In Canada there is an even bigger mess with Crypto taxes.
I don't know if you guys heard of QuadrigaCX, it was the largest exchange in Canada that went bankrupt at the beginning of the year. Apparently the owner sent all the customer's Bitcoins to Bitmex and Bitfinex and margin traded it all and got liquidated when BTC broke $6K last year and faked his death.
Most Canadian's used this exchange including me. I stopped using it 2 years ago due to withdraw issues was a blessing in disguise. However I think that more than 75% of all Canadian's probably used the exchange and when it went bankrupt the website went offline.
Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.
Yes- I quit using them when it took more than two weeks to get out $$ in January 2018. A friend had even bigger amounts that took him 6 weeks to get out ...just before Quadriga went extinct 11 months later.
I haven't cashed out into CAD $ since Jan 2018. I've been holding some of my crypto in TUSD and USDC instead. Once I find a safe Cdn Exchange, then I'll cash out some.
Currently, I'm exploring:
A. Coinsquare and Coinberry. Not sure i like their fees.
or
B. I might set up a USD bank Account thru TD or RBC... and cash out in USD through Bittrex or Gemini. But that will mean other bank fees when I convert it to CAD $.
How are other Canadians on this thread doing this?