thanks for all the replies, soo what about if hypothetically I wanted to do the opposite, I mean cashing out profit from bitcoin, let's say for example someone wants to sell 1 bitcoin and cash it to the bank, would the bank freeze the money if they are not crypto friendly? and would the money be lost in this case or what would happen?
There is a legal crypto exchange in Canada called Bitbuy. The Canadian gov has a regulation agency called FINTRAC if the exchange is fintrac compliant then the transactions are accepted by our banks via an etransfer for cashing out. just remember there are regular transaction rules on top for large amounts moved( 10,000 or more ) will be reported to the RCMP and they (might) follow up with a phone call. as well as capital gains tax. which some can be avoided if the etransfer is moved directly in to a TFSA account. the TFSA of course has its own advantages and limitations. but I think the BITBUY exchange is the track you are looking for.