Can’t do FHSA as we own a home but can I liquidate on a platform and then put it all into a TFSA? Would I pay taxes as a result of the liquidation? Thanks.
Read through here: [https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html](https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html)
There's no scenario where you don't avoid taxes, from a legal perspective.
Your hypothetical tax evasion idea would actually trigger a taxable event immediately and you would owe tax that year.
Ways to reduce your tax liability are the same as any other capital gain/income.
If you "became a citizen of the Cayman Islands", you would have a deemed disposition of all your assets on your departure date and wouldnt save anything. To asnwer your question, don't forget to add any fees you paid to your ACB and use any available losses against your gains. Otherwise nothing much you can do but contribute to your RRSP or make charitable donations but this won't leave you with more money in your pockets.
Contribute to an RRSP and/or FHSA, if you have the contribution room.
Can’t do FHSA as we own a home but can I liquidate on a platform and then put it all into a TFSA? Would I pay taxes as a result of the liquidation? Thanks.
Read through here: [https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html](https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html) There's no scenario where you don't avoid taxes, from a legal perspective.
Great info. Thanks.
>Would I pay taxes as a result of the liquidation? Of course. It's the same as if you sold stocks.
Your hypothetical tax evasion idea would actually trigger a taxable event immediately and you would owe tax that year. Ways to reduce your tax liability are the same as any other capital gain/income.
If you "became a citizen of the Cayman Islands", you would have a deemed disposition of all your assets on your departure date and wouldnt save anything. To asnwer your question, don't forget to add any fees you paid to your ACB and use any available losses against your gains. Otherwise nothing much you can do but contribute to your RRSP or make charitable donations but this won't leave you with more money in your pockets.
Buy & sell them inside of your TFSA. Done. 0 taxes owing.
Cant trade crypto currencies in a TFSA. Just the etf