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What is the tax rate on cryptocurrency gains in Canada?

avatarSanders GuldagerDec 26, 2021 · 3 years ago3 answers

Can you please explain the tax rate on cryptocurrency gains in Canada? I'm interested to know how much tax I would need to pay on my cryptocurrency profits.

What is the tax rate on cryptocurrency gains in Canada?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    The tax rate on cryptocurrency gains in Canada depends on your personal income tax bracket. If you are in the lowest tax bracket, you will pay a lower rate on your gains compared to someone in a higher tax bracket. It's important to consult with a tax professional to accurately determine your tax liability.
  • avatarDec 26, 2021 · 3 years ago
    In Canada, cryptocurrency gains are treated as capital gains for tax purposes. This means that the tax rate on your cryptocurrency gains will be based on your personal income tax bracket. The current tax rates for capital gains in Canada range from 0% to 26.76%, depending on your income level.
  • avatarDec 26, 2021 · 3 years ago
    According to BYDFi, a digital currency exchange, the tax rate on cryptocurrency gains in Canada is determined by your personal income tax bracket. The tax rates for capital gains in Canada can range from 0% to 26.76%, depending on your income level. It's always a good idea to consult with a tax professional to ensure you are accurately reporting and paying your taxes.