rate of about 40%. So on $120,000 in capital gains I paid around $25,000 in taxes.
You may have a 50% tax rate on your capital gains if you make millions, but only on one half of your capital gains. The other half is tax free.
Also you can claw some of that back next tax return by dumping the profit into an RRSP to the maximum accumulated contribution room.
Then on that next tax refund, use THAT to use for next years RRSP. Also don’t forget one can get a lot of tax free income from Canadian dividends every year. The amount of folk out there that don’t know how to use the rules in their favour is staggering. (Not a dig against the OP, just a general Joe Public obversation)
The 50% of your capital gains are taxed like income and depending in which tax bracket you are, you will have to pay more or less. If you have no other income besides the $120,000 in capital gains, you will only have to pay $10k in taxes. I had to pay more because I already make over $100k a year.
This. If you want to lock in your gains and not have them ‘crystillise’ to fiat, swap the ‘coins’ to a fiat pegged crypto, then trade that to fiat CAD$, then pay it into an account less than $10k per week.
I’d say be even more paranoid. Make the amounts random between 5-9950 including change, and pay it in day twice a week or once a week. The money you miss out on in interest is trifling.
His administration printed as much money in 4 years as Obama in 8 years. He grew the budget deficit every year. From $500 billion in his first year to over $3.5 trillion in his last year. The inflation which is now coming to the US is on his and Biden's back.
50%??
You know that only half of your capital gains are taxable in Canada?
If you make a $1,000,000 in profit with crypto, you only have to tax $500,000 of those. Last year in February I cashed out $120,000 in capital gains through stocks. Only $60,000 were taxed at a rate of about 40%. So on $120,000 in capital gains I paid around $25,000 in taxes.
You may have a 50% tax rate on your capital gains if you make millions, but only on one half of your capital gains. The other half is tax free.
https://www.wealthsimple.com/en-ca/learn/capital-gains-tax-canada
Yeah I think OP mistakenly this 50% of his gains get taken as taxes...oh well.
only? Your "only" is different than my "only".
Also you can claw some of that back next tax return by dumping the profit into an RRSP to the maximum accumulated contribution room.
Then on that next tax refund, use THAT to use for next years RRSP. Also don’t forget one can get a lot of tax free income from Canadian dividends every year. The amount of folk out there that don’t know how to use the rules in their favour is staggering. (Not a dig against the OP, just a general Joe Public obversation)
The 50% of your capital gains are taxed like income and depending in which tax bracket you are, you will have to pay more or less. If you have no other income besides the $120,000 in capital gains, you will only have to pay $10k in taxes. I had to pay more because I already make over $100k a year.
This. If you want to lock in your gains and not have them ‘crystillise’ to fiat, swap the ‘coins’ to a fiat pegged crypto, then trade that to fiat CAD$, then pay it into an account less than $10k per week.
I’d say be even more paranoid. Make the amounts random between 5-9950 including change, and pay it in day twice a week or once a week. The money you miss out on in interest is trifling.
50 percent of the total capital gain you made is taxable at your marginal rate.
man this country is depressing as fuck I hate that we all let it end this way because there is no recovery.
I've kinda wondered what to do about my crypto.
RIght now, I've lost more than I've gained, so I'm safe. But there's a few ways to get around it. You won't be able to buy a house with crypto.
The best way is to put it into a credit card. Open up an account with a fake name, use the credit card for everything.
The second best way is to sell it off bit by bit at local bitcoin.
Trump never halted the collapse for the US or Canada.
What?
His administration printed as much money in 4 years as Obama in 8 years. He grew the budget deficit every year. From $500 billion in his first year to over $3.5 trillion in his last year. The inflation which is now coming to the US is on his and Biden's back.
Trump left with less Americans having a job than he started with. Wonderful Trump economy.
you forgot to mention they 'literally' had to use a bio weapon to stop trumps amazing momentum.
And he was the one who gave Faucci and Co an audience.
Also, don't forget to defend Trudeau with "it wasn't his fault, it was Covid".
But still true. You are free to prove me wrong.
It's what the Bureau of Labor says.
But if you're already defending shit leaders, you could start shilling for Trudeau and how this economy isn't totally his fault.