WhisperVoyager
Thu Jun 06 2024
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7 answers
1730
How to avoid crypto tax in Canada?｜The easiest way to reduce your tax bill is to hold your cryptocurrency for the long term. Remember, there is no tax for simply holding cryptocurrency. You will only be taxed when you dispose of your crypto - for example, when you sell it for Canadian dollars or trade it for another cryptocurrency.
Could you please elaborate on how to effectively avoid crypto taxes in Canada? I've heard that holding cryptocurrencies for a longer duration might be beneficial. Could you explain why this strategy helps reduce tax bills? Is it true that simply holding crypto assets doesn't attract any taxes? And what exactly constitutes disposing of crypto, such as selling it for Canadian dollars or swapping it for another crypto? I'm interested in understanding these nuances to ensure I comply with tax regulations while maximizing my returns.
