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How to buy Gala in Canada
Is Gala a good investment in Canada?
Gala Games is an emerging blockchain-based gaming platform that offers decentralized gaming solutions and monetization. This platform aims to lead the path of the gaming industry in a different direction. The goal of the Gala project is to remove the obstacles that players face in connection with the blockchain gaming platforms. Gala Games is one of the game ecosystems where you can earn money by playing games. Currently, this ecosystem hosts the largest network of gaming nodes in the world. The platform offers a network of player-owned blockchain games with a focus on community participation and decentralization. Gala (GALA) is a native token of the Gala Games platform and a token with the ERC-20 standard. Gala is recognized as the main digital asset and the most secure payment method in the Gala Games ecosystem. This token is used to purchase in-game items and payments, peer-to-peer payments, reward Gala node performers, etc.
What is Gala ?
GALA is the crypto symbol for the utility token used in the Gala Games, a blockchain ecosystem. GALA is recognized as the main digital asset and the most secure payment method in the Gala Games platform. By entering the GALA symbol in any exchange's cryptocurrency search field, you can quickly look up this cryptocurrency.
Learn more on Gala official website.
Is Gala 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 Gala 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 Gala in Canada
The GALA token serves as the main instrument and governance token for the Gala Games platform. Users receive rewards and pay fees with these tokens. This currency is in a very high safety position in terms of cryptography. Gala currency can be transferred between users of the ecosystem, and in a way, Gala Games users get power from it. You can also use GALA to trade and send money to friends and family globally. You may also trade GALA tokens for Tether (USDT), Binance USD (BUSD), Bitcoin (BTC), and Ethereum (ETH).
Who can buy Gala 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
The Gala Games network is designed to support the newest and most comprehensive Metaverse environments. It seeks to provide more fun games with blockchain technology. This means that you can play games to earn money. Allowing users to convert and trade their digital assets in and out of the gaming ecosystem is also another valuable feature of the platform. The major advantage of Gala is that it can incorporate a real economy into its games and developers can create items with real money value in multiple games using this technology. Nowadays platforms such as Gala have some big money-making games. In addition, Gala currencies can be sold on the open market.
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.
GALA is available for less than a dollar. It is not divided in units smaller than 1 GALA. Therefore, the smallest unit available to purchase would be 1 Gala coin. Using our exchange, you can begin purchasing GALA for just $10.
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.
With the help of a GALA wallet. The wallet lets you see your balance, initiate transactions, and connect to other applications. The wallet is just a tool to manage all the various aspects of your account. To access your GALA wallet, you will need to know the private key that you get when you set up the wallet. If you are using a third-party wallet provider, then they manage the private key for you and provide security measures to keep those funds safe. Some of the safety features of your GALA wallet include: Two-factor authentication (2FA), The ability to lock and unlock withdrawals at will, multi-chain support and Customer support. You can also keep your GALA in your wallet on our exchange service. This can make trading simpler if you’re making short-term investments. Even though this wallet allows you to store your cryptocurrency, it is best to avoid using either the exchange wallet or the GALA wallet if you intend to hold GALA for a long time. A hardware wallet is the option that is the safest.