0

Cryptocurrency

Will i have to pay the income tax for that?

If so, how much will it be? I can withdraw it here and it's not taxed. and then convert to CAD.

1

Yes, you have to pay income tax on Cryptocurrency in Canada. Cryptocurrency is taxed like any other investment in Canada. 50% of the gains are taxable and added to your income for that year. Let’s say you bought a cryptocurrency for $1,000 and sold it later for $3,000. You would have to report a capital gain of $1,000 (50% of $2,000) which would be added to your income and taxed at your marginal tax rate.

| improve this answer | |

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy