I have a question for Canadian nostriches, especially those who live in Quebec. Is there a legal obligation to declare any of the following:
1. the purchase of bitcoins?
2. the purchase of goods with bitcoins?
3. the sale of bitcoins?
Thanks!
Discussion
I mean declare *in your income tax declaration*
To be fair, I have the same doubt about Brazil.
You only need to declare if you are selling your bitcoin and make a business income or capital gains or if you are making income from your Bitcoin such as staking yields
Below is a blog that discusses the Canadian income tax guidelines for “crypto”
That’s very informative thank you!
No, Yes, Yes. Every time you sell or use Bitcoin, CRA treats it as a taxable event for capital gains purposes. Purchasing BTC is not a taxable until you dispose of the BTC.
I believe CRA treats BTC as a commodity and taxes it the same way. Very much the same as gold holdings.