ACCOUNTANT EXPLAINS Crypto Taxes for Beginners

Do you invest in Crypto and wonder what the tax implications are? I go over Crypto Taxes for Beginners in 2021 for those in Canada!

00:00 Intro
01:10 Canadian Revenue Agency's (CRA) View on Crypto
02:39 Business Income/Loss vs. Capital Gain/Loss
05:03 Step by Step on Calculating your Crypto Tax
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📸 Instagram: @GabrielleTalksMoney
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, working with Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for specific advice related to your business situation and needs.

*This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).
#cryptotaxes #cryptotaxescanada #cryptotaxesexplained #calculatecryptotaxes #bitcointaxescanada

[kailaneregina]

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

[Parker-imod]

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.

[metoo]

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

[linkhawk]

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

[shawner]

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

[fawaz]

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.

[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

[katherinelangford]

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.

[bobdobalina]

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 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

[polokucoch]

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

[captainbanana]

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

[meefclamms]

"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.

[rez]

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

[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.

[Ellsworth]

I wonder if the government will pay me a portion of my losses... Yea, I didn't think so. Greedy bastards.

[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.

[PROSDIY]

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

[fredericprudhomme]

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

[PaulDice]

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

[yvesst-laurent]

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?