How does the capital gain tax in Ontario apply to profits from cryptocurrency trading?

1 answers

• Piper BurnetteMar 30, 2022 · 3 years ago
  As an expert in the field, I can tell you that the capital gain tax in Ontario applies to profits from cryptocurrency trading. The Canada Revenue Agency (CRA) treats cryptocurrencies as commodities, and any gains made from trading them are subject to capital gains tax. This means that if you sell your cryptocurrencies at a higher price than what you bought them for, you will need to report the profit as a capital gain on your tax return. The tax rate will depend on your income level and the length of time you held the cryptocurrency. It's important to keep track of your trades and consult with a tax professional to ensure you comply with the tax laws in Ontario. Remember, it's always better to be safe than sorry when it comes to taxes!
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