How can I calculate the tax rate on my cryptocurrency earnings in Canada?

1 answers

• Sergi SilvestreOct 18, 2020 · 5 years ago
  Calculating the tax rate on your cryptocurrency earnings in Canada can be a daunting task. The tax laws surrounding cryptocurrencies are constantly evolving, and it's important to stay up to date with the latest regulations. The tax rate on your cryptocurrency earnings will depend on whether you're considered a casual investor or a professional trader. If you're a casual investor, you'll be subject to capital gains tax, which means you'll need to include 50% of your gains in your taxable income. If you're a professional trader, your cryptocurrency earnings will be treated as business income, and you'll need to report the full amount. The tax rate for business income varies depending on your total income and the province you reside in. It's advisable to consult with a tax professional who has experience with cryptocurrency taxation to ensure you're accurately calculating the tax rate and complying with all relevant tax laws.
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