As 2024 comes to a close, now is the perfect time to take a closer look at your finances and consider ways to minimize your taxes. Before the 2024 ends, it is important to consider available tax savings opportunities and options to ensure you are paying the least amount of tax and maximizing your tax refund.

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.