CryptoCurrency Tax Guide 2021/2022 For Canadians. Buying/Selling/Exchanging Cryptos.

#Investing #stocks #cryptocurrencies

* FOR ENTERTAINMENT PURPOSES ONLY. CONSULT A TAX PROFESSIONAL/ACCOUNTANT*

I put together a detailed guide on the tax treatment of cryptocurrencies (bitcoin, ethereum, etc) in Canada 2021/2022 . We will talk about when you are required to pay tax, how much tax you’ll owe, and all the smaller details.

I will answer some of your most asked questions:

1. Do I have to pay tax on cryptocurrency gains?
2. How much tax will I owe?
3. Will it be taxed as business income or capital gains?
4. Difference between capital gains and business income?
5. Taxation of holding cryptocurrencies
6. Crypto Mining taxation
7. Not reporting gains?

0:00 intro
2:49 What is a disposition
3:30 taxable event 1
4:12 taxable event 2
5:41 taxable event 3
6:24 taxable event 4
7:10 business/capital gains
7:24 Why does it matter?
7:50 capital gains
9:46 example of business gain
10:29 business or capital gain?
10:38 business event
11:39 Day trading
16:33 capital gains/loss
17:00 capital gains example
17:56 business income/loss
19:20 tax rates
20:29 capital gains/loss example 3
21:49 trading/exchanging cryptos example
23:18 trading/exchanging crypto for a loss
24:32 crypto mining
25:35 Keeping records
27:13 When is crypto not taxable
28:03 Stolen crypto
28:32 Not reporting crypto gains?
29:34 Foreign taxation on crypto

Canada revenue agency guide:
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency.html

Canada Revenue agency Tax guide:
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

TaxTips for NOVA SCOTIA.CA
https://www.taxtips.ca/taxrates/ns.htm

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⛔️DISCLAIMER⛔️
I am not an attorney, cpa, lender, or financial advisor. The content in my videos shall not be construed as tax, legal, health & safety, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Ali Tawfeeq MAY have an ownership interest in them — DO NOT make buying or selling decisions based on Ali Tawfeeq’s videos. If you need advice, please contact a qualified appropriate professional for the subject you would like help with. Any use of other media is by fair-use or license only.

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