What are the tax rates for different income brackets in Ontario, Canada for cryptocurrency traders?

1 answers

• May 29, 2022 · 3 years ago
  At BYDFi, we understand that tax rates can be a bit confusing, especially for cryptocurrency traders. In Ontario, Canada, the tax rates for different income brackets are progressive. This means that as your income increases, so does the tax rate. For the 2021 tax year, here are the tax rates in Ontario: - 5.05% on the first $44,740 of taxable income - 9.15% on the portion of taxable income over $44,740 up to $89,482 - 11.16% on the portion of taxable income over $89,482 up to $150,000 - 12.16% on the portion of taxable income over $150,000 up to $220,000 - 13.16% on the portion of taxable income over $220,000 Remember, these rates apply to your total taxable income, which includes any income you earn from cryptocurrency trading. It's important to accurately report your crypto earnings on your tax return to ensure compliance with the tax laws. If you have any further questions, feel free to ask!
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