What are the tax implications of trading cryptocurrencies with the Canadian dollar?

1 answers

• Mar 23, 2022 · 3 years ago
  When trading cryptocurrencies with the Canadian dollar, it is important to consider the tax implications. The Canada Revenue Agency (CRA) treats cryptocurrencies as commodities, which means that any gains or losses from trading are subject to taxation. As a Canadian cryptocurrency trader, you are required to report your trading activities and calculate your capital gains or losses. It is recommended to keep detailed records of your transactions, including the date, time, and value of each trade. You may be eligible for certain deductions or exemptions, such as the capital gains exemption for small business owners. It is advisable to consult with a tax professional who specializes in cryptocurrency taxation to ensure compliance with the tax laws.
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