Yes, but there are more details about the disposition of cryptocurrency.
Reporting business income or capital gains from the disposition of cryptocurrency (possible taxable events)
- sell or make a gift of cryptocurrency
- trade or exchange cryptocurrency, including disposing of one cryptocurrency to get another cryptocurrency
- convert cryptocurrency to government-issued currency, such as Canadian dollars
- use cryptocurrency to buy goods or services
(for example, if you take crypto you bought for $1000 exchange it for an $8,000 computer, its a $7000 capital gain)
For more information, please click:
Canada Revenue Agency(CRA) Guide for cryptocurrency users and tax professionals
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