Cryptocurrency investing in Canada comes with tax obligations. Profits from crypto transactions, whether buying, selling, and trading, are subject to capital gains. Capital gains or losses must be reported on your individual income tax return. The Canada Revenue Agency (CRA) requires detailed records of transactions are kept, including dates, purchase prices, selling prices, and all expense, to ensure compliance with tax regulations. Special attention is needed for tax implications related to mining, staking, and receiving cryptocurrency as income. Staying informed about evolving tax regulations is crucial for Canadian cryptocurrency investors to ensure compliance and avoid penalties.

Donating to a registered charity that provides you with a donation tax receipts, will provide you with both a federal and a provincial tax credit, which will in turn, reduce your overall taxes.

To make sure you get every tax credit and deduction that you are entitled to, we put together a handy checklist to help you prepare all documents and information you need to prepare your tax return. Please note that it could take to end of March 2024 to receive all documents relating to your 2023 tax return. To prepare your income tax return accurately, please make sure you provide us with all documents, receipts, and income records.

The Government of Canada has introduced in its 2021 budget an underused housing tax (UHT) on the ownership of vacant or underused housing in Canada. The Underused Housing Tax Act (UHTA) received royal assent on June 9, 2022, and took effect on January 1, 2022. While the tax is generally aimed at non-Canadian or non-residents of Canada, there are situations where the rules could apply to Canadian residents. Canadian residents do not have to pay the tax but may have to file a return and claim an exemption.