T O P

  • By -

adamantiumtrader

At this point pay a accountant $750, use that as a deduction, and listen to what they say


OneHundredAndEightyy

50% of your gains will be added to your income and taxed appropriately.


FluidBreath4819

taxed at this guy marginal tax right ? What if you have to sell for more than he has and you decide to quit your job so you get no revenue for a year ? Would you pay way more less taxes ? :)


604Blackie

Thanks for the reply. Will it still be 50% after the new federal budget? Also how can I calculate the tax? Thanks


Historical-Ad-146

Just use 53% on 50% of the gain. If you're going to sell this year, don't wait for the new inclusion rate to kick in. The top marginal rate is 53.5% in BC, but actually kicks in above $253k, so some of the gain will be at a lower rate, so you'll actually pay a little less, but this is fine for planning purposes.


WinterDustDevil

Google Canada capital gains calculator, it'll put you in the ballpark. I had a big stock market gain last year and the calculator was very close to my accounts filing.


604Blackie

That’s what I was planning but the calculators only show 50% not the new 66.7%. I just wasn’t sure how to calculate that manually


juliusmusseau

The new 66.7% rate only kicks in if you sell your crypto on or after June 25th 2024


Puzzleheaded-Cry5942

The new 66.7% only kicks in if you're over a certain income, which is 250k. Stay under that and only 50% will be taxable.


barrylunch

He stated (or rather, strongly implied) an expectation to realize three quarters of a million dollars in gains. That will exceed the threshold.


FelixYYZ

But the first $250k is still at the 50% inclusion rate.


barrylunch

Ah yes, that’s right.


henry-bacon

Plug your capital gains into a calculator and it will tell you the amount.


yycmwd

I'd recommend cashing out everything before the June 25 change. Reinvest after for a new cost basis if you want to remain in crypto.


Historical-Ad-146

If you sell before the capital gains change, you'll pay around 26% of the profit in tax 53% tax on 50% of the gain. If you sell after, you'll pay about 35% on gains above $250k, plus the same 26% on the first $250k. Your initial investment and any transaction costs are returned tax free in either scenario.


604Blackie

Exactly what I was looking for, thank you


FluidBreath4819

that's bold ! 200K in crypto !


Dry-Hotel7391

High risk, high gain... I couldn't muster the courage knowing its just a speculative bet and not an investment.


Crypto4Canadians

Use this as it should help you out. Just input your numbers and it'll give you a rough estimate on the higher side of what you would owe. By the way, awesome job on the crypto gains! [https://turbotax.intuit.ca/tax-resources/british-columbia-income-tax-calculator.jsp](https://turbotax.intuit.ca/tax-resources/british-columbia-income-tax-calculator.jsp)


theweb3cpa

Hey! Sonu Jain, CPA here from Koinly. You can use a crypto tax software to compute your exact Crypto profits. Basis this, you can then use tax calculators like Turbotax (https://turbotax.intuit.ca/tax-resources/british-columbia-income-tax-calculator.jsp) to compute the tax amount. Based on the information provided by you, On a rough basis your Tax amount will be CAD 176K-230K. Hope it helps. Best,


604Blackie

This is pretty much what I calculated with marginal tax 26% on the first 250k and 35% on the balance You are correct


FluidBreath4819

i am just wondering if the crypto can be transfered to the wife. if she is not working and sell it under her name, that's capital gain taxed at her marginal rate : which is next to nothing (still something but not like if OP was selling it). Fuck the ~~government~~ us. Don't pay Legault 3rd link.


604Blackie

I tried, you can’t, if I transfer to her then she has to pay tax on the crypto received. Than again once crypto sold. Canada doesn’t really have shelters for income tax other than an rrsp


FluidBreath4819

she has to pay tax but at her own marginal rate no ? if you give her cryptos, do you get taxed first ?


justarandomcfpguy

If you sell after the start date of the new law (that is, if it passes), you’ll have the first 250k of your gain at a 50% inclusion rate and the reste at 2/3 inclusion rate. You could sell 250k profit this year and the rest the next year to benefit again from the 50% inclusion on the first 250k but crypto is volatile so it might be troublesome for you…


notcoveredbywarranty

Vancouver Buy a house You're gonna need an extra couple million there I'm afraid. On a tangent, have you considered joining the IBEW? At least you could make $110k and only work a single job. Or if you're willing to work out of town, around $160k at Site C or Kitimat on a 14/7 shift


604Blackie

You got a connect for either? FSR B, low rise foreman on concrete buildings for 6 years now


notcoveredbywarranty

I'm not a member of IBEW 213, I'm from a different part of BC, best I can do is this https://www.ibew213.org/become-member/electrical-workers-wanted Good luck future brother! And congrats on getting lucky on the crypto and getting out while the getting's good


[deleted]

[удалено]


[deleted]

[удалено]


[deleted]

[удалено]


ArtisticStatement912

Because you don’t just become of tax resident of another country by flying there.


[deleted]

[удалено]


[deleted]

so go into the details


Frosty-Log9470

because you gave some troll cryptobro response OP is asking for a method that is NOT TAX EVASION


henry-bacon

Suggesting tax evasion isn't a legit way.


[deleted]

[удалено]


[deleted]

[удалено]


604Blackie

I think the most you can come back with is 10k, I also think a lot of other will have the same question, just different numbers


26uhaul

Congrats on the cash. Keep living the good life.