In Canada, cryptocurrency is taxed as either business income or capital gains. Business income includes earnings from activities like staking and mining rewards, while capital gains apply to transactions like selling or trading crypto
The Canada Revenue Agency (CRA) treats cryptocurrency as property, with 50% of capital gains and 100% of business income considered taxable
The CRA can track crypto transactions, and exchanges must report transactions exceeding $10,000
Canadians are not taxed for buying or holding crypto, but they must pay taxes on earnings from selling or mining it
Accurate reporting of crypto transactions is crucial to remaining tax-compliant in Canada.
Information for crypto-asset users and tax professionals
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