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 $25,000 in taxes.
You may have a 50% tax rate on your capital gains if you make millions, but only on one half of your capital gains. The other half is tax free.
This. If you want to lock in your gains and not have them ‘crystillise’ to fiat, swap the ‘coins’ to a fiat pegged crypto, then trade that to fiat CAD$, 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%??
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 $25,000 in taxes.
You may have a 50% tax rate on your capital gains if you make millions, but only on one half of your capital gains. The other half is tax free.
https://www.wealthsimple.com/en-ca/learn/capital-gains-tax-canada
This. If you want to lock in your gains and not have them ‘crystillise’ to fiat, swap the ‘coins’ to a fiat pegged crypto, then trade that to fiat CAD$, 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.