Yes that whole taxing bitcoin thing is BS, and it is going to be difficult for them to catch it but I mean if for example I have a steady income of 500$ per week and in 2-3 years when bitcoins are worth more, I cash out some of it to partially pay a car let's say. Wouldn't the CRA be like hummm that's weird he just got 20k deposited and it's signed CaVirtex... Wouldn't they come after me?
I imagine that would result in a quick audit if you didn't report that as income. Hints why companies that accept bitcoin or will buy something for you (bitspend) are becoming a lot more popular now that there's a lot of people that have suddenly made a good amount of money with bitcoin but would prefer to avoid paying taxes on it.
They would need to be doing an audit already to find such a bank statement.
Who's to say you didn't send emt@libertybit money to get a snowblower (that broke) or receive money from acitelecom for your old boat or camping equipment (you lost money on)? Or when those transactions occurred in relation to some "exchange value of a
BTCitcoin" that maybe you didn't even get or give that day?
Of course if you are foolish enough to attempt SINGLE $20,000 transactions (over/close to $9999.00) you are going to draw yourself a big "drug money launderer" red flag right out on the track....