abaccount12
Returning Member

How to file Cryptocurrency mining income ?

I have recently started mining Cryptocurrency using my gpu , so if I continue mining. I would be making some stready income of around $250 in Cryptocurrency per month.

I will be using Canadian crypto exchanges  to convert the coin to CAD and withdraw to my account.

 

So how will I report this income in CRA. Is it under additional income or as a self small business ?

Any help appreciated.

 

Thanks,

‎February 12, 2021 6:33 PM
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amoney1
Level 3

Troubleshooting

If you’ve gotten any cryptocurrency by mining, it’s an entirely different scenario. The CRA always considers 100% of the amount you make from mining cryptocurrency for tax purposes, and it has to be reported on your return using a T2125 form. This is because the CRA doesn’t consider crypto mining to involve any initial investment—you’re putting in the work to acquire something of value, which is essentially business income.

For full information view link below:

https://turbotax.intuit.ca/tips/guide-to-cryptocurrency-tax-rules-14515

Thank you for choosing TurboTax.

‎November 8, 2022 5:19 PM
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