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False! Your cryptocurrency transactions leave a trail. Even if your personal information isn’t kept in a conventional register, all your transactions are recorded in the cryptocurrency’s blockchain. This means that your transactions have a unique signature that can be used to identify you.
False! In your annual income tax return , you must include all your income—whether it’s a gain from various investments, the sale of stocks or cryptocurrency transactions.
Unlike transactions with traditional financial institutions (banks, credit unions, etc.), you won’t get information slips for your cryptocurrency transactions each year. It is up to you to keep a record of your transactions, so that you can include your gains and losses in your next income tax return.
False! Cryptocurrency losses can be deducted under special rules when calculating your income. Keep in mind that investing with cryptocurrency can be risky. In the past, certain virtual currencies have significantly dropped in value and some have disappeared altogether.
Check out this video if you use cryptocurrency.
Sales tax and income tax provide funding for public services and social programs. Learn more here.
You don’t have to be an expert to talk taxes. Just follow the five steps below to do your own taxes. You’ll also find answers to common questions about income tax returns.
Quebeckers love their home renovations. But whenever you have work done on your home or cottage, make sure you get a receipt.