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The total amount of LBC earned in a year must be declared as income.
You have done disposition if you transfer your credit to someone else. A disposition is a way of getting rid of something, such as giving, selling, or transferring it. Owning or holding a cryptocurrency is generally not taxable. However, if you do any of the following, there may be tax consequences:
- Buy cryptocurrency or give it as a gift
- trade or exchange cryptocurrency, including disposing of one cryptocurrency for another
- as well as converting cryptocurrency to government-issued currency, such as Canadian dollars
- in order to buy goods or services
Please visit the links provided for further clarifications:
- CRA: Guide for cryptocurrency users and tax professionals
- CRA: Barter Transactions
- TurboTax article Bitcoin Explained with Your Tax Implications
- TurboTax FAQ How do I report the sale of cryptocurrency on my taxes?
- Community discussion Anyone here done a tax for cryptocurrencies? I don't know where to put them on the tax
Please visit our Contact Us page, choose the Platform tab, and ask a question to get help from our TurboTax Support team, or contact us by phone or on Facebook if you need further assistance.
