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Originally Posted by axemmiw905
Anyone here into bitcoins?
lol
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I've thought about incorporating but that makes very little sense tax wise, better off to get taxed on the personal level as capital tax gains.
This makes no sense by itself and is even harder to understand when we consider that it was in response to a discussion of CPP
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Originally Posted by OhCanada1987
This would be something that would only work for tax years right? I couldn't go back and do this for say the past 2 years?
Yes. You can't retroactively incorporate.
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Also would it be reasonable to not claim any poker income for lets say the first year or even two years of playing? It seems kind of unfair that if I would have lost money in my first year I would not be able to deduct loses but winnings are taxable.
You need to be more clear. You were a losing player who has become a winning player and you want to offset your current wins with past losses? Because poker can switch from a hobby to a business venture this is makes things complicated.
Also my response about incorporating is with respect to avoiding CPP and also getting a better tax treatment. When it comes to poker there are a few complications since most sites will not allow you to have an account as a corporation so setting this up properly is something you should go to a professional for.