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Mining In Canada

ThatCrappyGamer
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I would like to know how coin mining is taxed in Canada. Is it taxed? Is it not taxed? I know in the US BTC is now considered property and therefore taxed but I don't know the Canadian laws even though I live and mine in Canada.

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As of right now no, as most exchanges are based in the US (I trade with an amarican bank account)

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I would like to know how coin mining is taxed in Canada. Is it taxed? Is it not taxed? I know in the US BTC is now considered property and therefore taxed but I don't know the Canadian laws even though I live and mine in Canada.

Supposed to be taxed, as any returns on investments would. However, no way of knowing cash flow amounts for now so if you don't declare your profits, you don't pay taxes on them.

 

Your choice. 

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I just found this, it turns out it is taxed.

what ever man , just gonna do what i want

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I just found this, it turns out it is taxed.

I'll be impressed if the government currently gives a shit.

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I'll be impressed if the government currently gives a shit.

Of course they care, but they won't even find out. C-SEC is nowhere near as advanced as the NSA.

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I'm assuming if you cash it to your bank account, it's taxed (unavoidable, as there's a clear indication of income). If you keep the BTC in your wallet permanently, then nobody will know about it. 

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I would like to know how coin mining is taxed in Canada. Is it taxed? Is it not taxed? I know in the US BTC is now considered property and therefore taxed but I don't know the Canadian laws even though I live and mine in Canada.

It's supposed to be taxed. Just like if you sell something here you're suppose to pay taxes on whatever you sell. But honestly the government doesn't care, there's no way to prove anything. You're worrying too much about it. Mine, make some money and don't pay the taxes. You'll be fine.

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As many others have pointed out, it's supposed to be taxed. You're supposed to report it when you file your tax return as either additional income or as something like investments/property. If you sell the coins (LTC, BTC, etc), then you report the sale as income. If you're just holding on to the coins, then you're supposed to report that as property/investment (though I have no idea how they'd find out, since your personal wallet is fairly anonymous).

 

But the odds of them finding out are pretty slim. The only risk is if your tax return gets audited. If that happens, they'll go through your bank records and other things, and will potentially notice the additional income.

 

Unless you're dealing with extremely large amounts of money (I'm talking in the multi-thousands to tens-of-thousands), or your tax return is complicated enough that you risk raising red flags and causing an audit, then I just wouldn't worry about it.

 

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