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.

0

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.

Your Answer

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