Crypto and taxes

porkchopbread wrote: ↑ Was reading through a lot of stuff about taxes and crypto. A disposition is subject to tax (sell, trade from one crypto to another, etc). Question on this situation

- let’s say I have $1000 worth in crypto
- $950 was my own money. $50 was a mixed between referral bonuses and free crypto from Shakepay, etc).
- one year later I decided to sell and for easy math let’s say it’s worth $2000. So I made a $1000 profit.

Am I reporting the entire $1000 as a capital gain on investment? Do I include the free / gifted portion of the crypto? This situation excludes the transaction fees that you would include as I’m trying to keep the variables down

If I am liable to being taxed on the free crypto, does that mean if I use Shakepay everyday to get free crypto, upon disposition, it’s all subject to capital gains?

Thanks in advance

If you receive property as a gift, you are generally considered to have acquired the property at its fair market value (FMV) on the date you received it. Similarly, if you win property in a lottery, you are considered to have acquired this prize at its FMV at the time you won it.

CheapScotch wrote: ↑ https://www.canada.ca/en/revenue-agency ... 1989_90933


The way I see it, your ACB is 1K, so you report a capital gain of 1K (unless there is some special rule for Crypto which I am unaware of)

porkchopbread wrote: ↑ Thanks so looking at the link and applying it here, if Shakepay gave me $20 worth of crypto and now it’s worth $40, my $20 gain is taxable when I sell?