Did you know that cryptocurrencies are not recognized as “legal tender” under Canada’s laws, they are taxed as “commodities” under Canada’s Income Tax Act, similar to gold or silver investments?
Read our guide on: Canadian Tax Treatment of Cryptocurrencies (2020/2021)
Learn how to determine your tax liability, calculating profit/loss, about record keeping as well as business income vs. capital gain
Any transaction – selling, gifting, bartering – that results in transferring ownership of a cryptocurrency to another party is potentially a taxable event.
We have prepared a guide for Canadian to learn about and understand their reporting requirements and tax liabilities as members of the cryptocurrency community.
We are not tax advisors and must tell you to seek the advice of a qualified professional for what is best for your situation.
Read our 2020-2021 guide on Canadian Tax Treatment of Cryptocurrencies >