Canadian Bitcoin taxes

[kiddex]

Iam wondering if I will have to pay tax for some Bitcoin transactions I made. On a platform somewhere I converted a pretty big sum of Bitcoin to USDC. Does this mean I will have to pay taxes now? What will happen if I don’t report this? Thanks in advance.

[NotFuzzyWarm]

How about just consulting your Canadian Tax Authorities about it? Safe be that they have a page on their website dedicated to crypto transactions...

Taking tax or any other legal advice from random folks here is never a good ides. That said, my *guess* is that yes, you do have to pay tax like here in the USA.

[BitMaxz]

Based on Canada.ca if you buy crypto it would consider as capital gains or income so it means you need to pay for the taxes.

Why not read the link below how is it work and to guide how to pay taxes in Canada below.

- https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html