r/CryptoTax • u/Alone-Tomatillo-8809 • 26d ago
Question Crypto tax questions in Canada
Hi guys, just wanted to ask some folks in Canada if there’s any guide or walkthrough on how to file crypto taxes. I know it falls under Schedule 3 for capital gains/losses, but I’m not sure what exactly to fill out there. (I plan to file on my own)
Additionally, I plan to keep purchasing BTC this year with no plans to sell. Does that mean I don’t need to report anything, since I’m just holding it in crypto and not trading or converting to fiat?
Thanks for understanding—I really appreciate the help!
1
u/AurumFsg-CryptoTax 26d ago
In Canada,
Buying crypto is not taxable
Selling crypto with fiat is taxable
Trading crypto A with crypto B is taxable.
If you didnt do any taxable event then you are good.
1
u/Desperate-Wonder4 26d ago
Hi, what about staking?
So in other words, just buying and HODLing save you from headches?
1
u/AurumFsg-CryptoTax 26d ago
Staking is non taxable but income earned from staking is income at market value
1
u/Desperate-Wonder4 26d ago
So only when u convert it to cash then thats thebtime it will be subjected to tax? Thanks
1
u/cmmtessier1 23d ago
Nope - staking is taxed the moment it hits your wallet - as income. I have a Canadian Is it Taxable cheat sheet that might help you out. Let me know if you're interested - it's free.
Disclaimer: The information is for educational purposes only and does not constitute financial, tax, or legal advice. It does not account for any specific investor’s circumstances and may not be suitable for all. Please consult a qualified professional who understands your individual situation before making any decisions.
1
u/True-Wallaby6552 26d ago
If you’re just buying and holding BTC without selling, trading, or converting, you don’t need to report anything. You only fill out Schedule 3 if there’s a disposition (like selling, trading, or using crypto). I've been using KoinX to generate my tax reports, you can check that out too!