New to Bitcoin? Make sure you read the things you need to know about the Bitcoin Market in Canada. We've put all you need in this updated post!

How should the firm pay the tax for their bitcoin business?


For bitcoin mining purpose, how do i claim the tax to CRA? What if i am just mining the coin and not gonna sell it, do i need to report to CRA how many i mined in year?

Would you guys recommend a Bitcoin Accountant for me (better in Winnipeg)

Comments

  • My accountant tells me it's reported income when you're paid any amount of coin so that would be when it goes to a wallet. I'll be asking him for more clarity but I would think it's the value of the coin at the time you received it. If it increases or decreases in value once you have it, it doesn't really matter until you sell it, then it's a capital gain/loss.

    That is my take on it anyway. If I get other info from him I'll let you know.

    JJ
  • Thanks JJ, I much appreciate your help. If i'm going to run a mining farm by registering a small business, does it the same way to file the tax as personal or business, may i know how many percentage of the captial gain will be charged?

    Furthermore, do you have any experience on purchasing insurance for your miners in the farm. Does any company will eccept those small business call "data center"?

Sign In or Register to comment.