Dealing with crypto accounting and taxes

Here's Why You Need Records Keeping to File Crypto Taxes

Record keeping, for many years, crypto taxes and trading crypto has, for many, been the land of the free. Literally.  Governments around the world are starting or have crypto banned, regulated or legalized.  In Canada, this is not the exception.  Since 2016, the Canada Revenue Agency (CRA) has had rules around crypto how to tax currency. 

Crypto Tax Canada
Crypto tax filing is due if you have been trading it. The CRA has rules on how to go about calculating.

Crypto Tax Canada: Ultimate Crypto Income Tax Guide 2024

Canada crypto tax is triggered whenever a taxable crypto transaction of any type. Tax due is calculated whether it is a capital gain or business income.  How much tax is due is dependent on each individual scenario. 

Canada bans crypto trade of stablecoins and margins. This measure meant to protect Canadians.

Canada Bans Trading Crypto on Margin and Certain Stablecoins

Canada bans trading of crypto on margin and stablecoins.  Regulator moved very swiftly; two months after the FTX implosion to protect Canadians from losing all or most of their life's savings. 

How to Report Crypto Tax Losses

How to Use Worthless NFTs to Reduce your Crypto Tax Bill

If you’re looking to use worthless NFTs to reduce your crypto tax bill, you can consider tax loss harvesting. This is a strategy where investors realize losses deliberately by disposing of their asset (by selling, swapping or spending it) in order to utilize those losses to offset against gains and reduce their overall tax liability.


Are my Crypto Activities Business Income vs. Capital Gains?

Frequently, we get this request. My crypto trading should be taxed as crypto investing! Certainly, most people would like their crypto investing activities to be taxed as capital gains. However, the CRA does not have a dead set date or black and white rules. Instead, it uses a guide to weigh your crypto trading activities.

Crypto Taxation: Capital Gains, Business Income and AMT

Crypto Capital Gains, Business Income and AMT

The Alternative Minimum Tax (AMT) is an income tax calculation that can result in an unexpected crypto tax bill.

Are cryptocurrencies and alt-coins taxable assets in Canada?

Do You Need To Report Crypto Income to the CRA?

Yes, you need to disclose your crypto trades.  The CRA has been investing into tools that leverage the open nature of crypto blockchains.  The CRA is actively conducting audits of those investing and trading in crypto-assets. In a 2020-2021 report, the CRA confirmed that it is continuing to improve its crypto-related compliance efforts by implementing specific measures.


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Forte Innovations specialty is in crypto tax accounting, including bookkeeping, controller and CFO services in Canada.