GREAT NEWS! Over the past year, CPA Canada's Crypto Working Group and the Canada Revenue Agency have been discussing ways to improve the public's understanding of how crypto should be reported and how taxes apply in different situations. As we know, the digital space is constantly evolving and we, as practitioners, need to be able to guide our clients through this new era with confidence. Keep your eye on the CRA site- they've worked incredibly hard on updating their webpages, which will include simple (easy to understand) language with clearer positions, definitions, and examples. I expect these changes will go live in the next couple of months, if not sooner.
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Candy M. Davis, CPA, CGA
Cryptocurrency Tax Compliance Advisor
@Davis Accounting & Tax
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