Canadian Taxation for bitcoin buy/sell or mining

in #cryptocurreny4 years ago

CRA (Canada Revenue Agency) seems to have a similar view towards Bitcoin transaction (Buy/Sell) and bitcoin mining and mostly likely treated as commodity and therefore, subject to capital gain tax if you convert your bitcoin to fiat for a profit. Someone who mines bitcoin may potentially claim the profit as business income and this article below explains quite well.
Each individual's tax situation could be different, I will still suggest talking to your tax adviser if appropriate.

https://taxpage.com/articles-and-tips/bitcoin/bitcoin-cryptocurrency-taxation/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original

Feel free to share your thoughts if you happen to be Canadian Resident and happen to have some profit taking for your Bitcoin transaction.

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It sounds like the U.S. and Canada have relatively similar ideas about cryptocurrency.

That is good thing.
Thanks for sharing

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