For the year I have been buying Bitcoin from a local dealer in my area for cash. I use this Bitcoin to gamble on an online casino and then I sell my Bitcoin by the end of the day on coinbase.
In Canada, gambling profits are not taxable but selling crypto is a taxable event. How does this work? I have not actually profited anything from the crypto price going up or down. I only use Bitcoin has a medium to gamble online.
Would I have to pay taxes on this? My coinbase withdrawal would show like 30k sold YTD but it's the same money going in and out of my account.
Thanks.
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