Introduction: As Bitcoin and other cryptocurrencies become more widely used in Canada, understanding the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) implications for these transactions is crucial. Whether you’re a business accepting Bitcoin as payment or an individual trading Bitcoin, it’s important to know how these taxes apply. This article explores the […]

Introduction: NFT airdrops and rewards are becoming increasingly common as creators and platforms seek to incentivize participation in the digital economy. However, these transactions come with specific tax implications in Canada that must be understood to ensure compliance. This article explains how NFT airdrops and rewards are taxed in Canada and what recipients need to […]

Introduction Initial DEX Offerings (IDOs) have emerged as a popular method for decentralized finance (DeFi) projects to raise capital. While IDOs offer exciting opportunities for investors, they also come with specific tax obligations in Canada. This article explores what IDOs are and the tax implications they carry for Canadian investors. What Are IDOs? An Initial […]

Introduction As cryptocurrency trading becomes increasingly popular in Canada, understanding the tax implications is crucial for traders. The Canada Revenue Agency (CRA) has specific guidelines on how crypto transactions should be reported and taxed. This article will guide you through the essential steps to ensure compliance when filing taxes as a crypto trader in Canada. […]

Introduction As the Canada Revenue Agency (CRA) continues to collect taxes and enforce compliance across Canada, scammers are also increasingly impersonating CRA officials to deceive taxpayers into paying false debts or providing sensitive personal information. Many Canadians now find themselves wary whenever they receive communications from anyone claiming to represent the CRA. This comprehensive guide […]

Introduction: Canadian residents earning cryptocurrency rewards from foreign platforms or investments must be aware of their reporting obligations under Canadian tax laws. The Canada Revenue Agency (CRA) requires taxpayers to report their worldwide income, including cryptocurrency rewards from foreign sources. This article outlines how to report foreign crypto rewards on your Canadian tax return and […]

Introduction As cryptocurrencies and other crypto-assets continue to gain popularity, it’s essential for Canadian taxpayers to understand the tax implications of their crypto transactions. Crypto-assets, such as Bitcoin, Ethereum, and Tether, are digital assets that exist on a cryptographically secured distributed ledger.  The Canada Revenue Agency (CRA) requires taxpayers to report any capital gains or […]

Introduction: The rise of cryptocurrency has introduced new challenges for investors, especially regarding the tax implications of digital currency transactions. In Canada, many people wonder whether simply buying cryptocurrency has any immediate tax consequences. This article explores the tax rules around purchasing cryptocurrency in Canada, the role of the Canada Revenue Agency (CRA), and strategies […]

As digital assets, including cryptocurrencies, grow in importance, the accounting treatment for these assets has become a critical concern for businesses and accountants. Digital assets like Bitcoin, Ethereum, and NFTs don’t fit neatly into traditional asset categories, and regulatory guidance on how to account for them is still evolving. This article provides an overview of […]

Introduction With the continued rise of cryptocurrency use in Canada, including trading, mining, and staking activities, taxpayers must remain aware of their obligations to report crypto-asset income to the Canada Revenue Agency (CRA). Tax rules surrounding crypto-assets are evolving, and for those carrying on a crypto-asset business, proper reporting and record-keeping are critical. While the […]