Is the CRA getting serious about taxing cryptocurrency?

Just recently, it reached a disclosure deal with Coinsquare that forced the company to hand over user information to CRA agents. Prior to that, it set up a “Cryptocurrency Section” of its audit department specifically to deal with crypto investors. Broadly, these actions suggest that the CRA is getting serious about taxing cryptocurrency.

Do you have to pay taxes on crypto?

Bitcoin Tax: The CRA Goes Hard After Crypto 1 Crypto gains treated like any other capital gain. If you invest in cryptocurrency, you probably know by now that you have to pay taxes on realized gains. 2 The bad news. The bad news is this: you will have to pay taxes on your crypto holdings when you sell them. ... 3 A no-tax way to hold crypto. ...

What is crypto and how does it work?

Cryptocurrency is digital currency that doesn’t require a financial institution like a bank to verify transactions. In recent years it has become a topic of discussion from high profile business people like Elon Musk. Yet, despite the presence of crypto it may seem mysterious. Use this guide to learn about what crypto is and how it works.

Are cryptocurrencies governed by a central bank?

Cryptocurrencies (or “crypto” for short) are decentralized currencies, meaning they’re neither issued nor governed by a central bank. Some cryptocurrencies are issued by their developers, while others are generated by their respective network algorithms. Crypto are digital assets —they have no tangible form.