Crypto is a new and evolving form of currency that requires clear taxation rules and guidelines. As discussed in the previous question, because the CRA treats crypto like a commodity for income tax purposes, any income generated from crypto is treated as either business income or capital gains and will be taxed accordingly.

In general, you have to pay tax on crypto when: you sell or gift it, trade or exchange it; when you convert crypto to a government-issued currency, or when you buy goods and services with it.

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