What are the key differences in accounting standards for cryptocurrencies between the US and Canada?

1 answers

• Mar 19, 2022 · 3 years ago
  As a representative of BYDFi, a digital currency exchange, I can provide some insights into the accounting standards for cryptocurrencies in the US and Canada. In the US, cryptocurrencies are treated as property for tax purposes, and the IRS requires individuals and businesses to report their cryptocurrency transactions. On the other hand, in Canada, cryptocurrencies are considered commodities, and the Canada Revenue Agency (CRA) requires individuals and businesses to report their cryptocurrency income. It's important to note that the accounting standards and tax regulations may vary, so it's crucial for individuals and businesses to consult with tax professionals to ensure compliance in both countries.
  712356