News and Insights

CRA Issues Cryptocurrency Guide

Tax Development Apr 04, 2019

The Canada Revenue Agency recently issued a “Guide for cryptocurrency users and tax professionals.”

This guide provides information on the requirement to report income earned in trading or mining cryptocurrency and notes that taxable supplies acquired using digital currencies are subject to GST/HST.  The fair market value of the cryptocurrency at the time of the transaction is used to determine the value of the consideration for the supply, as well as the amount of any GST/HST applicable to the supply.