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You would still need to declare your crypto earnings on your tax return, and convert some of them into your local fiat currency to pay taxes.
by senkora 3y ago
You would still need to declare your crypto earnings on your tax return, and convert some of them into your local fiat currency to pay taxes.
- monero-xmr 3y agoYes but the industry is not illegal, it’s just banks not wanting to work with him. He can cash out on normal exchanges and file taxes normally.
- senkora 3y agoFair point, that could be an option. I’ve heard in the past that the off-ramp from crypto to fiat could be unreliable at exchanges but I don’t know personally whether that is true, either in general or for Canadian customers.
- fragmede 3y agohow do you cash out business amounts of money without a bank account though? if the bank doesn't want to work with him, it means he doesn't have anything to connect a Coinbase account to. Unless he wants to deal in large amounts of cash (which; cannabis clubs have to do, so it's not out of the question), he can't cash out.