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.
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.