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Capital Gains on Crypto - I need assistance!

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  • Feb 14th, 2021 6:44 pm
[OP]
Newbie
Oct 1, 2016
9 posts
5 upvotes

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 :)
6 replies
Member
Aug 18, 2019
262 posts
183 upvotes
Already sold BTC? Ouch! Somebody didn't have Raised HandGem Stone🤚 n learn how to HODL Grinning Face With Smiling Eyes

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? Dog Face

Does anyone know if I were to trade options, which category it falls under too? Is it under shares (property type#3)?
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~ 👍teslanaire2bitcoinaireButStillCheapLurking@RFDForDeals✌️~
Deal Addict
Jul 5, 2008
1464 posts
1254 upvotes
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 :)
Deal Expert
User avatar
Oct 26, 2003
34979 posts
4269 upvotes
Winnipeg
clueless dude wrote: Already sold BTC? Ouch! Somebody didn't have Raised HandGem Stone🤚 n learn how to HODL Grinning Face With Smiling Eyes

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? Dog Face

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.
Deal Guru
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Mar 9, 2007
13777 posts
8821 upvotes
Think of the Childre…
TO THE MOON!

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Fanatic
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Sep 1, 2013
5859 posts
684 upvotes
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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