Author Archives: Tax Partners

Introduction Investing in tokens through Initial DEX Offerings (IDOs) can lead to significant profits. However, these profits are subject to capital gains tax in Canada.  This article explains how capital gains tax applies to IDO investments and what Canadian investors need to know. Understanding Capital Gains Tax In Canada, capital gains tax is applied to […]

Introduction As Bitcoin becomes increasingly integrated into financial portfolios, Canadian businesses and individuals need to understand how to account for Bitcoin holdings.  This article provides an overview of how Bitcoin should be recorded and reported under Canadian accounting standards, ensuring accurate financial reporting. Classification of Bitcoin Holdings Under Canadian accounting standards, Bitcoin is generally classified […]

Introduction Crypto rewards, earned through activities like staking, yield farming, or airdrops, can be a lucrative part of your portfolio.  However, understanding how these rewards are taxed in Canada is crucial. This article explores the difference between capital gains and business income as it relates to crypto rewards. Capital Gains Treatment If your crypto rewards […]

Introduction Cryptocurrency rewards, earned through various crypto programs, are becoming more common in Canada. Whether you’re earning rewards through staking, yield farming, or airdrops, understanding the GST/HST implications is crucial.  This article explores how these rewards are treated under Canadian tax law and what you need to know about GST/HST. GST/HST on Cryptocurrency In Canada, […]

Introduction Staking cryptocurrencies has become a popular way for investors to earn passive income. However, with the potential for rewards comes the risk of losses, especially in a volatile market. In Canada, understanding how to handle these losses and any associated penalties for tax purposes is crucial.  This article explores the tax treatment of staking […]

Introduction Crypto yield farming has emerged as a popular strategy among cryptocurrency investors to earn rewards on their digital assets.  While this innovative method of generating income offers lucrative opportunities, it also comes with significant tax obligations in Canada. This article aims to provide a comprehensive understanding of crypto yield farming and its tax implications […]

Introduction: Cryptocurrency mining has become a popular way to earn digital assets, but it’s crucial to understand the tax implications of this activity in Canada.  The Canada Revenue Agency (CRA) has specific guidelines on how mining income is taxed, and failing to comply with these regulations can lead to significant penalties. This article explores the […]

Introduction: Cryptocurrency rewards, whether earned through staking, mining, or other activities, have become an increasingly popular way to earn income in the digital asset space.  However, understanding the tax implications of these rewards is crucial for Canadian taxpayers. This article provides a comprehensive overview of how crypto rewards are taxed in Canada, helping you stay […]

Introduction: Staking has become an increasingly popular way for cryptocurrency holders to earn additional income. By participating in staking, individuals can earn rewards in the form of additional cryptocurrency.  However, these rewards come with tax implications that must be considered. This article will explore the tax implications of staking income in Canada and how it […]

Introduction: Bitcoin mining has become a popular way to earn cryptocurrency, but it comes with specific tax obligations in Canada.  If you’re mining Bitcoin, it’s essential to understand how to properly report your income to the Canada Revenue Agency (CRA) to stay compliant and avoid penalties. This article outlines the steps you need to take […]