Crypto Trading

Crypto Taxes in Canada 2022 EXPLAINED!

Crypto Taxes in Canada 2022 EXPLAINED!

Crypto Taxes in Canada 2022 EXPLAINED!

Crypto Taxes in Canada 2022 EXPLAINED |
So you’ve been hodling your crypto for a while and this year you’ve finally sold some and realized some crypto gains…

Hopefully while crypto was at or near an all time high!

Firstly, congrats! Secondly, have you prepared to pay taxes on your crypto?

Crypto is a relatively new asset, and governments around the world classify crypto differently when it comes to taxes, and crypto taxes in Canada are different from other countries like the US.

In this video I’m explaining how crypto taxes in Canada work, when your crypto is taxed, when your crypto is NOT taxed, and how to keep track of your crypto transactions for taxes without the stress, so you can be prepared when tax season comes along — and AVOID getting hit by an unexpected tax bill.

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► Koinly: https://koinly.io/?via=213D62BD
► Token Tax: https://tokentax.co/
► Shakepay (Get when you sign up 🇨🇦): https://shakepay.me/r/BO20065
► Newton (Get when you sign up🇨🇦): https://web.newton.co/r/EQFECH
► Get in BTC with Celsius (deposit 0 or more): https://celsiusnetwork.app.link/135576b3c1
► How I keep my crypto safe – Ledger Nano S: https://shop.ledger.com/products/ledger-nano-s?r=4d32fafdcd03

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*Some of the links provided here are affiliate links, which means I may earn a small commission when you click at no additional cost to you.

TIMESTAMPS:
0:00 – Intro
1:02 – CRA classification of crypto
1:52 – Capital gains or business income?
2:30 – Ontario example
4:01 – Taxable events
5:02 – What you need to report
6:03 – Crypto tax software
8:19 – Newton

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License code: 2REMTIJIA99BGDFP

#cryptotaxescanada #cryptotaxes #cryptotaxcanada #cracrypto

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13 Comments

  1. It's a good idea to plan out your taxes at end of year, especially with crypto, just to make sure you have enough in cash to cover the taxes you owe. Have you taken gains this year or are you hodling?

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  3. Excelutensil is good at this he's worked for me twice and believe me when I say he's good
    You try him yourself and come back to recommend him as well 😊

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  6. DO YOU KNOW THAT CRYPTO CURRENCY/ FOREX TRADING IS A BIG CHANCE TO MAKE MONEY NOWADAYS, IF YOU CANT SER DAT AT THUS POINT, ITS TIME TO LEARN MORE ABOUT IT.

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  8. Mrs Jane is legit and her method works like magic I keep on earning every single week with her new strategy

  9. Something I'm not clear on after watching this video is what a "gain" is. I'll explain what I mean with an example. If I buy 10,000 worth of BTC and then sell it for the exact amount I bought it at, did I realize a gain? Or would I not be taxed because I technically did not make anything? I essentially just held BTC and took back out what I put in.

    With the limited knowledge I have it sounds like if you "cash Out" you owe capital gains tax… If that is hypothetically the correct answer then it would be literally impossible to realize a profit day trading within only several percentage points. Since buying and selling with the ebb and flow of BTC would each time be taxed at the 40% (I'm rounding for sake of my example). It seems then with this hypothetical that you would have to realize a 41% increase to ever make a profit… and that is hard to come by from what I've seen so far.

    … I hope I'm misunderstanding this immensely….

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  11. Even at this period of lost am still gaining a lot trading with the name above. Am happy am making lots of profits with his help. 'preciate ya

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