Introduction – Departure Tax for Canadian Emigrants with Cryptocurrency When a taxpayer ceases to be a Canadian tax resident, paragraph 128.1(4)(b) of Canada’s Income Tax Act deems the taxpayer to have disposed of nearly all property at fair market value. This includes cryptocurrency, non-fungible tokens (NFTs), and other digital assets. The deemed disposition may result […]
Tag Archives: CRYPTO ACCOUNTING & TAX BLOGS
Explore the latest insights on crypto accounting and tax services with Tax Partners Oshawa. Stay updated on cryptocurrency tax strategies and regulations.
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The Canada Revenue Agency (CRA) has significantly increased its scrutiny of cryptocurrency-related transactions. As accountants, we recognize that navigating a CRA audit can be both complex and stressful, especially for cryptocurrency investors and traders. Ensuring compliance and preparing for potential audits is crucial to avoid unexpected tax liabilities, penalties, or reassessments. The CRA’s Growing Focus […]
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Introduction – The CRA Releases Tax Tips on Mining Cryptocurrency On March 13, 2023, the Canada Revenue Agency (CRA) issued a media notice offering tax tips about cryptocurrency mining. However, the release provided minimal guidance, leaving many Canadian cryptocurrency miners uncertain about their tax obligations. This article breaks down the differences between cryptocurrency mining, staking, […]
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Introduction Polymarket, a decentralized prediction market platform, has emerged as one of the most popular decentralized applications (dApps) for betting on future events, such as political elections, sports outcomes, or financial markets. By using cryptocurrencies to trade on predictions, users can profit from correctly forecasting the future. However, similar to other crypto-based activities, participation in […]
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Introduction Crypto betting, the practice of placing bets or wagers using cryptocurrencies, has gained popularity as digital currencies continue to integrate into mainstream financial activities. While crypto betting offers users a decentralized, often anonymous platform to engage in gambling activities, it also brings along legal and tax responsibilities that must be understood by Canadian bettors. […]
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Introduction: The world of cryptocurrency is ever-evolving, and as it continues to grow, so do the tax implications for Canadian crypto investors. One important question that often arises is whether taxes apply when swapping one cryptocurrency for another. In Canada, swapping crypto assets is considered a taxable event, and understanding the implications is crucial for […]
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Introduction: The rise of cryptocurrencies and other digital assets has introduced new challenges for accountants, particularly when it comes to complying with accounting standards. In Canada, businesses must adhere to either the International Financial Reporting Standards (IFRS) or Accounting Standards for Private Enterprises (ASPE) when accounting for digital assets. This article explores how these frameworks […]
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Introduction: Cryptocurrency has become a central player in the world of investments, offering new ways for Canadians to grow their wealth. But like any investment, understanding the tax implications of your cryptocurrency holdings is essential. In Canada, minimizing taxes on crypto transactions requires a solid understanding of the Canada Revenue Agency’s (CRA) rules on capital […]
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Introduction As cryptocurrency transactions become more common in Canada, businesses and individuals need to understand their obligations related to Goods and Services Tax (GST) and Harmonized Sales Tax (HST). The Canada Revenue Agency (CRA) has provided guidelines on how GST/HST applies to cryptocurrency transactions, but there are still complexities to navigate. This article explores the […]
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Introduction As decentralized finance (DeFi) grows in popularity, Canadian taxpayers involved in yield farming face increased scrutiny from the Canada Revenue Agency (CRA). Yield farming, which involves staking or lending cryptocurrency in exchange for rewards, is considered taxable income, and the CRA has ramped up its efforts to audit cryptocurrency activities. In this article, we […]