What happens when you use crypto to buy things?!? In previous articles we discussed several items in relation to the taxation of cryptocurrencies (crypto) in Canada. We established that CRA seeing these as commodities. Revenue Canada may treat cryptocurrency taxable…
CRA, Cryptocurrencies and Capital Gains In the first article of this series, we discussed that cryptocurrencies are a “digital representation of value” or a “digital medium of exchange”. We established that Revenue Canada treats your cryptocurrencies differently based on either…
CRA and Crypto! In this brief article we will briefly cover the Canada Revenue Agency and their approach to cryptocurrencies. What the heck is a cryptocurrency?!? Let’s start with the basics! A cryptocurrency is a digital currency where transactions are…
New Draft form 1040 Released by the IRS… When filing your 2020 1040 Individual Income Tax Return a “new” question will likely be on page one of this form. The Internal Revenue Service (IRS) has released a new draft of…