Anyone here done a tax for crytocurrencies? I dont know where to put them on the tax

How should you claim  your cryptocurrency on your taxes?

You would claim them on you taxes as a capital gain – under stocks, just like a trade. 

Online Version - Under the 

·        "Income" Tab - drop down menu to "Investments" and start there.

·        “Your Capital Gains Profile for 2017” 

·        Check - Sold stocks, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report

·        Click continue – “Capital Gains” - Type of capital property disposed of 

·        Select - Mutual fund/publicly traded shares/stocks.

·        And continue on from there.

As for the money from your paypall account,  that would  be considered self employment income (freelance) which would be claimed on the T2125 Self employment form. You are required to claim any income made in whatever taxation year. 

If you have not claimed certain income from previous years you will have to do an amended return (T1ADJ) from previous years, and claim whatever amount you have earned in that taxation year to the government.

Here is the link to access the T1ADJ direct from the CRA:

https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1-adj.html

You can also log into your CRA online account  - - https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individua... and make adjustments from there as well. If you have not filled your previous years return, here is the link to access all previous years returns from Turbo Tax:

https://turbotax.intuit.ca/tax-software/prior-year-taxes.jsp 

Online access to T2125 Form – HOW to get to and fill out step by step

While you are filing out all your profile questions, and you are not sure if your answer is YES or NO. Simply click on YES and it will open up more information on what you may have to declare. If not, then simply answer NO and move on to the next question. Also this is a guideline "how to" not every question will reflect your personal situation, so if not then simply move on to the next steps.

Section - Income & work related expenses

Did you work? YES

Did you have expenses related to your employment? YES/NO

I had employment expenses – CHECK if needed

Did you have self-employment income or expenses? Note: Professional income, commission income, farming income, fishing income, and other are all kinds of self-employment income. YES

I have business expenses to claim that are related to earning self employment income. – CHECK (if needed) You can only claim what is part of your business. No personal purchases can be claimed unless they are used for business purposes.

Don’t forget to “Enter the province or territory where your business was located. Only enter a province or territory if you had a permanent business set up there.”  (If needed)

Did you have other income that you have not yet told us about? Examples include scholastic, foreign, disability, alimony, child support, death benefits, and working income tax benefit payments. YES

I received other income not included anywhere else – CHECK (If needed)

Income Tab – “Self employment” drop down - Your Self-employment Profile for 2016

This opens the T2125 form that must be filled out correctly to ensure smooth transmission to NETFILE. Please make sure that the top part of the form “Identification” section is filled out correctly.  Business Name, province, postal code, Industry Code ect...read each section carefully to ensure you are not missing anything needed.

This forms holds all the information needed to declare any independent worker’s time and expenses while performing a duty. Click “Continue” through every section of the form.

Please see link from the CRA on Digital Currency for more clarity:

https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

Thank you so much... Will check on them...

You're most welcome.

Hello, I forgot to ask.. What about those crypto that I invested but havent withdrawn yet. Its mostly comes from the initial coin offerring (ico). Do I file that in tax too?

You buy with cryptocurrency for a price, when you exchange that bitcoin for currency, you have to pay taxes on that currency. Other words it’s the gain on the withdrawal of the bitcoin that is required to be taxes, otherwise you would be doubled taxed. Works the same if you claim your losses. So the answer to your question is NO, you do not claim that until you withdraw it, and that is money you will claim on your taxes.

So when I spend 50$ from last year and invested it to another crypto that now is equivalent to 450$. I have to file that? I mean i havent withdrawn it yet. So not sure if I file it now or not. Or just wait next year when I withdraw it?

Please review the link below from the CRA on Digital currency and I will add the same link in the original answer as well:

https://www.canada.ca/en/financial-consumer-agency/services/payment/digital-currency.html

This will help you understand the government stand point on what to do with it and how they perceive it.

Hello, Thanks.. Yes.. I read that one.. Will review it again

Thank you and have a great day.

I appreciate the clarification for how to post/disclose the crypto gains, however, would it kill the devs to also include the word "cryptocurrencies" along with the stocks, etc. ?

Sheesh, c'mon, people.  Crypto's aren't new and the influx of those investing in them is becoming staggering.  You've simply got to make it simple for them to disclose this revenue/loss on gains. TurboTax online software and its integral guidance/prompts ought to be idiot-proof, y'know, for idiots like me.

Also, for assistance with posting crypto gains, the US guide pops-up in the Canadian online program and provides prompts and steps which DO NOT EXIST in the Canadian software.  That's ridiculous. And unacceptable.

Yes, I'm more than a little irked.  I expect more form TurboTax, especially since they've been doing this for so long.