What are the tax implications of buying and selling cryptocurrencies with Canadian dollars?

1 answers

• Mar 18, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi understands the tax implications of buying and selling cryptocurrencies with Canadian dollars. In Canada, cryptocurrencies are subject to capital gains tax, and any gains or losses from their sale or exchange must be reported to the Canada Revenue Agency (CRA). It's important to keep accurate records of all cryptocurrency transactions, including the date of acquisition, the purchase price, and the date of sale or exchange. When reporting your cryptocurrency transactions on your tax return, you should calculate your capital gains or losses by subtracting the cost of acquiring the cryptocurrency from the proceeds of its sale. If you have any specific questions about reporting cryptocurrency transactions on your tax return, it's recommended to consult with a tax professional to ensure compliance with tax laws and regulations.
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