Category Archives: Blog

Introduction With the rise of crypto programs like staking, yield farming, and airdrops, more individuals and businesses in Canada are earning rewards in cryptocurrency.  Properly accounting for these rewards is essential for accurate financial reporting and tax compliance. This article provides guidance on how to account for crypto rewards in your financial statements. Recognition of […]

Introduction Staking has quickly become a cornerstone of the cryptocurrency ecosystem, offering investors a way to earn rewards while supporting blockchain networks.  As this practice grows in popularity, the tax landscape in Canada is also evolving. This article explores the future of staking and taxation in Canada, offering insights into potential changes and what investors […]

Introduction As yield farming continues to gain popularity among cryptocurrency investors, it’s essential to understand how to report this income to the Canada Revenue Agency (CRA).  Accurate reporting is crucial to avoid penalties and ensure compliance with Canadian tax laws. This article outlines the steps to report yield farming income on your tax return. Classifying […]

Introduction: Cryptocurrency mining can be a lucrative endeavor, but it also comes with tax obligations that must be met. The Canada Revenue Agency (CRA) requires miners to report their income accurately, and failure to do so can lead to penalties. This article provides a step-by-step guide on how to report mining income to the CRA. […]

Introduction: With the rise of cryptocurrencies, more Canadians are earning rewards through various crypto activities such as staking, mining, and airdrops.  However, many may be unaware of the tax obligations associated with these rewards. This article outlines how to properly report crypto rewards as income to the Canada Revenue Agency (CRA). Understanding the CRA’s Guidelines: […]

Introduction: With the growing popularity of staking as a means of earning cryptocurrency, it’s important for Canadian taxpayers to understand how to report staking rewards on their tax returns.  The Canada Revenue Agency (CRA) treats staking rewards as taxable income, and failure to report them properly can result in penalties. This article provides a step-by-step […]

Introduction: As Bitcoin and other cryptocurrencies become more widely used in Canada, understanding the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) implications for these transactions is crucial.  Whether you’re a business accepting Bitcoin as payment or an individual trading Bitcoin, it’s important to know how these taxes apply. This article explores the […]

Introduction: NFT airdrops and rewards are becoming increasingly common as creators and platforms seek to incentivize participation in the digital economy.  However, these transactions come with specific tax implications in Canada that must be understood to ensure compliance. This article explains how NFT airdrops and rewards are taxed in Canada and what recipients need to […]

Cryptocurrency has transformed the financial landscape, offering new opportunities and challenges for investors and businesses alike. In Canada, navigating the complexities of cryptocurrency taxation can be particularly daunting. At Tax Partners Oshawa, we specialize in Crypto Tax Canada, providing tailored accounting services to ensure compliance, optimize your tax strategy, and simplify the reporting process. This […]