Category Archives: Uncategorized

CRA Tax Audit & Prosecution For Canadian Crypto Users

Introduction – The IRS Amps Up Efforts to Collect Taxpayer Information from Cryptocurrency Exchanges On April 1, 2021, a federal court in the District of Massachusetts allowed the United States Internal Revenue Service to serve a John Doe summons on the Boston-based cryptocurrency exchange, Circle Internet Financial Inc. and on its spinout company, Poloniex LLC. […]

Crypto Currency Mining and Income Tax

Crypto Currency Mining and Income Tax Cryptocurrencies such as Bitcoin or Ethereum or Solana or Avalanche, or Fantom or Dash are digital assets which use which use cryptographic techniques to verify the transfer of assets and control the creation of additional units of the cryptocurrency. The key feature of a cryptocurrency is that the ledger […]

Cloud Tax Accountant – Cryptocurrency Trading & The Obligation to Collect GST/HST

Cryptocurrency Trading & The Obligation to Collect GST/HST The Canada Revenue Agency (CRA) treats Bitcoinand cryptocurrencies in generalas a commodity for tax purposes. As a result, the CRA will subject a cryptocurrency transaction in Canada to the same rules that it would apply to a barter transaction. This generally means that profits from a cryptocurrency […]

Cryptocurrency Liquidity Mining (or Yield Farming)?

Cryptocurrency Liquidity Mining (or Yield Farming)? When you deposit money in a bank, you’ve basically lent those funds to the bank. In return, the bank pays you interest. With liquidity mining (also called “yield farming”) you lend cryptocurrency to a start-up cryptocurrency platform seeking to raise capital. In return, the lender will often receive interest […]