Quote from: BurtW on May 23, 2017, 11:45:56 PM

Good to see that at least one person in this thread is not just another piece of shit thread spammer!

Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.

In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.

If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.

How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.

I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:

Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."

Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.

I looked into your situation and am amazed at the ridiculousness of the entire thing. I also did do some research into Bitcoin taxing in Canada and it seems like some state that Bitcoins are considered barter instruments - a commodity - similar to gold. I guess all transactions should be reported and taxes apply to them. It doesn't appear that bitcoin is considered a true currency for all intents and purposes in Canada yet though that may change with public interest given the increasing price.

noone000

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