Re:SEC charges Kraken for operating as an unregistered secur...
by lmm on Tuesday November 21, 2023 @01:48AM
(#38360234)
> In Canada, all crypto transactions are considered taxable events. Did you sell a couch on Facebook Marketplace using Bitcoin? Time to calculate your capital gain or loss from a vaguely worded set of guidelines.
Even if it were a real honest-to-god currency it would be the same though, right? That's how it works here in Japan at least - buy a couch in dollars, now you have to calculate capital gains against your average cost basis for dollars (which I guess includes every dollar you earned in your whole working life, if you lived in Canada before you moved here?)
Re:SEC charges Kraken for operating as an unregistered secur...
by modeless on Tuesday November 21, 2023 @05:05AM
(#38361670)
No, transactions in national currencies are exempt if under a reasonable cap. So you don't have to separately declare every time you bought Starbucks overseas or whatever.
Even if it were a real honest-to-god currency it would be the same though, right? That's how it works here in Japan at least - buy a couch in dollars, now you have to calculate capital gains against your average cost basis for dollars (which I guess includes every dollar you earned in your whole working life, if you lived in Canada before you moved here?)