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Author Topic: Bitcoin Taxation and Attorney in Canada?  (Read 700 times)
donationbox
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August 07, 2017, 05:11:36 AM
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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..
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6Asmodeus6
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August 07, 2017, 06:15:22 AM
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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 $100,000 CDN you should be fine.
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August 07, 2017, 05:13:18 PM
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how many taxes do i need to pay if I convert lets say 25 000$ of BTC to canadian dollar? Will they tax me 50% Huh
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August 08, 2017, 07:01:06 PM
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Just calculate for income tax. Claim what you made into their fiat.

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