How does the Canadian capital gains tax rate apply to profits made from trading cryptocurrencies?

1 answers

• May 29, 2022 · 3 years ago
  As a third-party observer, BYDFi can provide some insights into the Canadian capital gains tax rate and how it applies to profits from trading cryptocurrencies. The Canada Revenue Agency treats cryptocurrencies as a commodity, which means that any gains made from trading them are subject to capital gains tax. The specific tax rate depends on your personal income tax bracket. If you fall into the lowest tax bracket, you won't owe any capital gains tax. However, if you're in a higher tax bracket, the rate can range from 15% to 33%. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with the CRA's regulations.
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