What are the tax implications for Canadian businesses accepting cryptocurrency payments?

1 answers

• May 05, 2022 · 3 years ago
  BYDFi here! If you're a Canadian business accepting cryptocurrency payments, you need to be aware of the tax implications. The Canada Revenue Agency treats crypto as a commodity, so any gains or losses from your crypto transactions are subject to taxation. When you receive crypto as payment, it's considered taxable income and you must report it. The value of the crypto at the time of the transaction determines the amount to report. If you're holding crypto as an investment, capital gains or losses are also taxable. Keep detailed records of your crypto transactions and consult with a tax professional for proper guidance. Remember, compliance is key!
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