ACCOUNTANT EXPLAINS Crypto Taxes for Beginners

[@GabrielleTalksMoney]

Don't let your crypto just sit idly in your wallet - Earn up to 12% on crypto with NEXO, including fiat currency! Use my link to earn $25 in BTC for depositing $100 (VALID UNTIL DEC 31st): nexo.io/ref/8jhn5fsmvk?src=web-link ALSO check out my new Crypto Tax FAQ video: kzbin.info/www/bejne/q2SQdoaiebqjp80

[@steven4vanw356]

Do you recommend crypto tax softwares like koinly?

[@errepi77]

How is the interest earned on crypto (incl. stablecoins) on platforms like nexo or celsius taxed? Thank you. ps: it's ndax io not ndax 10.

[@netook8]

What do I do if I have holes in my trading history aka missing documentation. Crypto was full of scams and shady exchanges esp early on. I was fortunate to have avoided loss of my funds, but I did lose most of the trading history i had with them

[@thedon281]

@@steven4vanw356 i really would like the answer to this. its hard for me to trust anything. please let me know if you used this and how it worked out

[@jaysontapiod5353]

What form you need for crypto and stocks when you file your income ..its april already but i didn't file my income yet

[@GusHeidenreich]

You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life

[@WayneLittel]

That sounds great, but isn't it risky to invest in cryptos at this time as a noob? What do you advice please. I'd be happy to get a feedback

[@LetitiaDicki-m7m]

How can one start,most times people don't know where to start when it comes to crypto. But it would be great if you can provide proper guidance on steps to follow please

[@GusHeidenreich]

As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Richard Dennis is my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@BillieKuhlman]

Wow. I'm a bit perplexed seeing Richard Dennis been mentioned here also Didn’t know he has been good to so many people too this is wonderful, I'm in my fifth trade with him and it has been super.

[@WayneLittel]

Mind if I ask you to recommend how to reach this particular coach you using their service?

[@metoo5331]

Thanks so much! Vids like these are very rare, especially for Canadians! Bless you!

[@kailaneregina8273]

The best decision I ever made in my life was investing in financial market. Trust me guys, it pays!😊

[@kelvinjeff3893]

I've been trading with Mrs Joyce Albert for a while now she's really amazing and trustworthy she has the skill level of trade always winning with her trading platform.

[@kelvinjeff3893]

She's really amazing with her skills. She changed my 0.5btc to 2.1btc

[@philipgrombliniak5651]

@@kelvinjeff3893 Great!! Is good to know you are making progress buddy keep it up

[@philipgrombliniak5651]

Hello what are the requirements to start up Investment I really want to involve myself?

[@jennifermontague3213]

@@kelvinjeff3893 I have seen this name before Mrs Joyce Albert on a trading forum this woman must be exceptional for people to talk this good about her

[@captainbanana1831]

The 100% tax rate for business does not scare me anymore. Thank you for your video.

[@Daniel_Clem]

I got into crypto recently and was thinking about this exact topic and somehow youtube recommended this to me, the algorithm is good :o

[@XRPchronickel]

Same

[@rez9386]

Finally a clear video for Canadians... I guess I'm just going to count myself as business income to be on the safe side.

[@XassassinTV.]

That is why the trade function is important to not sell and buy another coin. To NOT make the CAD value real. Once it is real it is considered a Gain/Loss. It is better to us the trade function let say ETH -> ADA. That way it is never real in the eyes of CRA. Also yes if you want to buy ETH or BIT, just use index fund on a TFSA account. Only downside is the currency is subject to inflation and loss of value over time instead of holding the real thing. Great video.

[@fawaz2996]

Another awe inspiring video ❤️❤️ I’m investing my time and money in crypto now, this new monetary value is a clear indication for new investors to come in.

[@Joseph-rx1do]

Yeah this is the perfect time to purchase and invest

[@nicollete5447]

I wanted to invest but got bemused by the wavering in price.

[@gustav2515]

@@nicollete5447 Really I don’t think that will happen to be a problem if you work with a reliable body and brokerage, just like that of Samantha Lee Ward.

