-
How to handle cryptocurrency on tax returns
The Canada Revenue Agency (CRA) provides information on cryptoasset taxation, but uncertainty remains on how certain transactions are taxed and whether cryptocurrency is considered foreign property. “[Cryptocurrency] is very much an evolving technology — evolving almost on a daily basis — and the CRA is way, way behind,” said David Rotfleisch, tax lawyer with Rotfleisch & Samulovitch Professional Corp. in Toronto. The U.S. Internal Revenue Service (IRS) is further along in both guidance and reporting requirements, said John Oakey, vice-president of taxation with CPA Canada in Dartmouth, N.S. Since 2020 the ... (full story)