I'd love to see the Canada Revenue Agency try to prove who paid who, the amounts and when each transaction occured. It'll be like watching a overconfident beaver trying to build a skyscrapper. They have problems tracing fiat dollars held in docily compliant domestic banks.
If the transaction is not declared, then it might come under proceeds from illegal activities with all asserts seized. Ac clever idea does not immune you from your civil obligation to pay tax.
They're no different to us or the rest. From a legal perspective they are 100% correct - I imagine the easiest method would be to audit suspicious taxation returns starting firstly with computer programmers and those in the tech industry. If I was a Tax Nazi, they'd be the first I'd go at if trying to find undeclared profits from crypt-currencies.
Yeah I agree. They would have a hard time finding the bitcoins out in the ether of the interwebs and proving who they belong to... but they dont have to do that. As soon as someone realises any cash profits from Bitoins then it will need to go into a bank account somewhere... and thus the paper trail linking the profits to you begins! I imagine it also wouldnt be too hard for them to monitor the transactions made between known BTC exchange accounts and Canadian accounts.
I like the one where the guy said that he was selling houses in bitcoins. That would be really nice if it was to happen here.
I guess guilty until proven innocent went out the door a long time ago in Australia. EDIT: innocent till proven guilty.
Just make sure everyone has a receipt for everything they own and if they can't produce it then assume that it was stolen or purchased on the black market and take punative action. I have a draw full of faded thermo paper that I am happy to produce on request.
I guess if you're not accused of any crime then the assumption of innocence is irrelevant. Tax audits are a bit like random breath tests. It's not until it gets to court that is necessary for the prosecutor to prove the charges.
First off, agolopies for the spelling mistakes. My point is, if you made your money from a bitcoin profit, and you are not prepared to declare it, you are in effect not declaring your innocence in relation to the asset. Therefore the assumption is the money was either illegally obtained or no tax was paid on the money beforehand. No different to capital gains on our stack.
True will. But that means a certain amount of capital will be tied up in a system that is fairly exclusive, until BTC become more widely used, it will remain difficult to realise any profits by converting them to real-world benefits. ie they will remain virtual until the end of fiat currencies. Kind of like gold I spose :lol:
Well, we're hoping a marketplace develops. I've bought a few things with BTC but nothing of any real substantial value yet.
You and I both realise hawkeye that before that will happen the establishment will do all in its power to destroy any good money that comes out of crypto-currencies or any alternative currency trading. It won't be Bitcoin that we will be trading as an alternative, it'll long be crushed, maybe something similar though with another name. I hope.
I don't think they can stop it shiney. And more than that, the idea is taking off in many people's minds in a way that no other e-currencies have. Granted it took the bubble to draw people's attention but it's there now. The first-to-market is a massive advantage. It will be similar to Windows I think, where the market is looking for one currency really and while there will be competitors, I think they will always be riding on bitcoins coattails. I honestly think it is something special.
Doesn't surpise me... Canada is hot on the heals of Australia in terms of being an oppressive police state which regards the assets of citizens as its own to do with what it likes. That is the mentality of all socialist states
and just how will such "illegal activities" (such as daring to transact in bit coins) be proven beyond reasonable doubt? Oh that's right - i forgot - the "new law" in Australia and other western socialist regimes is that citizens are guilty until they can prove themselves innocent... F.ck the state i say! All freedom loving people have a duty to resist such draconian governments with whatever means at their disposal.
Bullsh1t! There is no such law in Australia. Possession is sufficient proof of ownership in the absence of EVIDENCE AGAINST YOU THAT THE GOODS WERE STOLEN. Unless the object is one requiring registration by law (such as property of motor vehicles) there is no law requiring proof of purchase!! Looks like you bunch of muppets are all too ready to give away your rights and accept all sorts of illegal bullshit touted by the police/state mafia.
