What is the current tax rate for cryptocurrency in Canada?

1 answers

• Dec 18, 2021 · 3 years ago
  At BYDFi, we understand the importance of tax compliance when it comes to cryptocurrency. In Canada, the current tax rate for cryptocurrency depends on how you use it. If you are buying and holding cryptocurrencies as an investment, you will be subject to capital gains tax when you sell them. The tax rate for capital gains in Canada varies based on your income level, with the maximum rate being 26.76%. However, if you are actively trading cryptocurrencies as a business, the profits will be treated as business income and subject to your regular income tax rate. It's crucial to keep accurate records of your transactions and consult with a tax professional to ensure you are meeting your tax obligations and optimizing your tax strategy.
  742371