Chloe_thompson_artist
Tue Jun 11 2024
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5 answers
984
Can I claim my crypto loss on taxes in Canada?
Could you please clarify for me, in Canada, am I eligible to deduct losses from my cryptocurrency investments on my taxes? I've heard rumors that it's possible, but I'm not entirely sure how the process works or if there are specific criteria I need to meet. Could you provide some insight into this matter? For instance, are there any documentation requirements or specific forms I need to fill out? Additionally, are there any limitations or exceptions to this tax deduction? I'd appreciate any information you can provide to help me navigate this tax-related matter. Thank you in advance for your assistance.
Stefano
Thu Jun 06 2024
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6 answers
933
Can I claim my crypto loss on taxes in Canada?｜Capital losses from crypto-assets . You cannot deduct your allowable capital losses against income from other sources, such as employment income.You are allowed to deduct half of your capital losses (known as allowable capital losses), but only against your taxable capital gains
Could you please explain the tax implications of cryptocurrency losses in Canada? I'm particularly interested in whether I can claim my crypto losses on my taxes. Additionally, could you clarify how capital losses from crypto-assets are treated? I've heard that you can't deduct them against income from other sources like employment income. Is that true? If so, how do I go about deducting the losses I've incurred? Can I only deduct half of my capital losses, and are these known as allowable capital losses? Furthermore, are these deductible only against taxable capital gains? I would greatly appreciate a clear explanation of these tax rules.
Giuseppe
Sat Mar 30 2024
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5 answers
532
Do I have to report crypto loss?
Hello, I'm a bit confused about the tax reporting requirements for cryptocurrencies. I've heard that losses from cryptocurrency investments also need to be reported, is that true? And if it is, how should I go about doing it? Should I just deduct the losses from my total income or is there a specific form or procedure I need to follow? I'm sorry if these are basic questions, but I just want to make sure I'm doing everything correctly.