[@MyLordaizen]

its the worst time invest, it can crash anytime

[@polokucoch8112]

First video ever that was clear to me. Nice Gabrielle!

[@Parker-im9od]

GOOD CONTENT!!! I hold high respect for your work because you're pointing people in good direction. Your video has been very engaging right from the beginning .These are tough times and frankly I appreciate how you discuss global finances in such a delicate way. Business and investment are the best way to make money even under the nose of the pandemic.

[@perezrodriguez5216]

I have no luck with in cryptocurrency, I always trade on my own but the profits doesn't come as to what I expect most times I just keep loosing my money. Is there anything I can do?

[@richardsonpat4336]

Investing in Cry'pto now is very cool especially with the current movement now in market.

[@moodi1102]

Investing in stocks in a much brighter idea , don't you think so?

[@richardsonpat4336]

Yeah Stocks are good but Crypto is much better to me. You know stocks involves enough capital unlike cryptocurrency and cryptocurrency has also proven to be more lucrative.

[@javicastillon4749]

I've always wanted to trade Crypto for a long time but the volatility in the price has been very confusing to me although I've watched alot of KZbin videos but I think I still need guidance

[@katherinelangford981]

Good video thank you. Now I'm thinking I should strictly buy and hold, rather than trade as I've been doing. I'm making money but I may be better off just buying and holding to reduce taxes by 50%. Business vs capital gains. Something to try for 2022.

[@ytlover1420]

If I hold crypto and never sell it. Should I pay taxes on the value that it gains ?

[@didleydee4218]

I don't live in Canada but I enjoyed hearing how crypto is treated in another jurisdiction.

[@linkhawk5509]

Crypto is my property. I don't pay taxes on my own property to a corrupted system.

[@yvesst-laurent2269]

Hi Gabrielle, great video. Is it possible to know if we have to pay tax in Canada if we put two different crypto assets in a liquidity pool since the two assets are not sold but just underlying in the liquidity pool tokens?

[@richardfernande4142]

Bitcoin trading will be beneficial to every wise individual in 2years time you will be wealthy with the decision you make now

[@richardfernande4142]

I trade with expert Mrs Beatrice. a reliable and sincere broker and since I got to know her I never made any loss I think she's the best. I encourage newbies to work with her

[@richardfernande4142]

Investing $500 with doubt and earning $4,500 is so satisfying. Expert Mrs Beatrice is the plug

[@mdsaini4294]

Expert Mrs Beatrice strategies work like magic I don't actually know much about her but her strategies early this year was a good beginning..I have made over $14,060 under her management

[@mdsaini4294]

I never believe I can make money at home until i was introduced to expert Mrs Beatrice and now I'm living with my family happy Without financial problem...

[@bobdobalina8910]

Thank you, I found your video very informative & straight forward. I realize, that perhaps you may not know the answer, but will ask - Early in the Video, you mention Buying/Selling Frequently could be a CRA TRIGGER to determine between what is considered a Business or Capital Gains tax....... My QUESTION is - What would be considered by the CRA to be "FREQUENT"? Once a day/Several times a day?, Once a Week/Several times a week?, Once a Month/Several Times a month? ......... Thank you in advance & much appreciated

[@fredericprudhomme5625]

Bonjour du Québec! Merci pour ces informations. J’ai débuté mes investissements cette année et la vidéo m’a été très utile!

[@WilsonLee123]

Thanks. I needed this information 😊

[@Mvrzxo]

Crypto taxes aside, I was captivated by the way you were speaking. You are very intelligent and a really beautiful woman.

[@brucebanner2222]

This was great! Thanks a lot! I really appreciate the infomation you provided.

[@DJOOLA221]

You are truly a blessing young lady. This information was very valuable. Thank you so much

[@RoyalTorphy-f2c]

Crypto is wild, but step finance makes it feel like a smooth ride. Solana gang, we up! 🌐💪

[@eddiehsu392]

If you bought crypto at different times (Dollar cost avg) ... how do u determine tax owe when you sell a portion of it?

