The mainstream adoption of crypto-assets has not only driven the market to include retail investors but also initiated many government agency and regulatory bodies to adopt a position. These rules and regulations are issued and enforced by a number of entities, including: the Canada Revenue Agency, the Ontario Securities Commission and the Investment Industry Regulator Organization of Canada.
Many of us (Canadian Taxpayers) are not yet aware of how to meet their tax obligations when creating, trading, holding, and or managing digital assets. Transactional events in this evolving space, such as mining, staking, leveraging, barter transactions, NFT minting and rewards stemming from proof of work (and or gaming), require ongoing advisory services to respond to these emerging trends in the tax realm.
Here at R&A Tax Law, we have the skills and expertise that can assist you in reconciling your digital positions to ensure compliance with the CRA.
We assist taxpayers with the following crypto services:
- Valuation of Trading Activities;
- Determining Tax Treatment (Business Income vs. Capital Gains);
- Foreign Reporting;
- Barter Transactions;
- Voluntary Disclosures;
- Mining Activities;
- Audits, Objections, and Tax Court Appeals; and
- General Advice.
Understanding how cryptocurrency affects your taxes can be complex. If you require assistance in evaluating the use of your cryptocurrency for tax purposes, contact a lawyer at R&A Tax Law today.
This posting provides information of a general nature only. It does not provide legal advice nor can it or should it be relied upon. All taxation and Tax situations are specific to their facts and will differ from the situations in the articles and postings. If you have specific legal questions you should consult with a lawyer.