Trading bitcoinlast day of the year what will 2018 bring
The client was not given the opportunity to put restrictions on the content or review it prior to publication. That gain, whether it is thousands of dollars or a couple of loonies, is subject to tax, said Paton. But until the gains on that virtual currency are realized — whether that is by selling the digital currency, or using it to make a purchase —those gains are not subject to tax.
Port authorities say the industry is experiencing headwinds over a lack of clarity in permits and consultation processes — the same issue blocking Trans Mountain. The cryptocurrency gained in this process will need to be reported as income, said Paton. Instead, the government agency said, cryptocurrencies are viewed as a commodity.
When making a purchase, any gains or losses on the cryptocurrency are considered realized and must be reported, said Paton. It may seem early to start thinking about filing taxes, but this year's return could be particularly time-consuming for Canadians who have flocked to Bitcoin and other cryptocurrencies. This section was produced by the editorial department.
If you are cryptocurrency mining — using powerful computers to process complex online cryptocurrency transactions in exchange for more cryptocurrency — that has tax implications as well. February 1, Find Financial Post on Facebook.
A crisis in Venezuela, a major oil exporter, is driving prices. February 1, And avid users of Bitcoin should calculate this amount for all transactions during the tax year, she added. The flurry of Canadian companies that entered the cryptocurrency mining fray last year will be subject to these guidelines. As well, if someone used Bitcoin to purchase another cryptocurrency, such as Ethereum, he or she would be considered to have sold the Bitcoin for its value in Canadian dollars at the time of the transaction, said Elgar.
Last Updated February 1, The flurry of Canadian companies that entered the cryptocurrency mining fray last year will be subject to these guidelines. That gain, whether it is thousands of dollars or a couple of loonies, is subject to tax, said Paton.
When cryptocurrencies are used to pay for goods or services, the rules for barter transactions apply. Find Financial Post on Facebook. A crisis in Venezuela, a major oil exporter, is driving prices. The cryptocurrency gained in this process will need to be reported as income, said Paton.