Cryptocurrency Q&A
Are crypto gifts tax deductible in Canada?
Are crypto gifts tax deductible in Canada?
benjamin_rose_author
Fri Feb 21 2025
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6
answers
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I'm wondering if cryptocurrency gifts can be considered as tax deductible in Canada. I'm trying to understand the tax implications of giving or receiving crypto as a gift in the Canadian tax system.
6 answers
GangnamGlamour
Sun Feb 23 2025
Gifting cryptocurrency in Canada holds specific tax implications.
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CryptoTitaness
Sun Feb 23 2025
It is considered a disposition of an asset, similar to selling the crypto.
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Valentino
Sat Feb 22 2025
As a result, the giver is subject to Capital Gains Tax on any profit made from the gifted crypto.
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MysticChaser
Sat Feb 22 2025
The Canada Revenue Agency (CRA) treats this transaction as a taxable event.
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Federico
Sat Feb 22 2025
Donations of cryptocurrency in Canada also come with complicated tax rules.
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