According to the Government of Canada, tax rules apply to digital currency transactions. This means that cryptocurrencies are not excluded of Tax obligations and are subject to the Income Tax Act¹.


Any gains or losses made from digital currencies could be taxable income or capital for the taxpayer.²


Coinfield is not authorized to provide any Tax advice to its clients thus we suggest them to seek professional advice regarding any concerns about Canadian Tax regulations and/ or legislation.


References:

¹ Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.)). Retrieved from the Justice Laws website: http://laws-lois.justice.gc.ca/eng/acts/I-3.3/

² Canada Revenue Agency (2014). What you should know about digital currency. Retrieved from: https://www.canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html