My accountant says it's to be taxed as a capital gain, which is at 16.4% if memory serves. However it will be pushed onto my 2014 tax statement since I cashed out in January. I am incorporated so I don't know if that changes anything on the taxable rate. I don't understand most of the accounting needed to keep my business in line with all the regulations, which is why I pay someone to do it for me.
But yes, it is taxable as capital gains, I had her checked with the CRA directly.
I no longer mine btw. GPU mining has been dead for months, I cashed out long ago and sold the rigs. Still made a good amount considering 1) capital I invested 2) efforts required to make that money, which beyond initial setup, was nearly zero.
I have no idea on the profitability of asic mining right now, but even with a 16% tax, GPU mining was still highly profitable last Fall.
Good for you. Except for driving up video card costs for us peasants.
Prices have really re-stabilized now, same for the inventory.
But you really have Krisnatharok to blame, and me to thank. He's the one who turned me onto GPU mining. Since I know he is actually intelligent and capable of deep some level of critical thinking I knew it was worth it to listen to him and take a serious look at this fad.
Which it was, a fad, I mean. Crytocurrencies will live on for sure, but GPU mining was temporary and without him I would never have partook.
I have no idea on the profitability of asic mining right now, but even with a 16% tax, GPU mining was still highly profitable last Fall.
I would argue it's still pretty profitable if you mine lesser coins sell them for BTC, and sell the BTC when it rises midday/mid-week. That being said, GPU mining is more of a PITA than ASIC mining (which I started with) so GPU mining, even though it remains profitable, is more labour intensive, and for that reason I've stopped paying regular attention to it.
My 7870 has been giving me issues since I bought it , was looking at upgrading as they are including the game with it but refuse to pay $500 for a GPU.
Revenue Canada has enough power to deal with strict tax evasion, Fintrac is specifically for money laundering which is more of a terrorism and organized crime issue per se.
Revenu Quebec is even worse than the CRA and is really to be feared. Once they got their scent on you, you're fucking toast. A few years ago a couple employees came out as whisteblowers to tell the stories on how agents actually have quotas and they'll do anything, even create issues that do not exist, to justify collecting whatever amount they need to collect.
An acquaintance of mine is black (so he's already halfway fucked) and works in construction and real estate. He was once hit by an audit on the professional side, then the year after personal side, and since then, they audit every two years. On top of a 18K penalty. Some of it was justified, some wasn't, the acquaintance certainly wasn't all clean from what I gathered, but RQ played really dirty with him, I was appalled.
My ex's father was hit with an audit, everything was clean, but they made up a rule to justify a 10k penalty (concerning GST collection). It turns out a notary confirmed RQ was in the wrong because prior to 1992 or something, the particular infraction would not apply. However, the cost of fighting RQ (on top of all their harassment) made it so disadvantageous and time consuming that they simply paid the 10k.
Revenu Quebec is ran like the mafia, plain and simple. I don't know how much worse or better the CRA is, but my accountant is paid a handsome amount yearly to ensure they are kept happy so I can be happy too.
Deposit 10k in cash in your account. Fintrac will investigate before CRA does. If they flag it as suspicious but not not criminal proceeds then it gets sent to CRA. I went to buy a car and needed a certified cheque and had to answer 50 questions to the teller.
Deposit 10k in cash in your account. Fintrac will investigate before CRA does.
That's because 10K is an automatic flag for reportable transactions.
A bit of background:
10K: Automatic report 5k: Flag for future reporting in case of multiple similar transactions 3k: bank keeps records, similar to the 5k mark but lower priority.
Also every single employee of every single bank is required to take training on these flags, and related materials every year, so anyone who works for a bank, a mutual fund processor, lender knows these numbers and what to do with them.
Radeon R9 280X was announced on September 25, 2013. With a launch price of $299, it is based on the Tahiti XTL chip, being a slightly upgraded, rebranded Radeon HD 7970 GHz Edition. Radeon R9 280 was announced on March 4, 2014. With a launch MSRP set at $275, it is based on a rebranded Radeon HD 7950 with an increased clock speed, from 925Mhz to 938Mhz
"I keep trying to push the limits, but I can't find the limits!"
"Origin, you hear me? Apology accepted!"
roflmao this is good stuff. Looks glorious in 4K.
They also released the new hangars, there are four now, and they've been renamed. If you have more than one ship or package, you may have access to more than one hangar, so you can select which one should be active in game through MY RSI then MY HANGAR on the website.
The Asteroid hangar is pretty spectacular. Comes with the Starfarer, Retaliator, Merchantman and Caterpillar, or can be bought for $50 (ouch).
Looks glorious in 4K.
