Canada Revenue Agency Clarifies Bitcoin Taxation

Canada North America Taxes

An official release from the Canada Revenue Agency clarifies the tax status of virtual currencies such as bitcoin. The release stopped short of providing new information for companies looking for guidance when working with cryptocurrencies but confirms what the agency announced previously – namely, that tax rules applied to barter transaction apply to cryptos as well.

Furthermore, profits from trading digital currencies as a commodity are to be treated as taxable income or capital.

The issue of bitcoin mining taxation is yet to be clarified.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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