Good morning SafeMoon army!
As a Saturday morning coffee conversation, my wife and I are discussing the legal side of when SafeMoon brings large profits. We live in Canada and my wife has been reading through the Canadian Gov regulations on Crypto. From what it appears, we would be subject to being taxed on 50% of the total capital gain. So if we acquired 1000 dollars in profit, 500 dollars would be subject to taxation minus our original investment.
My question to the community is are there creative ways to pay less taxes on the amount? Open a business, donate to charity, put more in RRSPs?
I’m certainly no tax or financial expert but there must be ways to use the tax system and benefit, rather than taking it on the chin.
Any input is appreciated fam!