What are the tax implications when selling bitcoins in Canada?

1 answers

• Dec 20, 2021 · 3 years ago
  When it comes to selling bitcoins in Canada, it's important to understand the tax implications. The Canada Revenue Agency (CRA) considers bitcoins as property, which means that any gains or losses from selling bitcoins are subject to taxation. If you sell bitcoins at a higher price than what you paid for them, you will have a capital gain and will need to report it on your tax return. On the other hand, if you sell bitcoins at a lower price than what you paid for them, you will have a capital loss, which can be used to offset other capital gains. It is crucial to keep track of your bitcoin transactions and consult with a tax professional to ensure compliance with tax laws.
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