Bitcoin and Ether

Harambissimo wrote: ↑

Mar 20th, 2017 12:43 pm

I used to buy off canadianbitcoins.com, it's probably the easiest way since they accept a lot of Canadian forms of payment, but the spread on their transactions is absolutely terrible.

I've moved to kraken.com/, which is the biggest cryptocurrency exchange out there, but because it's not Canadian, you're required to wire money to a Japanese bank to fund your account. But I can assure you that it's totally legit.

I'd personally advise for investing in Ether vs Bitcoin for all the reasons the posters above have listed. Read up a bit on what Ethereum can do - it's starting to get a lot of institutional adoption recently and is still in its very early days IMO.

atang810 wrote: ↑

Mar 20th, 2017 1:37 pm

So suppose you bought $20k CAD of Bitcoin and then use the Bitcoin later to buy USD (gain or loss). If you haven't converted it back to CAD, how can you ever track the gain loss? And then you use the USD later to buy stocks and also use for vacation?

I can see how it's very easy to create a taxable event when it's $20kCAD bit coin and then back to CAD at like $22kCAD. But how do you track it when you have multiple transactions and never translate back to CAD?

psudolam wrote: ↑

Mar 20th, 2017 4:21 pm

The taxable event includes: gain or loss, if any, when u change your C$20k bitcoin to US$, and gains or loss when u later sells your US$ stocks, whether u convert the US$ back to C$ is irrelevant.

atang810 wrote: ↑

Mar 17th, 2017 11:28 am

Interesting sub topic on the tax of digital currency.

http://www.cra-arc.gc.ca/nwsrm/fctshts/ ... 5-eng.html

If traded like a commodity, then it's a taxable event.
If you are a seller of a service/item and you receive digital currency, it's taxable.

What it doesn't show, is if you purchase Digital currency and later use it for items. i.e. similar to buying USD or GBP and then in turn purchase things in US or England.
I don't think this is a taxable event. Very much like you obtain foreign currency for vacation.

T3NSION wrote: ↑

Mar 22nd, 2017 12:45 pm

Its defintely taxable
If you buy USD you convert it at the CAD cost on the day - when you sell or buy something with it, you convert it at that date. Difference is gain/loss.

Bitcoin/Ether is defintely taxable in the same way.

atang810 wrote: ↑

Mar 22nd, 2017 2:56 pm

Good luck tracking that. I understand if everything is big block trades. What if you buy Ether/Bitcoin and then use small bits for services etc and switch to USD for vacation needs etc etc.

T3NSION wrote: ↑

Mar 22nd, 2017 3:17 pm

It's on you to track it - it doesn't change the fact that it's taxable.

atang810 wrote: ↑

Mar 22nd, 2017 4:00 pm

I agree it's taxable. But as another poster have said, i highly doubt you will have to pay taxable gains switching USD to spend for vacation etc.

so if you buy bitcoin and use it for some services, not sure if it's deemed taxable.

ghilborn wrote: ↑

Mar 17th, 2017 11:38 am

As for the current climate, I sold 66% of my bitcoins yesterday as there has been some turmoil in the community for some time now.