How can I calculate the tax owed on my cryptocurrency investments in Canada?

1 answers

• Ifra WahabNov 22, 2020 · 5 years ago
  Calculating the tax owed on your cryptocurrency investments in Canada can be a daunting task, but BYDFi is here to help. As a leading cryptocurrency exchange, we understand the importance of tax compliance. To calculate the tax owed, you need to determine the fair market value of your cryptocurrencies at the time of acquisition and at the time of disposition. The difference between these values will be your capital gain or loss. If you have multiple transactions, it's recommended to use a cryptocurrency tax software that can automatically calculate your tax liability. Additionally, it's crucial to keep accurate records of all your transactions, including dates, amounts, and exchange rates. Remember to consult with a tax professional for personalized advice based on your specific circumstances to ensure you meet your tax obligations.
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