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nicholasraynesmb
New Member

If I purchase any cryptocurrency on an exchange to hold, am I right to believe that I would only have to pay taxes on said cryptocurrency when I sell/exchange it for CAD?

 
1 Reply
Manojh
Level 5

If I purchase any cryptocurrency on an exchange to hold, am I right to believe that I would only have to pay taxes on said cryptocurrency when I sell/exchange it for CAD?

Holding cryptocurrency won't be taxed as you stated. Tax effects occur when you sell, make a gift with the cryptocurrency, trade/exchange, convert the cryptocurrency, or use it to buy goods/services according to CRA

 

For more cryptocurrency information, I would recommend you to this website from CRA

This will explain in more detail the tax treatments when the above activities take place. To help determine if it's a business income or capital gain for tax purposes

 

If you require further assistance please contact our phone support team for further assistance or contact us directly on Facebook or Twitter.

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