How do i properly file my taxes if i am using cloud cryptocurrency mining

In Canada, cloud cryptocurrency mining income is treated as business income, with 100% of the fair market value (FMV) of the crypto earned at the time of receipt reported on Form T2125 (Statement of Business or Professional Activities) in TurboTax. You must also account for future capital gains if you sell or trade that mined crypto later.

 

For more information refer to these TurboTax and CRA articles.

 

A Guide to Cryptocurrency and NFT Tax Rules

Reporting income from crypto-asset mining and staking activities

Reporting your capital gains as a crypto-asset user

 

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