Crypto-Taxes Keeping You Up At Night?
Digital Currencies tax law/treatment is ever-evolving and changing. According
to Canada Revenue Agency, they consider cryptocurrencies to be a commodity
and as such subject to treatment as barter transactions, which means trading
one good for another good or service. Selling, mining, trading, airdrops (in certain situations), and gifting are taxable events, you must report income in the year from digital currency taxable events. The taxable transactions can be treated as capital gain or business income and can have HST/GST implications in certain situations.