Capital Gains on Crypto - I need assistance!

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Feb 14th, 2021 6:44 pm

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Feb 14th, 2021 12:01 pm

Mrloops [OP]: Newbie; Oct 1, 2016; 56 posts; 61 upvotes

Feb 14th, 2021 12:01 pm

Capital Gains on Crypto - I need assistance!

It's tax season and I need to declare my Capital Gains on some of my Bitcoin I sold in December 2020. I called my friendly RCA agent and she had no idea what line/form I need to fill out. I was redirected to their "Back Office" but never did get through to someone.

So I'm reaching out to any Crypto Veteran's out there. Where did you claim your capital gains on your taxes?

Thanks a bunch

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6 replies

Feb 14th, 2021 1:53 pm

clueless dude: Member; Aug 18, 2019; 355 posts; 292 upvotes

Feb 14th, 2021 1:53 pm

Already sold BTC? Ouch! Somebody didn't have

n learn how to HODL

https://www.canada.ca/en/revenue-agency ... 00-s3.html

I looked up schedule 3 and you're right I dunno which section it falls under either.

Did you get DOGE instead?

Does anyone know if I were to trade options, which category it falls under too? Is it under shares (property type#3)?

Images

~ 👍[email protected]✌️~

Feb 14th, 2021 2:16 pm

shadowsteve: Deal Addict; Jul 5, 2008; 1716 posts; 1507 upvotes

Feb 14th, 2021 2:16 pm

In my view Section 3 is a general catch all for capital gains that don't fall under the other headings. This would include shares, gold, crypto, etc. That would include options too unless you deem yourself a day trader and then use T2125 to call it income.

Note: I'm not an accountant, never played one on TV and never stayed at a Holiday Inn Express

+1

Feb 14th, 2021 2:16 pm

divx: Deal Expert; Oct 26, 2003; 36936 posts; 5056 upvotes; Winnipeg

Feb 14th, 2021 2:16 pm

clueless dude wrote: ↑ Already sold BTC? Ouch! Somebody didn't have n learn how to HODL

https://www.canada.ca/en/revenue-agency ... 00-s3.html

I looked up schedule 3 and you're right I dunno which section it falls under either.

Did you get DOGE instead?

Does anyone know if I were to trade options, which category it falls under too? Is it under shares (property type#3)?

Crypto is one asset that I don't mind holding forever.

WTB amazon gc @90%

Feb 14th, 2021 3:40 pm

Redsanta: Deal Addict; Dec 16, 2015; 3368 posts; 3042 upvotes; Toronto

Feb 14th, 2021 3:40 pm

HODLL

To the moon

Feb 14th, 2021 3:42 pm

Cheapo-Findo: Deal Guru; Mar 9, 2007; 14781 posts; 10992 upvotes; Think of the Childre…

Feb 14th, 2021 3:42 pm

TO THE MOON!

WOULD SOMEBODY THINK OF THE CHILDREN!!!

Feb 14th, 2021 6:44 pm

CheapScotch: Deal Fanatic; Sep 1, 2013; 6198 posts; 762 upvotes

Feb 14th, 2021 6:44 pm

I think it should be filed in Section 5 of Schedule 3, since cap gains/losses on foreign currencies are reported here:

https://www.canada.ca/en/revenue-agency ... rties.html

But I would not be overly concerned, as long as you are reporting the correct amount of the capital gain/loss on your T1, I really can't see the CRA giving you a hard time over it.

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