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.

Services

Cryptocurrency Taxes

  • Personal tax filing
  • Business income profit and loss statement Capital gain/loss reporting
  • Quarterly tax installment estimates

Additional Services

  • Wallet integration with cryptocurrency taxation software
  • Capital gain vs. business income consultations
  • Capital & business loss utilization

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