Is bitcoin taxed in Canada? I think it’s taxed when you sell it, right? But what if you buy Monero or Pirate Chain after? Can they track it? Got questions about how it works. Is it taxed based on the value at purchase/sale and what’s the rate like? Thanks.
Honestly, best move is to ask a tax consultant or lawyer. They know what’s up and can clear things out. You want clarity for the tax process, so no surprises with audits later.
Yeah, it’s taxed when you sell cause that’s when gains happen. If you need more info, best to chat with someone in Canada who’s filed taxes on crypto gains.
So if you buy Monero with Bitcoin, it’s still taxed? Canada’s tax authority can follow your earnings through audits like the IRS does. It’s about the market value during and after the sale, not the currency used.
If you bought bitcoin for $1,000 and then swapped it for $1,500 worth of Pirate Chain, that’s $500 capital gains. Doesn’t matter if it’s not fiat, profits are profits. Let’s be real, tax evasion is risky and illegal.
Yeah, they covered it. But after you trade Pirate Chain, are you cashing out to fiat? Gains will still exist, no matter what coin you trade. Taxes follow profits.