Thread: Canadians and reporting Taxes for Dinar...

As far as I know a thread like this has not been started. I think that we are getting very close now to an r/v from what I've been reading in this forum so I would like to be prepared.

I don't know how many of my fellow Canucks are actually active in this forum and who have Iraqi Dinars as well but I would like to know about taxes and the dinar.

A friend of mine who used to work for the Ontario Government told me that here in Canada, any large amounts of money that you make on a foreign exchange transaction such as when we will be exchanging our dinars for Canadian dollars would have to pay Capital Gains Tax. I think it's the same for in the US BUT I would like someone to please help me verify this for sure. I don't know the slightest thing about taxes and how I would go about reporting this kind of income. What's this I hear about short-term and long-term capital gains and what are the differences? lol. Also, would this money only be reported NEXT tax season or would I have to pay tax installments.

I'm sure that I can't be the only Canadian in here who's got some dinars so I really would appreciate if anyone who knows what they will be reporting etc. could help us fellow Canucks out EHhhhhh!!!!! Thanks matey's

Cheers all,

Rob

Hey Rob :)

The capital gain tax sounds like the right one for this, but in any case, when you exchange your dinars and make a large profit, im sure you will hire a good CPA to help you out. Worst case scenario, you file under normal income, but i think thats unlikely.

And its possible the short-term and long-term capital gain is only for US citizens.

Thanks for the reply Zik. Are you a Canadian as well? If you are, do you know of any good CPA's that will not only tell me how to treat this investment but would also help me 'legally' reduce possibly taxes on my dinars hehe.

Cheers all,

Rob

I would think that any good CPA could tell you how to treat this income, but I don't know of any one in particular to point you to.

about saving taxes...would be nice if we could buy some dinars into a RRSP ;)
Unfortunately, I doubt that it is allowed..

btw, yes i am canadian. From Quebec :)

Thanks again for the info Zik, much appreciated. I'm actually originally from Quebec, Montreal to be exact then I moved to Ontario where I think the grass is a bit greener

Cheers,

Rob

Originally Posted by robmccallum01

Thanks again for the info Zik, much appreciated. I'm actually originally from Quebec, Montreal to be exact then I moved to Ontario where I think the grass is a bit greener

Cheers,

Rob

Hi Rob,
Thanks again for the Scotia Bank info.
I have a link for you to check out on
Taxes in Canada. I have not ordered from
him as of yet but did email him awhile back to verify that
he was still selling it. If anything, it could be interesting.

Take Care,
Loki.

http://www.angelfire.com/tx5/taxbible/

About the author of the Tax Collec†or's Bible

Alan Baggett is a Canadian who firmly believes in the possibility of making the Canada Customs and Revenue Agency (CCRA) less frightening by, for the first time ever, revealing exactly how the CCRA works and what the rights of Canadians are.

Alan is a university graduate who took up employment with the CCRA in July of 1991. His work experiences include all manner of investigations. T1, T2, T3, GST and Sundry taxes, bankruptcies and he acted as a liaison between the Department of Justice and the CCRA and helped to pioneer the simultaneous collection of GST, T1, T2 and T4 taxation debts.

Alan researched standardized accounting procedures, served as a liaison between Revenue Collections and Computer Functions, helped develop the CCRA’s National Collections Call Centre and assisted in implementing the Revenue Enforcement Management Information and Tracking System (REMITS). Alan also authored the first drafts of policies and procedures for the National Collections Call Centre.

On January 22nd, Alan was visited by Senior Investigator of the CCRA Internal Affairs Division Security Directorate Jim M Wardhaugh (Telephone (613)957-2266, Cell (613)612-6182 Fax (613)954-2019). Jim revealed that the CCRA had obtained a copy of The Tax Collector's Bible and officially requested (under threat of police involvement) that all names, anecodotes and all details of policies and procedures be excised from the Tax Collector's Bible. Alan refused.

On January 29th, Alan was contacted by the Canadian Privacy Commission, (Nancy Parker 1-800-282-1376). She requested on behalf of the Canadian Government that the Tax Collector's Bible not be made available to Canadians. Again Alan refused.

But as a result of these intrusions we do not know how long he will be permitted to keep on publishing the

Tax Collec†or's Bible

Edit: Here is another link for you to check out online that is free.

http://www.truehelpfinancial.com/members/invest/

Thank you very much Loki. Quite interesting to say the least. I will definitely have a read and will sure try to get my hands on that tax bible. Loki, If I get my hands on that Tax Bible I will make a copy of it and send it to you. No sense in both of us Canadians having to pay for it right? Thanks again for the links. I'll check them out.

Cheers all,

Rob

Originally Posted by robmccallum01

Thank you very much Loki. Quite interesting to say the least. I will definitely have a read and will sure try to get my hands on that tax bible. Loki, If I get my hands on that Tax Bible I will make a copy of it and send it to you. No sense in both of us Canadians having to pay for it right? Thanks again for the links. I'll check them out.

Cheers all,

Rob

No problem Rob,
Thanks, sounds good to me.
Take Care,
Loki