Canada how to cash out without paying taxes?
There is currently no way of avoiding paying crypto taxes in Canada. However, it is possible to route your crypto to a country with very low or no crypto taxation to cash out. This approach is an easy and legal way to reduce the cost of cashing out your cryptocurrency.
In Canada, there are no distinct short- or long-term capital gains tax rates for cryptocurrencies. Instead, capital gains from crypto in Canada are subject to taxation at the equivalent rate as the Federal Income Tax and Provincial Income Tax. It’s important to mention that if you’re an individual holding cryptocurrencies, you will only be taxed on 50% of your overall capital gains, while professional day traders will be taxed on the entire amount.
| Federal income tax bands (CAD) | Income (2023) |
| 15% | On your first $53,359 of taxable income |
| 20.5% | $53,359 – $106,717 |
| 26% | $106,717 – $165,430 |
| 29% | $165,430 – $235,675 |
| 33% | $235,675+ |
Resource: https://tokentax.co/blog/guide-to-crypto-taxes-in-canada
For more information from government site; https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html
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