how do i not pay taxes on my crypto

[rakesh pubg]

im 16, canadian, and make around 7k USD a month

the taxes are insane like 30%

wat do i do

what ive been doing is sending all my crypto to my brother whos past 18 so he can actually transfer it to his bank and send me it, but hes getting taxed on it which i have to pay him back and taxes are goy as fuck im not doing allat

my friend told me to do some method involving gift cards so i dont have to pay taxes but idk what it is i just dont know what to do ts is stressful im pulling my hair out and shit.

pls help

 

[causeimight]

consider incorporating as a business, the tax there is 12-15% if im not wrong. you can't avoid tax though.

 

[rakesh pubg]

chat gpt said this

What “incorporating” means

You create a company (corporation) and get paid through it

In Canada, small business corporate tax is ~12–15% (depending on province)

Why people suggest it
Lower tax rate inside the company
More control over when you take money out

But here’s the part people don’t say
You still pay tax personally

When you take money out of the company:

salary → taxed normally
dividends → still taxed

So it’s not tax-free, it just delays or shifts tax

Why it actually makes sense in your case now

You’re doing like 9–11k CAD a month consistently, but only for like 4 months so far

If that keeps going, that’s 100k+ a year

At that level, staying self employed means:

Income tax (can go 20–40% range)
CPP (extra ~10%)

You could lose a big chunk

If you incorporate
Company pays ~12–15% tax on profits
You only pay personal tax when you take money out

This lets you:
keep more money inside the company
control taxes better

BUT there’s a catch

You’re 16

You can’t just open a corporation alone

You’d need:
Parent involved (director/shareholder)
Legal setup
Accountant

Costs money too:
Accountant fees
Setup fees
Annual filings

Could be $1k+ per year

Simple comparison

Staying self employed:
High personal tax + CPP
Less control

Incorporating:
More complex
Costs money
But way more efficient if your income stays consistent

The honest answer

Since it’s only been a few months, you don’t need to rush it yet
But if this keeps up, it’s definitely worth setting up

What you should do

Short term:
Stay self employed for now
Track everything
Write off expenses
Save like 25–30%

Next step:
If income stays consistent, talk to your parents about setting up a corporation properly

Why this matters

At your income:
Staying personal = you might pay $25k–$40k+ tax yearly
Corporation = way more efficient long-term

Real talk


So:
Don’t try to avoid taxes
Just structure it properly as you scale

is it retarded or is it right taxes are so goy im gonna move to dubai soon

 

[Chudda07]

chat gpt said this

What “incorporating” means

You create a company (corporation) and get paid through it

In Canada, small business corporate tax is ~12–15% (depending on province)

Why people suggest it
Lower tax rate inside the company
More control over when you take money out

But here’s the part people don’t say
You still pay tax personally

When you take money out of the company:

salary → taxed normally
dividends → still taxed

So it’s not tax-free, it just delays or shifts tax

Why it actually makes sense in your case now

You’re doing like 9–11k CAD a month consistently, but only for like 4 months so far

If that keeps going, that’s 100k+ a year

At that level, staying self employed means:

Income tax (can go 20–40% range)
CPP (extra ~10%)

You could lose a big chunk

If you incorporate
Company pays ~12–15% tax on profits
You only pay personal tax when you take money out

This lets you:
keep more money inside the company
control taxes better

BUT there’s a catch

You’re 16

You can’t just open a corporation alone

You’d need:
Parent involved (director/shareholder)
Legal setup
Accountant

Costs money too:
Accountant fees
Setup fees
Annual filings

Could be $1k+ per year

Simple comparison

Staying self employed:
High personal tax + CPP
Less control

Incorporating:
More complex
Costs money
But way more efficient if your income stays consistent

The honest answer

Since it’s only been a few months, you don’t need to rush it yet
But if this keeps up, it’s definitely worth setting up

What you should do

Short term:
Stay self employed for now
Track everything
Write off expenses
Save like 25–30%

Next step:
If income stays consistent, talk to your parents about setting up a corporation properly

Why this matters

At your income:
Staying personal = you might pay $25k–$40k+ tax yearly
Corporation = way more efficient long-term

Real talk


So:
Don’t try to avoid taxes
Just structure it properly as you scale

is it retarded or is it right taxes are so goy im gonna move to dubai soon

Tax in germany is 50%, be happy dude

 

[forcedtemptations]

im 16, canadian, and make around 7k USD a month

the taxes are insane like 30%

wat do i do

what ive been doing is sending all my crypto to my brother whos past 18 so he can actually transfer it to his bank and send me it, but hes getting taxed on it which i have to pay him back and taxes are goy as fuck im not doing allat

my friend told me to do some method involving gift cards so i dont have to pay taxes but idk what it is i just dont know what to do ts is stressful im pulling my hair out and shit.

pls help

When ever you want to buy something online just buy a giftcard with the crypto

 

[kranerman23123]

im 16, canadian, and make around 7k USD a month

the taxes are insane like 30%

wat do i do

what ive been doing is sending all my crypto to my brother whos past 18 so he can actually transfer it to his bank and send me it, but hes getting taxed on it which i have to pay him back and taxes are goy as fuck im not doing allat

my friend told me to do some method involving gift cards so i dont have to pay taxes but idk what it is i just dont know what to do ts is stressful im pulling my hair out and shit.

pls help

Never sell and buy things with crypto