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Crypto Taxes: Books and Record keeping

If you acquire or dispose of cryptocurrency, you are responsible for keeping records of your cryptocurrency activity.

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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:

  • the date of the transactions
  • the receipts of purchase or transfer of cryptocurrency
  • the value of the cryptocurrency in Canadian dollars at the time of the transaction
  • the digital wallet records and cryptocurrency addresses
  • a description of the transaction and the other party (even if it is just their cryptocurrency address)
  • the exchange records
  • accounting and legal costs
  • the software costs related to managing your tax affairs.

Crypto Taxes: Buying & holding

Buying cryptocurrency is not a taxable event

Crypto Taxes: Selling & trading

The sales of crypto must be reported to CRA

Calculation of crypto gain or loss

Proceeds minus the average adjusted cost base

Reportable gain or loss

All crypto gains and losses are reportable

Books and tax records

Keep records of your cryptocurrency transactions

Capital gain vs. Business income

Capital gains and losses vs. Business income

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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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