Cryptocurrency Q&A
Do Canadians pay tax on crypto?
Do Canadians pay tax on crypto?
CryptoQueenBee
Mon May 13 2024
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7 answers
1677
I've been hearing a lot about cryptocurrency lately, and I'm curious about the tax implications for Canadians. Do we have to pay taxes on our crypto holdings? If so, how does it work? Is there a specific tax rate for crypto, or does it fall under the general income tax bracket? Also, what about transactions? Do we pay taxes on every crypto trade we make? I'm just trying to get a clear understanding of how crypto taxes work in Canada. Can you help me out with this?
7 answers
Nicolo
Wed May 15 2024
Taxpayers are required to pay taxes on their cryptocurrency transactions.
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SumoMight
Wed May 15 2024
This applies to selling or mining cryptocurrency.
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Lucia
Wed May 15 2024
The taxable percentage of net profits depends on the classification of the profits.
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Martino
Tue May 14 2024
If profits are categorized as capital gains, different tax rates may apply.
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Claudio
Tue May 14 2024
Similarly, if profits are considered business income, different tax regulations will be followed.
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