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How to buy Chiliz in Canada
Is CHZ a good investment in Canada?
CHZ coins were released to the market in 2018. But it didn’t have any price until July 2019, when it started to become more popular among sports fans. The initial price of CHZ was $0.02, and it didn’t change for one year. Then it had a price jump in 2021 and suddenly reached its highest value of $0.89. The rest of the year passed with an average price of $0.50. Like most cryptocurrencies, 2022 wasn’t that much great for CHZ owners. Its price fluctuated a lot, but never reached that high to set a record. It ended the year with a price of $0.10.
Cryptocurrency investors often want to know what the cryptocurrency's future holds. But the future is unpredictable, especially in the volatile world of cryptocurrencies. However, to make it easier to decide about buying a coin, analysts and crypto experts analyze the past and current situation of the crypto market and give price predictions, which can be useful but should not be the only factor you pick to decide on buying crypto. They think the CHZ price might finally get higher than $1 by 2028 and would rise as high as $3 by 2030.
What is Chiliz ?
Chiliz is the world's first cryptocurrency dedicated to sports fans. Socios is the platform that works with this cryptocurrency. Sports clubs can create Fan Tokens on this platform, and their fans can buy tokens with their favorite sports club's logo to show their support. They also can trade the tokens with others. The Fan Tokens show interest in a particular sports team, especially football clubs. The platform was launched in December 2019. The first sports partner to this platform was the Italian soccer team of Turin.
Check out Chiliz official website for more information.
Is Chiliz legal to buy in Canada?
Yes. According to the Canada Revenue Agency (CRA), virtual currency is a digital asset that can be used to buy and sell goods or services. According to the definition of virtual currency provided by the Financial Consumer Agency of Canada, digital currencies can be used to buy goods and services on the Internet and in stores that accept digital currencies. Digital currency may also be bought and sold on cryptocurrency exchanges. It is estimated that 1.2 million people, 3.2% of Canada's total population, currently own cryptocurrency.
Is Chiliz taxed in Canada
Yes. According to the Canada Revenue Agency (CRA), tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations. This means digital currencies are subject to the Income Tax Act. According to the mentioned rules, you will pay Income Tax on half of any crypto asset gains from dispositions of cryptocurrency, as well as Income Tax on any additional income from crypto assets, like staking or being paid in cryptocurrency. As stated by the CRA, you will pay Income Tax on half of any crypto gains from dispositions of cryptocurrency, as well as Income Tax on any additional income from crypto activities, like staking or being paid in cryptocurrency.
After you've bought Chiliz in Canada
CHZ is used on the Socios platform by sports fans. They usually use this token to purchase NFTs, which are the particular token with their famous sports team logo. They can play a role in the decisions of their favorite team by voting on different polls. The more sports team participate in this platform; the higher the value of its digital asset may be. Furthermore, you should transfer your coins to your account in the Socios platform to be able to use them for the mentioned operations.
The other option you have after buying CHZ is to keep it as an investment, which is a risky job. Because no one can guarantee that Chiliz is a good investment or may have a higher value in the future. Therefore, you should check different factors, read the analyses about this coin, then decide on buying it. Furthermore, as a beginner, it is always recommended to start with a limited amount of money and have an exit point for your investment to reduce the risk of loss.
Who can buy Chiliz in Canada?
Anyone. Two common ways to buy cryptocurrency in Canada include either through a broker or directly through an exchange. However, brokers may put restrictions on holdings, withdrawals, transfers and storage depending on their brokerage policy while cryptocurrency exchanges give the account holder more control over their crypto assets. Our exchange allows fast and secure cryptocurrency transactions through different payment services such as: Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal, which are supported in Canada. Also, our exchange charges zero transaction fees.
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Frequently asked questions
You can find several exchanges that accept CHZ tokens. However, you should know that most exchanges receive an extra expense as the processing fee on their platform. If you want to find a more cost-effective exchange, you can buy CHZ from the Blocktrade exchange with zero processing fee.
According to the CRA tax guide, you’re not taxed when you buy crypto with fiat, like Canadian Dollars. This said, even though you don’t pay tax, it’s still really important you keep good records of your crypto transactions so you can keep a detailed account of your cost basis. This lets you calculate accurate crypto gains and losses when you later dispose of your crypto assets. But note that according to the above-mentioned tax guide, buying crypto with another crypto is subject to Capital Gains Tax. The CRA views this as a disposition, meaning you’re getting rid of one asset. It doesn’t matter that you’re using it to buy another.
According to the CRA tax guideline, since cryptocurrency is viewed as a capital asset, when you dispose of it by selling it, swapping it, spending it or gifting it, you’ll owe Capital Gains Tax on any profit you make. Crypto transactions which are considered a disposition in Canada according to the CRA include: Selling crypto for CAD, swapping crypto for another crypto, spending crypto on goods or services, gifting crypto. According to the mentioned guideline, you won’t pay Capital Gains Tax on the entire proceeds when you sell, swap, spend or gift your cryptocurrency, but only the profits from it. Also note that you’ll only pay Capital Gains Tax on half your net capital gain each financial year in Canada.
Alexandre Dreyfus is the founder and CEO of Chiliz. He has 20 years of experience in developing different web-based companies.
According to the CRA tax guide, you should maintain the following records on your cryptocurrency transactions: the date of the transactions, the receipts of purchase or transfer of cryptocurrency, the value of the cryptocurrency in Canadian dollars at the time of the transaction, the digital wallet records and cryptocurrency addresses, a description of the transaction and the other party (even if it is just their cryptocurrency address), the exchange records, accounting and legal costs, the software costs related to managing your tax affairs.
CHZ is a cryptocurrency that lets its holders purchase NFT tokens that are created by their favorite sports team.