[@KillScreenCS2]

"Intention to profit" still falls under investment. Everyone invests with the intent to profit. As a rule of thumb you can do quite a few trades a year without it being taxed as business income. There are many variables to this. IE are professionally trained, Time spent etc. If you're an amateur than you can generally claim capital gains. Call the CRA for your unique situation. Do not take the advice of youtubers.

[@isaacyoung5752]

Super helpful, thanks!

[@summer2011909]

Quick question - do you know how crypto staking is taxed in Canada? Would that be taxed as income?

[@frederickramos7916]

Thank you. Very informative video.

[@PROSDIY]

What an excellent video! Thank you for your time and expertise!

[@gavinhagenbuch9553]

Hello, thanks for watching Please send a message about the best investment tips and advice to develop your portfolio.

[@ryanpark9473]

Hi great video! If records have been lost due to exchanges going belly up, is a no cost basis a reasonable solution? Being taxed on full amount of sale is not ideal but might be required if no records of old purchases can be found?

[@bucknekid9608]

Awesome video, great job 👍

[@ishficici999]

Thank you for the clear explanation.

[@aaronpateman6227]

This is awesome. You explained it very well. 👍🏻

[@Marchand848]

Seriously great video! Well done and thank you

[@vic_lzt]

Super helpful! Much appreciated!

[@Sternertime]

The one thing that really doesn't sit well with me is how they expect amateur swing traders to pay taxes for unrealized gains via trading one cryptocurrency for another. That to me is yet another variety of class warfare.

[@quentinhill1904]

I agree.

[@rossmacintosh5652]

Not much different than selling one stock & buying another. No?

[@lostbandit2476]

Theft

[@lulumtl7783]

@@rossmacintosh5652 same to me as stock market

[@rossmacintosh5652]

@@lulumtl7783 Ya it seems many don't realise if they wanted to get out of one stock & into another, they would have to pay capital gains tax in that situation too. Paying due taxes isn't fun but it comes with the territory. Gabrielle should do more videos on capital gains taxes as so many new investors don't understand them.

[@paulkruger3425]

Nice job! Thanks for the content!

[@Blazewan]

How does CRA know your crypto holdings?

[@GabrielleTalksMoney]

Canada has a self assessment tax system, so they might not necessarily know all the details about your Crypto holdings. However, if you ever get audited, then it might become a major issue if you haven't reported your Crypto holdings.

[@moonlambo5229]

Exchanges might one day give record to the government too. Coinbase did it already.

[@dav3tv452]

Until exchanges start giving records to CRA, they won't know.

[@slunk007]

@@dav3tv452 true, but if you cash out and transfer your fiat back to a bank so you can buy a lambo, it will certainly throw up some red flags.

[@chappiescollectables]

@@slunk007 That is why we need to hold our crypto and not put it back into filthy fiat. Starve the government from their corruption.

[@shawner1989]

There should be no tax on crypto it was not made for the governments. Greed

[@Marcoosianism]

Hi, great info, thanks! It would have been a great addition to go over the Capital Gains/Losses form for Canada to see how that is filled out and what other lines on the Tax Return it has an impact on.

[@MattR151]

Great video! What if you are not a day trader but have bought and sold many alt coins? Not daily but a few times a month. Example: say you buy some BTC and ETH and hold for a month, then sell them and buy 20 alt coins. Then after a couple weeks you sell some of the alt coins for a profit and some for a loss and buy more BTC and ETH. Then repeat. Lots of transactions, some on an exchange but some not done on exchanges but with MetaMask etc. Hard to keep track of it all the transactions if you did not keep track from the very beginning. It can turn into a big mess. What would you advise for people in this situation? I think most crypto enthusiasts are doing this.

[@James_48]

You are responsible to keep track and accurately report your gains and losses.

[@MattR151]

@@James_48 Well crap that might be a problem for some people :)

[@NomadJan]

Wow! Thank you so much for this important information! Great video!

[@PaulDice91]

What do you do if you purchased crypto with borrowed money?

[@Prim3Pursuits]

Hey Gabrielle, thank you so much for your video! This is a really helpful video!

