Here's how cryptocurrency is taxed in Canada....

in #bitcoin3 years ago

http://www.cbc.ca/news/canada/toronto/cryptocurrency-income-tax-canada-1.4626837?cmp=FB_Post_News

"There's a huge community in Toronto and it's starting to spill into the real world with lots of cryptocurrency meetups and blockchain meetups."

According to the CRA, tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from tax obligations.

McCann says when you sell or exchange cryptocurrency and realize a profit, you have to report it for Canadian tax purposes, no matter where in the world the trading platform is, because Canadians are taxed on their worldwide income.

For most Canadians, this would mean reporting it on your personal return, claiming it as a capital gain, 50 per cent of which would be taxable."

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Most countries in the world are trying to fight digital currencies by imposing income taxes on them or preventing them from the basics, but digital currencies are imposing a strong presence

Bitcoin is currently mooning. My favourite coin

Thank you for posting and explain about the tax, resteem and upvoted, doing my taxes this days.

you are really great.because you Better explain how cryptos taxed in Canada..its very great post of bitcoin cryptocurrency.. Most countries in the world are trying to fight digital currencies by imposing income taxes on them or preventing them from the basics, but digital currencies are imposing a strong presence.thanks to sharing for your good valuable post... very well done.. dear...friend... @elewarne

50 per cent of which would be taxable to Canadians via cryptocurrency profit bad info to them.

Excellent post and very useful. thanks for sharing
@elewarne
Have a great day

Thats informative. But 50% tax for canadians. Thats something weird from their government.
Thanks for sharing this info

the great article. thanks for information @elewarne
100% like and resteem

Cryptocurrency price and value increasing day by day.
The people will soon know about the importance of cryptocurrency. 🤗
We are so lucky that we have the knowledge and experience how to use cryptocurrency.

Thanks @elewarne sir for sharing this post.

Upvoted + resteemed your post.

I confirm this. All my research in Canada has pointed to this. CoinSquare documents what is necessary in filing.

Bitcoin is one of the biggest opportunities since the invention of the internet itseif....great times to be around.....

really a great post based on tax,,its canada more of others are same same
situations
by the way i love bitcoin,,its seem to be gold and becoming worthy day by day,,
i see a great future of bitcoin

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Thnxx fr sharin

Bitcoin is rising day by day now. Let's hope it will break the record this year.

Thanks sir @elewarne for discussing about the cryptocurrency tax in Canada. Cryptos world is increasing day by day as the tax will be important and I think cryptos will be great asset of Canada and the whole world.

@elewarne, Better explain how cryptos taxed in Canada.

Using digital currency does not exempt consumers from tax obligations.

It's worst thing to consumers. I didn't agree with them, Anyways better updationg.

Bitcoin is currently mooning. My favourite coin Thanks for sharing

Thank you for posting and explain about the tax, resteem and upvoted, doing my taxes this days.
you are really great.because you Better explain how cryptos taxed in Canada..its very great post of bitcoin cryptocurrency.. Most countries in the world are trying to fight digital currencies by imposing income taxes on them or preventing them from the basics, but digital currencies are imposing a strong presence.thanks to sharing for your good valuable post... very well done.. dear...friend... @elewarne

good news

Tax should be in a limit. It is very bad to tax in crypto.

bitcoin is very powerful....its change many peoples life..

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regulation is good instead of nothing

bitcoin will rise up soon, we have to keep calm...

wonderful bitcoin post. thanks for @elewarne

Well it will be somehow not possible as they sure are anonymous but kind of good that the government is supporting the crypto !

Most countries in the world are trying to fight digital currencies by imposing income taxes on them or preventing them from the basics, but digital currencies are imposing a strong presence.thanks to sharing for your good valuable post... very well done.. dear...friend... @elewarne