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Taxation of Bitcoin and other Cryptocurrencies
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The meteoric rise, and subsequent tailspin, in the price of bitcoin has incited rampant investment in cryptocurrencies. Often lost in the resplendence and chicness of buying and selling cryptocurrencies are the tax consequences.
As such, dispositions of crypto ordinarily give rise to income tax consequences. If held as part of an active business, or even as a one-off venture to make a profit, any gain would ordinarily be fully taxable as business income. If all conversions to fiat are properly reported, who cares about what happened beforehand? Unfortunately, crypto-to-crypto trades are barter transactions and thus taxable events. This issue is exacerbated by the growing number of stores accepting crypto as payment, and the treatment as crypto itself as fiat.
Another common myth is that one can trade crypto with minimal to no detection risk by outside parties, such as the Canada Revenue Agency CRA.
Enhanced privacy, digital confidentiality, and near unfettered secrecy have imbued the crypto community with a false sense of impenetrable anonymity. The spectre of a similar step being taken by the CRA is real, not imagined.
Ultimately, persons the law and business of bitcoin and other cryptocurrencies in crypto have many special tax considerations. Crypto held outside Canada most notably, on foreign exchanges may require special disclosure on foreign reporting forms. All of those are nuanced issues in a fluid and ever-evolving industry. Cryptocurrencies are an exciting development. The potential for blockchain technology is limitless. Along with the rewards, however, come a variety of risks, not the least of the law and business of bitcoin and other cryptocurrencies is tax.
Failure to comply with all applicable tax obligations can result in severe penalties and hefty arrears interest. If you have questions regarding cryptocurrency transactions or the resultant tax obligations, the law and business of bitcoin and other cryptocurrencies can help. Despite the nascence of the crypto markets, we are rapidly developing expertise in analyzing and advising on crypto transactions.
As a firm, we have committed to staying on the cutting edge of tax law, and cryptocurrencies are a prime example where we set ourselves apart from the competition.
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