Cryptocurrency Q&A
Is Bitcoin mining taxable in Canada?
Is Bitcoin mining taxable in Canada?
AmethystEcho
Tue Dec 24 2024
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7 answers
1236
I'm wondering if Bitcoin mining is considered taxable in Canada. I've been mining Bitcoin recently and I'm not sure if I need to declare it for tax purposes in Canada.
7 answers
Stefano
Thu Dec 26 2024
However, there is a tax obligation when you later dispose of these mined coins.
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CherryBlossom
Thu Dec 26 2024
Mining cryptocurrency as a hobby can have specific tax implications.
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Leonardo
Thu Dec 26 2024
Disposal can occur through selling, swapping, spending, or gifting the coins.
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Carlo
Thu Dec 26 2024
Upon disposal, you will be required to pay Capital Gains Tax on the increase in value from the time you mined the coins to the time of disposal.
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TaekwondoMasterStrength
Thu Dec 26 2024
When the CRA considers your crypto mining activities to be a hobby, you are not required to pay Income Tax on the coins you mine.
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