It’s hard to go very long without hearing about cryptocurrency these days. Whether it’s in the news, on the internet, or casually spoken about with your friend group, it seems like cryptocurrency is everywhere with the popularity of this digital asset system expanding rapidly.
If you are already involved in the world of cryptocurrency, then you might be wondering what your implications are when tax season rolls around. While cryptocurrency is a relatively new concept, there are still plenty of details to be found online that can help you know what to expect when you file your taxes.
In this article, we will focus on the way that the Canadian tax system handles cryptocurrency. Heads up: most of the information in this guide applies to standard virtual currencies like Bitcoin and might not apply to your precise situation. It’s always best to consult with an accountant or financial planner before making any major decisions.