[@sauravlahiry6951]

hi sis, incredible info. I cleared all my doubts regarding cryptocurrency. please be safe

[@poshsincebirth898]

can you make a video to avoid paying crypto taxes in Canada :) .

[@sammd9684]

if we don't transfer to our bank account, do we still declare taxes? and 2ndly shitcoins also taxable?

[@tartarefinance8389]

Hi Gabrielle, interesting video. I think the government has no idea what they’re doing with this front however. How do you tax airdrops? How can they possibly know which wallets actually belong to you, unless you sell crypto for cash on Coinbase or some other centralized exchange? Where can get some personalized help with crypto taxes?

[@kristalb2813]

Did you get an answer for this? I am also looking to understand how to handle airdrops and rewards from staking.

[@jakethesnakelover]

I would say go to a tax advisor. Lol I’m looking down the barrel of a complicated tax situation with all the different things you can do with crypto. And honestly after searching and searching all I can really say is that the exchanges that keep records are your best friends as well as a tax advisor.

[@UFC16]

I bought $3000 bitcoin at 70K. I know it dropped to like 20-30k. But I was worried about being considered a business if i made a lot of moves. So I've decided to hold for 20 years. Probably should have bought more when it dipped to 20-30k.

[@Volfas]

prob shouldn't have bought it at 70k

[@RyGuy-]

Great video thanks!

[@MamunShaikh]

Thank you for this. Simple and effective. I can sleep days now

[@jessiewarain2796]

subbed informative!

[@marshallwhite3989]

great video! really helped me out a lot

[@prashantc1399]

nicely explained thanks

[@sadakatfarhad3769]

Very informative and helpful. Keep it up!

[@Davidjune1970]

Do you think they allow you to claim the gas fees for erc20 transfers between exchanges?

[@nelfmo910]

Great video! What are the typical relevant documents to bring to an accountant when there's crypto activity to claim (ie. spreadsheets of transactions, etc.)? Thanks.

[@hammothw4814]

thanks. the bad news is that i lost so far in crypto, the good news is that i don't need to pay taxes. will be happy to pay them next year when i get into profits.

[@8520456]

I have a simple question which has been hard to get an answer to. When day trading, do you pay taxes when you sell or when you take the money out of your brokerage account?

[@arnnis_1611]

when you day trading, every sell of asset in brokerage account is taxable

[@8520456]

@@arnnis_1611 Minus day trading losses? So at the end of the year you have to claim net profits even if none of it is withdrawn?

[@GabrielleTalksMoney]

Yes, net the gains and losses. Not withdrawing is irrelevant since you would have the option to withdraw or reinvest~

[@lindsaynavarro]

Thank you for this! Such an informative video

[@Mr.Man-]

Hi. I appreciate your video, because it sparked questions. It was explained that a gain of $3000 from the initial $1000 ETH would be a business tax of $849. The piece left out of this explanation was whether the ETH needs to be converted back to fiat dollar. There’s absolutely no way I would pay taxes of $849 ETH which is worth more than the fiat dollar. Essentially after the conversion the $849ETH is worth $1,200 CDN. That couldn’t be correct.

[@Mr.Man-]

@Rakrish Sharma Canada

[@faithsbuhaycanada286]

Great information, thank you ☺️

[@InventorSteve]

great vid. youre awesome. any tips u can share about exiting by paying the least amount of taxes or none at all?

[@andyk2334]

What about using all earnings to buy your first primary residence (estate)?

[@joecross9021]

I will personally introduce you to Mrs Sophia of UCLA Anderson financial institution. Mrs Sophia has always been the best in that institute. I have been working with her for months now, investing with her is the best decision I ever made.

[@joecross9021]

You can reach Mrs Sophia on WhatsApp

[@joecross9021]

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[@joecross9021]

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[@joecross9021]

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[@nathanamodeo]

If i transfered bitcoin from one crypto platform to another platform does that count as selling?

