Cryptocurrency Taxes For Canadians | Crypto Tax For Trading & Mining



Doing a quick video on taxes for crypto in Canada. If you’ve been trading crypto and you’ve made some gains or you started …


36 Comments

  1. Please make more videos on mining taxes:
    – show a walk through of the transition from mining profits to coin exchange etc.

  2. For day trading bitcoin do you only pay tax when you transfer the bitcioin to bank account or is it taxable every time I buy and sell the coin?

  3. Hi Bassem
    I sent you an email on March 30th with a question based on this video. Not sure if you got it but I followed up today and I hope to hear from you soon.

  4. Thank you for the information.

    I want to know that do I have to report all the gains and loses with the date when I bought and sold every coin ? Do I have to report losses ?

    Do I have to report what I am holding?

  5. Thank you for the awesome video. Super informative. A way to make life easier is to use a crypto tax software when doing your taxes, especially if you have a lot of transactions. I use koinly because of how easy it is, and the interface is super simple

  6. Hey men so i received more than 20000$ in bitcoin i to my wallet (i sold gaming pc and gym machined) Is this taxable if i dont cashout in my newton wallet per exemple ? Thank you What abouth if i exchange my bitcoin into cash from a real person is this taxable to ? Thank you

  7. My friend purchased a couple Helium miners and I let them set one up at my house. They let me keep half of what is mined and the other half I send to them at the end of the month. Is this consider a business income? Will I have to pay taxes on the crypto that I send?

    Great videos by the way, new to your channel. Really appreciate the content πŸ™‚

  8. Hello, good information, did I need to report capital gain, if I crypto mining and hold the asset in my wallet? I did it as an hobby, I never convert any asset into CAD. Should I report this only when I'm cashing out?

  9. I want to move some crypto that's on my personal name to my corporation. All the crypto is in a bunch of different wallets so I'm not sure what I should do.

  10. So what about buying cnfts (cardano) and holding?

    CAD to USDT then on exchange to buy ADA then to wallet to buy cnfts?

    I gold 5 GPUs and mine eth as a hobby I find it relaxing and fun I feel I dont have to file that as tax?

  11. WHAAAAT? by these rules I've made hundreds maybe thousands of events by trading/swapping 5 dollars here and there on dozens of exchanges and DEXES.
    How does the CRA expect me to track all this? It's completely unreasonable.

  12. Hello thank you for the informative video. I have a question…

    I currently have 1 mining rig (5 GPU's) that's producing ETH. I purchased it in March 2021 and its generated about $9,500 CAD so far. as of (December 27th, 2021) I'm assuming I have to report $4,750 as a capital gain correct?

    Also lets say tomorrow on December 28th, 2021, I want to convert my entire ETH into BTC… do I have to report taxes on the exchange again??? it feels like I'm being double taxed.

    thanks,

  13. I want to send some crypto to my friend before 31st December, 2021. While filing tax for 2021, how should I categorize this transaction in T4? As a gift or just a normal transaction?

  14. Can you explain how do you go about calculating the worth of the crypto you've mined? the price of daily weekly or monthly intervals? I mine bitcoin (with nicehash) and every month I exchange the 1st 10 days worth of mined bitcoin into ravencoin and hodl this in a cold wallet and sell the rest (day 11 to end of month) of bitcoin into CAD at the end of the month. I also only have a single rig with 5 GPUs. Is this not considered a business?

    Thanks.

  15. Thanks man, great video! I just moved to Canada and I have some crypto in a couple of exchanges, this is very useful info.

    I couldn't tell at all that you're using a teleprompter.

    Also, waiting for GPUs to arrive at Best Buy? I might be missing something but that sounds highly unlikely at the time?

  16. Can you please make a video on the difference between capital gains vs business income for tax purposes when trading stocks and options? In the US it's 365 days, but
    the distinction is not clear in Canada.

  17. Bro, your mining is a HOBBY… if you decide not to claim rig expense or power consumption expense or any other expense… you are just making $1300 a month as a "hobby" for "fun" πŸ˜›

    BTW… Jerome has brought christmas volatility in!

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