[ Offshore Tax ] Taxation of Crypto in Canada. Video

[ Offshore Tax ] Taxation of Crypto in Canada.

Canadians do not have to pay taxes for buying or holding cryptocurrency. Taxpayers are subject to pay capital gains or business income tax after selling or mining cryptocurrency. The percentage of net taxable profits depends on whether the profits are classified as capital gains or business income.

TIMESTAMPS:
0:00 INTRO
0:10 Crypto on NFTs taxes in Canada
1:00 Taxpayers are subject to pay capital gains
2:50 OUTRO

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DERREN JOSEPH:
Crypto, Crypto. NFTs. How does, and again, I know it's a super broad topic, but generally speaking, how does the CRA look at Crypto and NFTs?

BALCHANDER PUDUKKOTAI:
I think right now, the way they're, they're doing a lot of their own research and trying to see what's the best way to tax it, but I think they're kind of considering that as property, if I'm not mistaken, and saying that this is a property that you own and there's an increase in the value, and if you're disposing of that property, then they should be, now we are not clear at this point whether they treat it as a capital gain or as a business income or what they're going be treating it as. So other than in general terms, saying that they're looking at it as a property and taxing it on that basis, I, that's, that's what I can comment on. Kul. Any insight on anything else?

KUL MAKKAR:
No, I, in fact, I read some time back and, and it, you know, it CRA did mention as I pointed out, that it will be treated as a property and you know, has to be reported if there are any gains on that. But I think there are more clarifications, there are more, you know, more details are expected from CRA on this. That's what I think it's still a lot of, you know, non-clarity. In fact, people, some of our clients, do come to us and ask about how to report that. So we've, you know, that's still a territory which has to be kinda really kinda understood a little more before we can give some context that.

DERRN JOSEPH:
Okay. Gentlemen, thank you very much. I appreciate you sharing some of your time, your expertise, and your insight. If someone wanted to follow up on some of these issues and reach out to you guys directly, what's the best way to reach out here?

BALCHANDER PUDUKKOTAI:
They can reach me through my email, which is bk ca or they can, I have clients using WhatsApp and calling me and letting me know, can you set up a meeting as well? So as long as they have the phone number, my phone number, just which I can share with you then afterward, so, okay. Let's, yeah.

DERREN JOSEPH:
Fantastic.

BALCHANDER PUDUKKOTAI:
And Kul.

KUL MAKKAR
Yeah, I would say the same thing. In fact, I would suggest that if, you know, they can reach out to Derren, Derren has all the details about me, exactly my email and my phone number. And I'll be very happy to answer the questions and if they need any consultancy, if they need any advice, we'd be happy to provide that as well.

DERREN JOSEPH:
Okay, wonderful.

OUTRO:
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