Is bitcoin taxed in canada? i think I heard it is only taxed when you sell it, and then depends on how much you made. But if you you buy monero or pirate chain with it, can they see that transaction and tax it, do they even know you sold it if you sold it p2p? So if it is taxed, is it based on the value of bitcoin when you bought it as compared when you sold it, and what is the rate you are taxed at? Thanks.
To answer your question about buying Monero with Bitcoin yes it is still taxable and yes if Canada's Taxing authority is strict they have the capabilities to question your earnings through an audit just like how IRS is doing it. Keep in mind that taxation doesn't happen on what kind of money are using (Fiat currency/Crypto) but taxation (capital gains) happens through the fair market value during the point in time you have bought it and its fair market value after you have sold it so using any kind of currency through that trade is irrelevant as this won't be some kind of loophole for you.