Avoiding Crypto Taxes (Canada)

[cryptotrader]

Hey guys,

I started investing into crypto a few months ago and I'm in major profits from it. I'm am looking for some advice for avoiding taxes. I have looked up places to avoid captial gains taxes but I don't understand how I get that money back in Canada.

If I open a bank account in the Cayman Islands, for example, and withdrawal my funds from a Bitcoin exchange into that account, how would I be able to use that money in Canada and move it to my Canadian bank account?

Also, what would happen if the Capman Islands bank closed my account?

 

[Milky Moon]

How much profits did you make?

(simple does not protect from future bitcoin price crash)
* get a (real) account at advcash, and have a USD debit card sent to your address in Canada
* sent some coins to your advcash bitcoin address, convert to USD, spend.
* sent some coins to your advcash bitcoin address, convert to USD, spend.

 

[cryptotrader]

How much profits did you make?

(simple does not protect from future bitcoin price crash)
* get a (real) account at advcash, and have a USD debit card sent to your address in Canada
* sent some coins to your advcash bitcoin address, convert to USD, spend.
* sent some coins to your advcash bitcoin address, convert to USD, spend.

My initial investment was $4,000. My portfolio is currently valued at $250,000.

 

[Milky Moon]

For that money you can hire a lawyer to get everything 'done'.

-- you need to find out what the laws are in Canada concerning 'profits', if there are exceptions to teh capital gains tax.
(fi, if you find an old painting on your ceiling, (or buy it at the antique market, as ahobby) and it turned out to be a 'Picasso' and you would sell it, would you than have to pay those taxes, or as it is a 'one off' are you exempt.)

(find this out, cause if it is tax exempt you can retreive the money legally without paying taxes)
(PM me when you have received advise from a CAN tax lawyer)

 

[cryptotrader]

For that money you can hire a lawyer to get everything 'done'.

-- you need to find out what the laws are in Canada concerning 'profits', if there are exceptions to teh capital gains tax.
(fi, if you find an old painting on your ceiling, (or buy it at the antique market, as ahobby) and it turned out to be a 'Picasso' and you would sell it, would you than have to pay those taxes, or as it is a 'one off' are you exempt.)

(find this out, cause if it is tax exempt you can retreive the money legally without paying taxes)
(PM me when you have received advise from a CAN tax lawyer)

I will try and get in touch with a tax lawyer sometime next week. Am I allowed to tell them that I'm trying to avoid taxes?? Are they legally going to report me for doing so?

 

[Milky Moon]

You want to 'minimize' your tax burden.

 

[cryptotrader]

You want to 'minimize' your tax burden.

I got a few answers today but I'm unable to view your profile

 

[Fibor Stanogievsky]

How much profits did you make?

(simple does not protect from future bitcoin price crash)
* get a (real) account at advcash, and have a USD debit card sent to your address in Canada
* sent some coins to your advcash bitcoin address, convert to USD, spend.
* sent some coins to your advcash bitcoin address, convert to USD, spend.

How can somebody be safe that advcash won't report the tax authorities if the withdrawals surpass a specific amount?