Updated: March 24, 2021
If you acquire or dispose of cryptocurrency, you have to keep records of your cryptocurrency transactions.
You are responsible for keeping all required records and supporting documents for at least six years from the end of the last tax year they relate to. Canada Revenue Agency says you should maintain the following records on your cryptocurrency transactions:
Crypto Taxes: Buying & holding
Buying cryptocurrency is not a taxable event
Crypto Taxes: Selling & trading
The sales of crypto must be reported to CRA
Proceeds minus the average adjusted cost base
All crypto gains and losses are reportable
Keep records of your cryptocurrency transactions
Capital gains and losses vs. Business income
Coinberry believes that the information provided in this section is reliable and is provided to the best of our ability based on the information available to us, however this information may not reflect all required adjustments. The information provided in this section should not be used for the purpose of tax reporting as certain events are dependent on individual circumstances. Please read our full disclaimer.
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