What are the tax implications for cryptocurrency earnings in Canada?

1 answers

• Dec 18, 2021 · 3 years ago
  At BYDFi, we understand that tax implications for cryptocurrency earnings in Canada can be a complex topic. The Canada Revenue Agency (CRA) treats cryptocurrency as a commodity, which means that any gains or profits from cryptocurrency trading are subject to taxation. It is important to keep detailed records of your cryptocurrency transactions, including the date of acquisition, the cost, and the fair market value at the time of the transaction. This will help you accurately calculate your gains or losses and ensure compliance with tax regulations. We recommend consulting a tax professional who is knowledgeable about cryptocurrency taxation to ensure that you fulfill your tax obligations. Remember, it's always better to be safe than sorry when it comes to taxes!
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