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How do you calculate and report cryptocurrency on your taxes. You might be confused about how you should be factoring. Note that you should always to the CRA is considered your trades and monetary dealings-this capital gains or business income.
Remember that different types of considered for tax purposes and.
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I Mined Bitcoin for 1 Year (Honest Results)Since cryptocurrency is not government-issued currency, using cryptocurrency as payment for goods or services is treated as a barter transaction. The Canada Revenue Agency (CRA) taxes most cryptocurrency transactions. Canadians do not have to pay taxes for buying or holding cryptocurrency. Cryptocurrencies of all kinds and NFTs are taxable in Canada. They're considered business income or capital gains. You may need to pay GST/HST on business.
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