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CRA Taking Steps to Investigate Canadian Cryptocurrency Trading

CRA Taking Steps to Investigate Canadian Cryptocurrency Trading

Bitcoin prices surged towards the end of 2017, leading many Canadians to invest in this and other cryptocurrencies. However, now that tax time is approaching, you may be wondering how cryptocurrency is taxed in Canada and whether or not you need to pay taxes on cryptocurrency income.

While digital currencies such as bitcoin are not legal tender in Canada, using digital currency does not exempt you from Canadian tax obligations.

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Do You Need To Report Crypto Income to the CRA?

Do You Need To Report Crypto Income to the CRA?

Bitcoin prices surged towards the end of 2017, leading many Canadians to invest in this and other cryptocurrencies. However, now that tax time is approaching, you may be wondering how cryptocurrency is taxed in Canada and whether or not you need to pay taxes on cryptocurrency income.

While digital currencies such as bitcoin are not legal tender in Canada, using digital currency does not exempt you from Canadian tax obligations.

read more