Hardbacon, a personal finance application used by more than 35,000 Canadians, released today its first-ever Crypto Tax Guide for Canadians.
Launching just ahead of tax season, the guide highlights everything from how to value your cryptocurrency assets, and how to report cryptocurrency tax on capital gains, to the best Software for creating cryptocurrency tax reports, among other subjects, for a complete guide to filing taxes on cryptocurrency for Canadians.
To establish the guide, Hardbacon also considered cryptocurrency tax on business income as opposed to personal income, and the pros and cons of various crypto tax reporting softwares.
The Canada Revenue Agency has specified that cryptocurrency is a digital asset treated as a commodity for tax purposes. That means that while cryptocurrency transactions are complex, you need to pay tax on crypto gains in Canada. Three out of 10 Canadians own cryptocurrencies, according to Hardbacon’s 2021 Canadian Investor Survey, many of which are first year owners making this guide more necessary than ever.
As part of Hardbacon’s mission to help Canadians make better financial decisions, the guide encourages Canadians to have a better understanding of their tax obligations by including everything you need to understand how to file your crypto tax in Canada.
“Determining if you need to pay income tax or capital gains tax on your cryptocurrency transaction can be pretty confusing, but it’s no excuse not to get started,” said Hardbacon CEO, Julien Brault. “This Crypto Tax Guide offers a reassuring way to get ahead of your taxes and to make the most of your gains.”
Hardbacon’s Crypto Tax Guide for Canadians to help you understand how to file your crypto tax in Canada can be found in more detail on Hardbacon’s blog.
About Hardbacon
Hardbacon is committed to helping Canadians make better financial decisions through its innovative fintech app, financial calculators, personal finance guides, and financial product comparison tools. Reaching more than 3 million Canadians on an annual basis through its app and website, Hardbacon has helped millions of users pick credit cards, bank accounts car insurance, and personal loans since its foundation in 2017.
