Nicola
Fri Mar 29 2024
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7 answers
1494
What happens if you don t declare crypto gains?
If you fail to declare your crypto gains, you may face significant consequences. Cryptocurrency transactions are typically taxable, and failing to report them can lead to tax evasion charges. Depending on the jurisdiction, the penalties for tax evasion can be severe, including fines, imprisonment, or both. Additionally, not declaring crypto gains can also affect your credit rating and may result in audits or investigations by tax authorities. Therefore, it is crucial to ensure that you accurately report all of your crypto transactions to avoid any legal issues.
DiamondStorm
Fri Mar 29 2024
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7 answers
1468
Do I need to declare crypto Canada?
I'm a bit confused about the tax regulations regarding cryptocurrencies in Canada. Do I need to declare my crypto holdings or transactions to the authorities? I understand that some countries require taxpayers to disclose their crypto assets, but I'm not sure if this applies to Canada. Could you please clarify this for me?
