Bitcoin Taxation and Attorney in Canada?

[donationbox]

Does anyone know of tax attorney who specializes in cryptocurrency in Canada?

Does anyone know if exchange of Bitcoin for altcoin (i.e. buy 10 ETH at 0.8 BTC/ETH from poloniex) is considered as capital gain in Canada?  I know it is in the states, but cannot find any reference for Canada.

If anyone can provide accurate information with references, I am willing to tip 0.005 BTC..

[1713520861]

1713520861

[1713520861]

1713520861

[6Asmodeus6]

According to this website :

http://www.canadiantaxlitigation.com/cra-bitcoins-may-be-specified-foreign-property

Bitcoin counts as foreign property and "under the foreign property reporting rules in section 233.3 of the Income Tax Act." unless you have more than $100,000 CDN worth Bitcoin, you shouldn't pay any tax.

Unless you convert it to fiat or have more than $100,000 CDN you should be fine.

[Katana24]

how many taxes do i need to pay if I convert lets say 25 000$ of BTC to canadian dollar? Will they tax me 50%

[Blocken]

Just calculate for income tax. Claim what you made into their fiat.

[Patient_Zero]

Just calculate for income tax. Claim what you made into their fiat.

as long as we haven't exchanged it into fiat currency and haven't entered the bank of a country, bitcoin hasn't been taxed, because bitcoin hasn't entered the system of a country, and is still in the digital world,  but after bitcoin is exchanged into fiat and transferred into a bank in a country then we will be subject to various types of taxes, ranging from income tax,  property tax and various kinds depending on which country we live in and this is common in all countries.