Category Archives: Blog

Tax Accountant Cryptocurrency

Reporting Your Capital Gains as a Crypto-Asset User in Canada: 2024 Tax Guidelines

Introduction As cryptocurrencies and other crypto-assets continue to gain popularity, it’s essential for Canadian taxpayers to understand the tax implications of their crypto transactions. Crypto-assets, such as Bitcoin, Ethereum, and Tether, are digital assets that exist on a cryptographically secured distributed ledger.  The Canada Revenue Agency (CRA) requires taxpayers to report any capital gains or […]

Crypto Taxes Canada

Does Buying Crypto Affect Your Taxes in Canada?

Introduction: The rise of cryptocurrency has introduced new challenges for investors, especially regarding the tax implications of digital currency transactions. In Canada, many people wonder whether simply buying cryptocurrency has any immediate tax consequences. This article explores the tax rules around purchasing cryptocurrency in Canada, the role of the Canada Revenue Agency (CRA), and strategies […]

Accounting Firms

Understanding the Accounting Treatment of Digital Assets

As digital assets, including cryptocurrencies, grow in importance, the accounting treatment for these assets has become a critical concern for businesses and accountants. Digital assets like Bitcoin, Ethereum, and NFTs don’t fit neatly into traditional asset categories, and regulatory guidance on how to account for them is still evolving. This article provides an overview of […]

Crypto Accountant

Reporting Your Crypto-Asset Income as an Individual Carrying on a Business in Canada: 2025 Tax Guidelines

Introduction With the continued rise of cryptocurrency use in Canada, including trading, mining, and staking activities, taxpayers must remain aware of their obligations to report crypto-asset income to the Canada Revenue Agency (CRA). Tax rules surrounding crypto-assets are evolving, and for those carrying on a crypto-asset business, proper reporting and record-keeping are critical. While the […]

Crypto Losses on Taxes in Canada

How to Declare Crypto Losses on Taxes in Canada

Introduction: Cryptocurrency investments are known for their volatility, leading to potential losses alongside gains. In Canada, knowing how to declare your crypto losses can help reduce tax liabilities and maximize deductions. Here’s how to navigate the process and stay compliant with the Canada Revenue Agency (CRA) guidelines. Understanding Cryptocurrency Losses Cryptocurrency losses in Canada are […]

Cryptocurrency Transactions

Record Keeping for Cryptocurrency Transactions: A Guide for Canadian Taxpayers in 2024

Introduction With the rise of cryptocurrencies like Bitcoin, Ethereum, and other blockchain-based assets, Canadian taxpayers are increasingly engaging in transactions that have tax implications. Whether you are buying, selling, or mining cryptocurrency, it is crucial to maintain accurate records of these activities to comply with Canada Revenue Agency (CRA) regulations. The CRA requires taxpayers to […]

Tax Audit For Bitcoin

Understanding CRA’s Position on Crypto Mining Income

Introduction Cryptocurrency mining, a process by which new coins are created and transactions are validated on blockchain networks, has gained significant traction in recent years. For Canadian taxpayers engaging in mining activities, understanding the Canada Revenue Agency’s (CRA) stance on crypto mining income is crucial to ensure compliance with tax laws. The CRA considers crypto […]

Tax in Canada

Tax Planning for Yield Farmers in Canada

Introduction Yield farming has gained popularity as a way to earn passive income in decentralized finance (DeFi) by staking or lending cryptocurrency in exchange for rewards. However, the income earned from yield farming is taxable in Canada, and planning your taxes effectively can help minimize liabilities while ensuring compliance with the Canada Revenue Agency (CRA). […]

Virtual Currency in Canada Tax

Virtual Currency in Canada: Tax Implications and Compliance in 2024

Introduction As digital currencies, such as Bitcoin and Ethereum, become increasingly mainstream, Canadian taxpayers and businesses need to understand the tax implications associated with using, trading, or earning virtual currencies. Virtual currencies are blockchain-based digital assets that can be used to buy or sell goods, services, or even transferred between users without the need for […]

Accounting for Yield Farming - Tax Partners

Accounting for Yield Farming Activities: A Canadian Perspective

Introduction Yield farming, a popular strategy in decentralized finance (DeFi), involves lending or staking cryptocurrency to earn rewards in the form of interest or additional tokens. As this activity grows in popularity among Canadian investors, proper accounting practices and tax compliance have become essential. The Canada Revenue Agency (CRA) treats yield farming as a taxable […]