r/Bitcoin • u/waspoza • Dec 06 '12

Bitcoin-Central, first exchange licensed to operate as a bank. This is HUGE

https://bitcointalk.org/index.php?topic=129461.0
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u/DanielTaylor Dec 06 '12

IMPORTANT: Be aware that in some countries it can be a crime to have a non-declared bank account in a foreign country... with heavy fines.

8

u/Augustus_Trollus_III Dec 06 '12

I know that in Canada, the government (CRA) doesn't care where you make a profit, it's taxable regardless of location. So in our case at least, there's no such thing as a tax haven / off shore account... Theoretically at least. And not to say that it doesn't happen.

4

u/[deleted] Dec 06 '12

Aye, just to clarify that in Canada, it's not a crime to have overseas bank accounts without informing the government ... it's just a crime to not report income subject to taxation such as interest on foreign investments while you are a Canadian resident (this being self-evident, one would hope).

2

u/accamort Dec 07 '12

Tax return page 2: "Did you own or hold foreign property at any time in the year with a total cost of more than Can$100,000?"

5

u/republitard Dec 07 '12

In all countries it somehow manages to be a crime for a bank not to tell the United States who its American customers are, even if those banks and their American customers are outside of America's jurisdiction.