What are the tax implications of buying and selling cryptocurrency with Canadian cash?

1 answers

• May 16, 2022 · 3 years ago
  When it comes to buying and selling cryptocurrencies with Canadian cash, it's important to be aware of the tax implications. The Canada Revenue Agency (CRA) treats cryptocurrencies as taxable assets, similar to stocks or real estate. This means that any gains or losses from trading cryptocurrencies are subject to taxation. Individuals will need to report their gains or losses on their tax returns. It's crucial to keep detailed records of all cryptocurrency transactions, including the date, amount, and value in Canadian dollars. If you're trading cryptocurrencies as a business or on a regular basis, it may be considered self-employment income and subject to additional taxes. To ensure compliance with tax laws and to optimize your tax strategy, it's advisable to consult with a tax professional who is knowledgeable about cryptocurrency taxation.
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