Just recently, it reached a disclosure deal with Coinsquare that forced the company to hand over user information to CRA agents.
If you invest in cryptocurrency, you probably know by now that you have to pay taxes on realized gains.
So, thanks to the CRA’s tax treatment of crypto gains, you will pay much less tax on such gains than you would on conventional income.
Part of the reason why Coinsquare agreed to fork over data to the CRA was because it was forced to by a court.
The bad news is that any crypto you currently hold in a taxable environment is fully taxable.
While Canadian banks still don’t offer an easy way to hold Bitcoin in a conventional account, they do allow you to put ETFs like BTCC.B in a TFSA.
When you hold, say, $50,000 worth of Bitcoin, $500 of it in a given year will go to the fund’s managers.
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