[marina628]

I am not sure why anyone would not keep their coins on a cold wallet like Ledger or Trezor ,when I want cash I will send max $2000 to Coinsquare and sell same day. They are going to hang on to this money indefinitely and some institutional investors bought in at $50,000 a coin. I am a gambler you guys all know this and that is the main use for bitcoin and to avoid taxes for many ,my own friends included lol .Scary times when pensions get into bitcoin lol

 

[marina628]

I have made 7 figures on bitcoin over the years but i got my coins from gambling and gambling affiliate income. As I stated many years ago my first bitcoin i paid 3 bux for them and used them for a poker game. There were months i took a break went on vacation etc and came back to 50% profits on my coins. I thought I hit the jackpot when i cashed out most of my coins at $4400that cost me 500-1200 .Then I became a buyer again at $10,000.My friend cashed out 1 million a couple years sent revenue Canada roughly $400,000 when he did his taxes ,a year later they sent him back almost $200,000 determined it was capital gains not basic income taxes so he bought a Lamborghini and cashed out more to cover it. In my own circle i know many who have thousands of coins ,even this month my business will be paid around $60,000 in bitcoin and I hate it because I much prefer to have a bank wire .I have no choice but deal in bitcoin but each time i get paid it is a gamble if I will get it out in time. I believe we will see $40,000 bitcoin again and for that reason I will sit on some coins for now ,if you were working in the casino space like I do you would see how one big sportsbooks payuts to their 6000 affiliates in a month constantly affects the bitcoin pricing ,i have been tracking my own payments vs movement in price in 2 years now. I am not sharing that group the dates etc as I believe bitcoin is something each person has to discover and learn about themselves. In December my brother in law sent me a link from some financial blog saying to buy bitcoin at $50,000 USD ,I told him then to wait til he sees $29,000 because many big players in bitcoin spoke at a conference in Serbia and mentioned that price. These same players said bitcoin will be a dog until October so you should plan to keep til then ,I took it to mean they plan to manipulate things down and then blow it up in October. We will see what happens then,but My advise is only put in bitcoin what you can loose and tie up for a long play ,buy your own wallet so you control your keys.

 

[marina628]

BTW bitcoin was suppose to be anonymous and for a few years it was. Then Coinbase had to disclose the identities of all the American accounts .In 2021 Coinsquare has a tax tab and all of this is available to CRA so there is practically no way not to pay taxes on bitcoin when you sell and withdraw it now. Gambling wins in Canada are tax free but I am paying capital gains on the bitcoin profits I have made on sitting on my coins .

 

[marina628]

That's crazy the CRA sent $200k back. They're probably just happy he filed like a good boy

I filed what I sold off last year as capital gains however due to the volume I figure they will want me to refile as income. There is no way to know because the rules are so vague. I already have more income from crypto this year than salary even in a bear market so I imagine at this point it's clear I will need to file as business income.

I've heard the gambling industry used as an example of what happens when the government tries to outlaw something based on some kind of moral superiority. People still like to gamble even if the US government said it's bad mmkay. So in the end they just lost all the tax revenue because the business and money went elsewhere

So did you have to structure your multi-million gambling businesses from off-shore islands? Is that why the profits come in BTC? Does Canada lose out of tax income because of this? What do you think about the US banning online gambling and whether it made sense? Do you think Canada should ban crypto to protect us like sags wants?

Do you know any good business tax planners? I think I need to structure an online business I don't see why I would domicile a digital business in Canada?

My business is advertising and marketing , Online casinos are some of my clients but not exclusively. I have been doing this work for 16 years and pay all taxes but I am also a very good poker player tooYes in 2006 supposedly the USA was over for online gambling but things like bitcoin ,gift cards kept that alive. I only have businesses in Canada and pay all my taxes here ,I have Canadian friends who moved to Cayman Islands and even with 2% taxes they missed living in Canada so money and saying taxes is not everything. I think we are all adults and should make out own decisions on bitcoin but I would never recommend it or pump it ,that is why almost every thread when i mention it I point out I am a gambler but also I have enough money saved for myself and my kids I can afford the risk. I have my own tax planner ,accountant and Lawyer but rather not recommend them in a forum ,there are plenty out there .I have employees ,office and we have done live event planning for our clients so my business is not solely focused online .Any accountant can help you set up books ,I sold assets of my original business a few years ago but had to take 3 years off because of the non-compete clause. Presently I have 38 clients under my current business ,I have no idea if you have employees ,what clients and services you have so cannot advise you on that. BTW bitcoin comes from 2 sources some casinos/poker rooms pay their invoices in Bitcoin ,we have a Coinsquare account for our business and it is same as if we get wire as we withdraw to the bank and pay all taxes on it .#2 the second is personal gaming , I deposit and withdraw in bitcoin and have for a few years .We got clarification from our accountant and CRA before we accepted our first bitcoin fir our business which is a federal corporation BTW .We pay all taxes on it as earned income ,if they pay me at 4am when I am sleeping and I make $100 I declare it right to the penny .

 

[marina628]

I don't have any employees or clients

I just have a lot of volume and taxable events because even stablescoins are considered a taxable trade. The CRA websites doesn't make it any clearer

Basically says if you were trading regularly to make a profit it's a business but if it was without knowledge or plan to make profit it's a capital gain

Yeah bitcoin is only 10-15% of our revenue and it is payment of services ,media buys ,live events ,conference expenses etc ,very small CPA amounts from the affiliate websites we own. The bulk of it is client consulting ,content services ,PPC management etc and these all pay bank wires ,Cheques etc.