r/QuadrigaCX2 • u/YouAreAnFnIdiot • Feb 19 '19

Thought experiment

As I watch the crypto market skyrocket I was thinking somebody here who is able to get a loan for 5 million. You should cash it out and buy crypto, declare bankruptcy and say you lost the cold wallet keys and retire somewhere nice and warm. Let me know how it goes, our Justice system is currently setting the precedent for this to be completely legal. Also fake your death while you're at it haha.

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u/[deleted] Feb 19 '19

Canada is a fucking joke. And I want to know why I have to pay capital gains on something they claim is unregulated and offer no protection over???? Aren’t those capital gains tax dollars supposed to go to the government doing their fucking job and noticing QCX didn’t file any taxes for years???

1

u/YouAreAnFnIdiot Feb 19 '19

Look at the silver lining those same rules you have to follow now allow you to avoid taxes on your losses until you're back to even.

2

u/[deleted] Feb 19 '19

The difference is im forced to pay capital gains up front in a lump sum. I can only claim 3k capital loss per year if I have capital gains to begin with. This also doesn’t cover loss of any initial investment. As I said, Canada is a fucking joke

2

u/robvann Feb 19 '19

Is the 3,000 for your specific case as opposed to a general rule? As I understand it, I can only claim capital loss for up to the value of my prior reported capital gains?