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Income taxes on Cryptocurrency transactions in Canada

Maroof HS CPA Professional Corporation is a Toronto based CPA firm providing full scale income tax services in Canada. You can utilize the professional income tax preparation and planning in Canada here. More details visit https://www.maroofhs.com/tax-services-canada/personal-taxes/

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Income taxes on Cryptocurrency transactions in Canada

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  1. Income taxes on Cryptocurrency transactions in Canada https://www.maroofhs.com/tax-services-canada/personal-taxes/

  2. Canada taxes cryptocurrencies such as Bitcoin as a commodity. Depending on our circumstances, the resulting income is taxed as a business income or capital gain on your personal income tax return. If you hold bitcoin or other cryptocurrencies as a Capital asset, the result is going to be a Capital gain or loss. Such a gain or loss is included only half in your income. If you are running a crypto business such as trading as a day trader and have huge volumes of transactions, CRA will say it’s a business income. Soits important to consult some tax professional to determine if you are running a business or holding capital assets. If you are a cryptocurrency miner you are definitely running a business and you can treat income as a business income. Business income can be offset against other business losses as well, even your employment income.

  3. When you are running a business, you are entitled to all the deductions a business will be ordinarily allowed. Some of these transactions can bring down your income significantly. Your personal income tax accountant in Canada can best help you saving using potential deductions. A really good post explaining how the cryptocurrencies are taxed in Canada can be found here. You can understand the difference between Business income and capital gain from cryptocurrencies. It also explains what happens when you exchange one cryptocurrency for another one or buy some goods or services using cryptocurrencies. Maroof HS CPA Professional Corporation is a Toronto based CPA firm providing full scale income tax services in Canada. You can utilize the professional income tax preparation and planning in Canada here.

  4. You can reach us at: 3-100 Hanlan Road, Woodbridge, ON L4L 4V8 Phone: (647)724-4308 Email: Canada@MaroofHS.com https://www.maroofhs.com/contact/ https://twitter.com/MaroofHS https://www.facebook.com/MaroofHSCPA

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