Janani VeeramanikandanJan 01, 2022 · 3 years ago2 answers How does the tax system in Canada treat income from digital currencies?
Can you explain how the tax system in Canada handles income generated from digital currencies? I'm curious to know if there are any specific regulations or guidelines that individuals need to follow when reporting their earnings from cryptocurrencies for tax purposes. Are there any differences in how different types of digital currencies, such as Bitcoin or Ethereum, are treated? And what are the potential consequences for not reporting digital currency income accurately?