Sean Tianxiang HuangJan 14, 2022 · 3 years ago2 answers What are the tax implications of trading cryptocurrencies with Canadian dollars?
I am a Canadian resident and I have been trading cryptocurrencies using Canadian dollars. I would like to know what are the tax implications of such trading activities? How will the Canadian tax authorities treat the profits and losses from cryptocurrency trading? Are there any specific rules or regulations that I need to be aware of? Can I deduct any trading expenses or losses from my taxable income? What are the reporting requirements for cryptocurrency trading in Canada?