[@_kuya.e]

Hello, What if i've been trading using BTC/USDT. Do I look at the US to CAD conversions on that specific dates that I bought and sold? Thanks,

[@at7972]

Hello Gabrielle, do you have a new link for NEXO? Thank you

[@RWAquariumPages]

awesome video! just in time for tax season and using the BC numbers made a lot of sense! keep up the great work and new subscriber, I'll be reviewing this video again in a few months time when it's tax season, heh

[@user-bh9yk2wv4w]

Thank you, appreciate the video! Is it possible to write off mining equipment? From what I understand, mining profits are considered business income?

[@susanmcadam1700]

How do I find out my transactions

[@pauldupuis5724]

Thank you! What happens if you used dollar-cost-averaging and purchased crypto at a bunch of different prices, but sold all holdings at one time? Would you use an average purchase price?

[@James_48]

Yes, just like stocks you must track your ACB - Adjusted Cost Base, so you that can properly calculate your gain or loss

[@slickman5969]

so if i buy and sell only within an exchange service do I still have to claim? No money was withdrawn from the exchange

[@gavinhagenbuch9553]

✍ Send me a private message if you need investment instructions, more information and advice......))......

[@akvlogs6555]

Can I reinvest my income from crypto ot equity into buying home to avoid CG taxes

[@joecross9021]

I will personally introduce you to Mrs Sophia of UCLA Anderson financial institution. Mrs Sophia has always been the best in that institute. I have been working with her for months now, investing with her is the best decision I ever made.

[@joecross9021]

You can reach Mrs Sophia on WhatsApp

[@joecross9021]

+44

[@joecross9021]

78

[@joecross9021]

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[@Adrixcorp]

Super duper, i like the way u explained it

[@romankacin8365]

Excellent video. Conclusion: if you bought a pizza with BTC, best to move out of Canada.

[@jefferychartier2536]

thanks for posting.

[@josephc9259]

I have a question. If the CRA deems a person's trades as business income, does it create RRSP room? If it is deemed investment income then it obviously does not. Thank you! Great video.

[@DozIT]

Yes it would

[@allangillis2033]

RRSP room is based entirely on EMPLOYMENT income. So, if it's a business income stream it won't.

[@josephc9259]

@@allangillis2033 Actually, this is not correct. Business income does create RRSP contribution room. Any net income reported on your T2125 will create RRSP room.

[@DozIT]

@@josephc9259 You are both right. Dividends will not increase your RRSP room, which is typically how you would pay yourself if you were incorporated. However if you are not incorporated (sole proprietorship) any gain/loss is (for RRSP purposes) employment income because you cannot pay yourself a dividend as there is no separation between business/personal in an SP.

[@allangillis2033]

@@DozIT Interesting. Thanks for the info.

[@manuelbourget110]

Thank you for your video! Can you precise what count as a "receipt of purchase"? For example, Shakepay send an email to confirm every transaction. Is that considered a receipt? Is the transaction history in my account sufficient? Thanks!

[@jakethesnakelover]

I think that’s precisely what you need. But you have to download it off the exchange to file your taxes electronically with.

[@vivgamer]

Thanks for this info

[@DJ-ek5wi]

Beauty and beautiful speech

[@user-tm5rj2ko7m]

TFSA or RRSP - Microstrategy- MSTR ** Bitcoin Treasury - US Funds ---It has out preformed S&P and Nvidia. Michael Saylor videos---You're early....

[@JohnnyFiacconi]

Thanks for the video! How does Gas come into play when dealing with Ethereum?

[@redfruit1993z]

I gave my tax to a small accounting business this year to fill my taxes but also redo my unreported crypto for 2021. It's been 10 days and I'm still waiting.

[@philwhln]

Nice succinct explanation! Thanks

[@Loyalspartan3]

I have 100's of pages of transactions that I dont think I can even retrieve much of many of which were pennies in and out..is it fine to just give all my purchases to the exchange and withdraws from the exchanges? Because thats much easier then all the coin info and prices? Ill overpay tax Idc and guess above it, but the headache of all that isnt worth it, appreciate it

[@SillyIDeeAs]

What about all the fees associated when selling. If you sell 3000 and fees are 200 for example, are you taxed on 2800 or the full 3000?

