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  #151 (permalink)  
Old February 25, 2014, 07:35 PM
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Anyone see msnbc this morning about bitcoin and Mt gox this looking up according to msnbc it showed bitcoin at $520 a coin. Might get early present this year.
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  #152 (permalink)  
Old February 25, 2014, 09:33 PM
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Anyone see msnbc this morning about bitcoin and Mt gox this looking up according to msnbc it showed bitcoin at $520 a coin. Might get early present this year.
Price has already gone back up.
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  #153 (permalink)  
Old February 25, 2014, 10:00 PM
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Damn lol if only amd seen this crypto currency boom they coulda made a division in cards one for mining one for gaming.
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  #154 (permalink)  
Old February 27, 2014, 09:17 AM
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Question for those that get some profit last years with litecoin, or doge or bitcoin: If you cash out bitcoin (cavirtex for example) for CDN $, do you have to report it in your tax report as an income?
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  #155 (permalink)  
Old February 27, 2014, 09:21 AM
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What is everyone mining?

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Originally Posted by Charloz24 View Post
Question for those that get some profit last years with litecoin, or doge or bitcoin: If you cash out bitcoin (cavirtex for example) for CDN $, do you have to report it in your tax report as an income?
I wouldn't.
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  #156 (permalink)  
Old February 27, 2014, 09:35 AM
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You have to report your earnings at the time you earn them, so if you mined 1BTC worth in a month, back when it was $1000, you'd claim $1000.
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  #157 (permalink)  
Old February 27, 2014, 09:46 AM
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Quote:
Originally Posted by geokilla View Post
What is everyone mining?


I wouldn't.
cavirtex says on their site they report your earnings to the government, so I wouldn't try hiding it. Now what you should be able to do is claim some of your electricity towards that if you are registered as a business. Talk to an accountant if its a substantial amount, otherwise just claim it.
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  #158 (permalink)  
Old February 27, 2014, 09:49 AM
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Quote:
Originally Posted by supaflyx3 View Post
You have to report your earnings at the time you earn them, so if you mined 1BTC worth in a month, back when it was $1000, you'd claim $1000.
Nope!!!! Don't do this!!!! that is false. The coin is considered a barter system and is only worth anything at the point of the sale of the coin and is considered a capital gain.

Read this, its American but will be fairly close to our side of the border;

http://www.reddit.com/r/Bitcoin/comm...nswers_to_the/
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  #159 (permalink)  
Old February 27, 2014, 09:52 AM
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That's not what Andreas Antonopoulos says, and I would take his word over some random lawyer as he actually is paid in BTC.

Where he talks about it:

Joe Rogan Experience #446 - Andreas Antonopoulos - YouTube
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Old February 27, 2014, 10:02 AM
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Quote:
Originally Posted by supaflyx3 View Post
That's not what Andreas Antonopoulos says, and I would take his word over some random lawyer as he actually is paid in BTC.

Where he talks about it:

Joe Rogan Experience #446 - Andreas Antonopoulos - YouTube
Revenue Canada says BitCoins aren't tax exempt - Business - CBC News

How about the CRA? Its a barter system and is only taxable when the exchange of services or goods happens. If you mine it and sit on it, then it is not taxable. I have talked to my accountant and in all honesty no body really knows how to deal with it. but the CRA wording on it at this point is pretty clear it is NOT a currency.
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