How can I calculate my cryptocurrency taxes in Canada?

1 answers

• Jan 15, 2022 · 3 years ago
  At BYDFi, we understand that calculating your cryptocurrency taxes in Canada can be a challenge. The Canada Revenue Agency (CRA) considers cryptocurrencies as taxable assets, which means you need to report your gains and losses. To calculate your taxes, you'll need to determine the fair market value of your cryptocurrencies at the time of each transaction. This can be done by converting the value to Canadian dollars using the exchange rate at the time. Keep detailed records of all your transactions and consult with a tax professional to ensure you're meeting your tax obligations. Remember, accurate reporting is key to staying compliant with the CRA.
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