[@GabrielleTalksMoney]

Fees can be deducted! So sale price less cost less fees

[@freedom5538]

Great video! Thanks! How does the CRA treat airdrops? Capital Gains as well?

[@honar191]

Hi thanks for your perfect explanation video I am Canadian if I do crypto in USA do I have to pay tax while the money is in USA bank?thanks

[@MrHeinekenMark]

super informative and helpful. Thanks! Airdrops?

[@BunnyBenny]

How does CRA even find out whether you are investing in crypto to begin with?

[@gryu325]

They don't. They trust people's integrity so you can play with fire if you want. Remember that government owns the banks. The worst can happy is to pay up the owed tax when you get caught, but if said practice happens multiple times then you might get shit on eventually.

[@Brandon-hh8lx]

If you're using a centralized exchange that uses KYC verification, your transactions are reported to the CRA I believe. Wouldn't recommend not paying taxes. For informational purposes though, buying/selling through Decentralized exchanges and using crypto wallets (TW, MetaMask) would be a way to play anonymously. All transactions are viewable on the blockchain however, so one slip up that links you to your wallet would reveal all of the moves you've been making.

[@BunnyBenny]

@@Brandon-hh8lx your info is wrong. I dont mean to say it in a disrespectful way. Just saying the fact here. For example, Binance will stop providing service to users with KYC in Ontario as Binance refused to comply with Ontario Securities Comission's request to share user data among other things. Regulators in other provinces have not made similar request yet, but even if they do, Binance will say no as it already did to OSC.

[@BunnyBenny]

@@gryu325 your argument would be valid if I take my crypto profit out in fiat via institutions that CRA/OSFI/BoC oversees. I dont want to go into technicality here, but some food for thought for you.

[@lumpyrex007]

What if I used crypto to buy used mining equipment? It would be hard to prove how much I paid for that equipment....but it would count as an expense? Therefore the initial crypto profit isnt taxed?

[@DoubleDoubleD]

I've been looking into this for a while but can't seem to find an answer

[@GabrielleTalksMoney]

When you bought the equipment, wouldn't you be able to identify the fair market value of the crypto at the time of transction?

[@acexrp6288]

Thanks. So do we have long-term capital gains reduction, and how does that work?? Another question: You mentioned capital losses can reduce your capital gains in crypto. So why can you not reduce these crypto losses if you are considered business? My tax software seems to be auto-matically dropping my realized gains when I do make losses in a trade (koinly) So my taxes are going to be worse than I am expecting now as I believe I am business (I do a lot of crypto staking)

[@jamesc2327]

What happens if you lose your wallet and lose your crypto?

[@joecross9021]

I will personally introduce you to Mrs Sophia of UCLA Anderson financial institution. Mrs Sophia has always been the best in that institute. I have been working with her for months now, investing with her is the best decision I ever made.

[@joecross9021]

You can reach Mrs Sophia on WhatsApp

[@joecross9021]

+44

[@joecross9021]

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[@swirvin89]

you're fantastic. thank you

[@tvdarkness7813]

So I have a question so what happen if you haven’t cashed out on it but you keep trading every day do you still need to pay tax

[@MaxMaheu]

Thank you!

[@cadestrong7822]

hi by any chance can you show how to input crypto tax manually on wealth simple tax, under capital gains and losses on their website thanks.

[@RAM9119]

If someone bought crypto in 2009. How would someone know to keep records from back then? Are they exempt from anything as not knowing the Government would sooner or later consider this income ? They would not remember how much 1-5-30 bitcoin cost them back then... also if you have any crypto and withdrew how would the government actually know you have some or withdrew into cash ?

[@khensationalReviews]

Any Guide on how to not pay taxes?

[@StiffToshi]

yeah i'm just not gonna pay them.

[@steelgod07]

I have a questions about your video. (Love your video's and I can't wait to watch more) but what do you consider a frequent trader to make it a businesses rather then Capital gains. As I know someone that trades daily but not a lot. does value matter over volume? I just want to make sure I have it clear.