Thread: Canadian Tax Laws

I posted this earlier for Canadians, but will repost so you can print and have available for your accountants.

Most accountants have little to no experience with currency traders, so you will need this Information which I recieved from Revenue Canada, and not a web site or another persons Interpetation. This is REVENUE CANADA talking, a real person.

Under Canadian tax laws we are subject to taxes under Regulation P4037, Section 17, paragraph 12-15. This directly relates to currency traders and tax Implications.

In basic English, its as follows: (Example only) You take your 1 million from selling your Dinars, divide by two. No tax on first $500,000 or 50%. From the second $500,000 Minus your Investment money, say $1000.00. then minus $200.00. The remainder you pay tax on based on your yearly tax rate.

The $200.00 is the exemption allowed for say, you were on holidays and came back with leftover cash. Value jumps and you make a tidy some of say $300.00 over the cost of what you paid for it.

By law, that extra $100.00 must be claimed. Would most claim this small amount? Doubtful, but it is still the law.

As well you have 364 days, before claiming your windfall. This will give you the time to top up RRSP's, and any other legal financial hiding spot.

Remember, pay your taxes and move on, let the other guy/gal look over there shoulder the rest of thier lives.

I am not an accountant, nor a financial advisor, just someone who spent way to many hours talking with Revenue Canada.

Now hit the print button, in a couple days were all rich.

Hi there. I am in Western Canada, and had a couple of questions for you.
Can we comunicate off this thread, or any other option at your choice.

Thank you

seanscot

Originally Posted by seanscott

Hi there. I am in Western Canada, and had a couple of questions for you.
Can we comunicate off this thread, or any other option at your choice.

Thank you

seanscot

Sure thing seanscott, just PM me and I'll do my best to answer your questions. Add your e-mail address to the PM.

Gloribee

Originally Posted by Gloribee

Sure thing seanscott, just PM me and I'll do my best to answer your questions. Add your e-mail address to the PM.

Gloribee

You guys feel free to have this thread if you want for your Q/A. I am finding this Interesting. You never know, Canada might be on someones mind to live.

Originally Posted by neno

You guys feel free to have this thread if you want for your Q/A. I am finding this Interesting. You never know, Canada might be on someones mind to live.

OK seanscott,( or anyone else for that matter) ask away on this thread, we may be able to help other Canadian, or potential Canadians with there questions.

Thanks neno

Someone DOES likes to live up here LOL, Lots of fresh air, Not a lot of crime & the girls are prettier hahaha

After the r/v I might be looking for a place on Victoria Island. Went there years ago and it was a beautiful place.

I live in cow town. I purchased my dinars on the internet about 6 months ago.
Does anyone from western Canada know where Dinars are being traded IN
Canada? I have spoken to 5 banks here in Calgary and they more or less laughed at me at the mention of Dinars. I am curious about actually selling them once an R.V. hits. Are there any other legalities for Canadians you might be aware of?

All things being equal our tax codes on this INVESTMENT sound pretty good compared to I.R.S. tax codes. I am quite interested in learning all I can about this investment from a Canadian stand point since most info here and the other place is U.S. based.

Calgary is a pretty good place to live. After that in my opinion I would live in the B.C. interior of the west coast. You never really hear all that much about my area in the bigger picture, but a lot of people must agree with me as the population of Calgary grew from 650000 to over a million in 6 short years.

Thank you so much for any info you might have.

a greatful Canadian

seanscott

Originally Posted by seanscott

I live in cow town. I purchased my dinars on the internet about 6 months ago.
Does anyone from western Canada know where Dinars are being traded IN
Canada? I have spoken to 5 banks here in Calgary and they more or less laughed at me at the mention of Dinars. I am curious about actually selling them once an R.V. hits. Are there any other legalities for Canadians you might be aware of?

All things being equal our tax codes on this INVESTMENT sound pretty good compared to I.R.S. tax codes. I am quite interested in learning all I can about this investment from a Canadian stand point since most info here and the other place is U.S. based.

Calgary is a pretty good place to live. After that in my opinion I would live in the B.C. interior of the west coast. You never really hear all that much about my area in the bigger picture, but a lot of people must agree with me as the population of Calgary grew from 650000 to over a million in 6 short years.

Thank you so much for any info you might have.

a greatful Canadian

seanscott

I have spoken with most of the major banking instiutes and so far the Toronto Dominion, The Scotia and the CIBC have said they will exchange our Dinars if they reval and go on the world exchange. ( "If" is there words, not mine). You really need to talk with someone who daily deals with currency trading at your local bank, or talk with someone familiar with currency trading.

You will hear a varing of answers from the same banks. This is because only major branches will at the start be able to exchange the dinar, as there is some kind of machine needed for varification of authenticity of our bills and to start, not all branches will have this availability.

You should be good as being in cow-town, a major branch will be close by. You will need to hand over your Dinars to the bank and once verified, a deposit will be made to your account, in most cases from what I've been told will be about 2 days.

Be aware though that exchanges will vary and you will want to ask ahead of time "how much will I get, for X amount of dinars?"

Shop around at the different banks, as it may save you countless "Thousands" in transaction fees.

Hope this helps, any other questions, you or anyone else can ask, please do, as I have spent countless hours investigating this.

SGS and Adster, as well as others supply the "Meat and Potatoes" info., so I investagate the Canadian tax angle.



Gloribee

Originally Posted by seanscott

I live in cow town. I purchased my dinars on the internet about 6 months ago.
Does anyone from western Canada know where Dinars are being traded IN
Canada? I have spoken to 5 banks here in Calgary and they more or less laughed at me at the mention of Dinars. I am curious about actually selling them once an R.V. hits. Are there any other legalities for Canadians you might be aware of?

All things being equal our tax codes on this INVESTMENT sound pretty good compared to I.R.S. tax codes. I am quite interested in learning all I can about this investment from a Canadian stand point since most info here and the other place is U.S. based.

Calgary is a pretty good place to live. After that in my opinion I would live in the B.C. interior of the west coast. You never really hear all that much about my area in the bigger picture, but a lot of people must agree with me as the population of Calgary grew from 650000 to over a million in 6 short years.

Thank you so much for any info you might have.

a greatful Canadian

seanscott

I bought my dinars at Scotiabank and I presume they will be exchanging when it hits the regular forex markets.

Also, I read in one of the news articles last week that the Royal Bank is one of the banks that is going to be working with Iraq in the near future.

As long as it will be listed on the regular forex markets, you should be able to exchange it at any bank here in Canada. I do believe that there will probably be a procedure for verifying the notes before the cash will hit your account, but that is normal for any foreign currency when large amounts are involved.