What are my responsibilities as a cryptocurrency trader?
- Filing statement of business or professional activities with personal tax return
- Reporting capital gains and losses upon sale of currency
- Remittance of estimated tax installments
Are crypto gains or losses taxed as business income (100% taxable) or capital gains (50% taxable)?
This distinction can have a significant impact on your tax expense and is dependent upon several factors including whether or not the cryptocurrency was purchased with the intention of selling it at a profit. Ensure you consult with a CPA before reporting cryptocurrency income to CRA as the tax consequences of making a mistake may be costly.
How do I calculate gains & losses on the sale of cryptocurrency?
There are many versions of user-friendly software that links directly to your digital wallet and calculates this for you. To learn more, check out my blog post.
- Personal tax filing
- Business income profit and loss statement Capital gain/loss reporting
- Quarterly tax installment estimates
- Wallet integration with cryptocurrency taxation software
- Capital gain vs. business income consultations
- Capital & business loss utilization