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 toCRA
For more cryptocurrency information, I would recommend you to this website fromCRA
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