Hi people, I'm from Canada and I have a few questions about investments in cryptocurrency and doing taxes for it. My aim is to save as much as I can.
Say I put in $5000 in crypto and at market value now is $10,000, then my net capital gains is $5000 if I sell it all. In that case, I have to declare 50% of my capital gains, which is $2500, and the marginal rate is about 38% so in other words, I can get taxed up to 38% of the $2500 right?
Now say I have room for TFSA contribution this year, can I put my capital gains of $5000 into it and shelter it from tax?
In general, does anyone know what's the best way to save most of my investment and reduce my taxes?
Sorry if I am a noob, thanks!
Edit: I also have an incorporation. Is there a way that I can use my small business to help reduce the overall tax?
Submitted December 23, 2017 at 04:02PM by stevofolife http://ift.tt/2BV9J3b
