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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.

Murch
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1 Answers1

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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.

Raghav Sood
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Shubham Rautela
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