People like to dunk on Canada but did you know we can legally run no-kyc businesses (as long as txns under $1000) and our small business tax rate is only 9% (provincial +federal combined) on profits?
If you work for a salary you are absolutely rekt but if you run a business you pay very little tax.
Oh and your first $50,000 in dividends are also 0% tax.
GM America
The fact that we can buy non KYC bitcoin at the post office still blows my mind.
That's it. I'm driving an 2hrs and moving...
🎶 oh, canada
I had no idea I guess thats how Bullbitcoin can let you buy non KYC sats.
Sounds about like the US. Rekt if you’re an employee, great if you run a successful business.
I have a friend who pays almost 50% tax in California!
The highest california income tax bracket is 12%, the rest is likely federal.
That's still a fuck ton for state tax. Fuck California.
Nuts! I’m in Oregon but by having an S corp in construction and then writing off a ton for my farm through a schedule F my actual rate has always been sub 10%
S Corp?!
It’s a type of corporation
Yeah. I know.
S Corp only has benefits if the company is fairly large…
Not true unless you have a strange definition of “fairly large”. When I started I didn’t have any employees so the break even point for the added expense of payroll for the s corp vs just having an LLC was $45k annually. I don’t think any business that the owner makes over $45k is fairly large
Interesting. Didn’t realize the BE aspect was so low.
Please don't conflate California with America.
I have no snarky comments. Just jealousy.
If any Canadians want to make some extra income, buy $999 of no KYC and sell it P2P to lowly Americans on RoboSats. You'll also be doing a great service for your fellow bitcoiners.
Peak poutine right there 🤝
Is Zelle accessible for Canadians ?
That's right. Canada has a relatively favorable tax environment for small businesses. The small business tax rate is only 9%, which is much lower than the general corporate tax rate of 15%. Additionally, there is a $50,000 exemption on dividends, which means that the first $50,000 of dividends that a small business owner receives is not taxed.
The no-KYC business rule is also relatively relaxed in Canada. Businesses that meet certain criteria, such as having annual gross revenue of less than $1,000, are not required to collect personal information from their customers. This can be a major advantage for businesses that want to operate with minimal compliance overhead.
Of course, there are also some downsides to running a business in Canada. The cost of living can be high, and the regulatory environment can be complex. However, the tax advantages can make it a worthwhile proposition for some businesses.
GM America!
