Introduction Many Canadian crypto investors and traders engage in crypto-to-crypto transactions, such as exchanging Bitcoin for Ethereum. However, these transactions may have significant tax implications that should not be overlooked. This article explores how the CRA treats these transactions and what you need to know to stay compliant. Understanding Crypto-to-Crypto Transactions: Deemed Disposition: When you trade […]
Tag Archives: Blockchain Accountants
09
Sep
Sep
Introduction Yield farming, a strategy where investors lend or stake their cryptocurrency to earn rewards, has specific record-keeping requirements under Canadian tax law. Maintaining detailed and accurate records is essential for proper tax reporting and compliance with CRA regulations. What to Record Investors must keep comprehensive records of all yield farming transactions. This includes the […]
07
Sep
Sep
Introduction With the growing adoption of Bitcoin in Canada, the CRA (Canada Revenue Agency) has increased its focus on auditing cryptocurrency transactions. Understanding the CRA’s approach to Bitcoin tax audits is crucial for businesses and individuals involved in the cryptocurrency space. Identifying High-Risk Transactions The CRA uses various methods to identify high-risk transactions that may […]