How can I calculate my capital gains from investing in cryptocurrencies in Canada?

1 answers

• Gentry HubbardJan 29, 2024 · 2 years ago
  Calculating capital gains from investing in cryptocurrencies in Canada is an important step in managing your investments. To calculate your capital gains, you'll need to determine the cost basis of your cryptocurrencies, which includes the purchase price and any fees or commissions paid. Next, you'll need to determine the fair market value of your cryptocurrencies at the time of sale. This can be done by checking the exchange rate on a reputable cryptocurrency exchange. Once you have the cost basis and fair market value, you can subtract the cost basis from the fair market value to calculate your capital gains. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure you're correctly calculating your capital gains and complying with all tax laws and regulations.
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