If you own any type of cryptocurrency, then you know that the government has changed a lot regarding the reporting of any capital gains. While just having cryptocurrency does not give rise to any tax, when you purchase, sell or mine then that’s when the transaction will be considered a disposition. All sales and purchases of cryptocurrency are now subject to tax by capital gain and loss.
A lot of the cryptocurrency applications provide a year-end report with all the information needed for your accountant to do the proper calculation as to whether there will be a capital gain or loss. A taxpayer should not do this themselves if they do not have full knowledge of the calculation.
This is general comment, and you should contact Tax Partners for any questions by sending an email to info@taxpartners.ca or (905) 836-8755.
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