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Neither STEP, the article author kind can never provide a trade one type of cryptocurrency for another type of cryptocurrency, be subject to change from time to time.

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What If I FAIL to Report My Crypto Trades??
Cryptocurrency is viewed as a commodity by the CRA. This means it's either subject to Income Tax or Capital Gains Tax. If your crypto is taxed as income - you'. Yes. In Canada, your transactions on new.giabitcoin.org and other platforms are subject to income and capital gains tax. If you've earned or disposed of. In theory, all crypto transactions are self-reported in Canada. On most tax software this is done under the capital gains section for 'virtual.

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One is disclosing it as foreign property on the T , even though cryptocurrency does not seem to fit neatly within the legislative definition. The CRA generally treats cryptocurrency like a commodity for purposes of the Income Tax Act, with taxable transactions resulting in business income or capital gains treatment, depending on the circumstances. Second: It amends specified foreign properly legislation to squeeze cryptocurrency in properly. This disposition for tax purposes must be reported on your income tax return as either business income or loss or a capital gain or loss depending on your specific circumstances.