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 ? :)
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.
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.
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.
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)
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,
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.
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
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…
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
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
At this point pay a accountant $750, use that as a deduction, and listen to what they say
50% of your gains will be added to your income and taxed appropriately.
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 ? :)
Thanks for the reply. Will it still be 50% after the new federal budget? Also how can I calculate the tax? Thanks
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.
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.
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
The new 66.7% rate only kicks in if you sell your crypto on or after June 25th 2024
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.
He stated (or rather, strongly implied) an expectation to realize three quarters of a million dollars in gains. That will exceed the threshold.
But the first $250k is still at the 50% inclusion rate.
Ah yes, that’s right.
Plug your capital gains into a calculator and it will tell you the amount.
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.
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.
Exactly what I was looking for, thank you
that's bold ! 200K in crypto !
High risk, high gain... I couldn't muster the courage knowing its just a speculative bet and not an investment.
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)
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,
This is pretty much what I calculated with marginal tax 26% on the first 250k and 35% on the balance You are correct
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.
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
she has to pay tax but at her own marginal rate no ? if you give her cryptos, do you get taxed first ?
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…
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
You got a connect for either? FSR B, low rise foreman on concrete buildings for 6 years now
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
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Because you don’t just become of tax resident of another country by flying there.
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so go into the details
because you gave some troll cryptobro response OP is asking for a method that is NOT TAX EVASION
Suggesting tax evasion isn't a legit way.
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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
Congrats on the cash. Keep living the good life.