Post
Topic
Board Legal
Re: If i move to Canada with BTC. Do i owe tax to canada goverment?
by
FatFork
on 31/01/2023, 15:32:05 UTC
If someone owns 10 BTC and move to canada for living there permanently. do he owns canada govt. any tax on that bitcoin?

No, there is no tax to buy or hold cryptocurrencies in Canada. However, if you decide to sell your cryptocurrency holdings, a tax basis may arise.

Quote
The CRA generally treats cryptocurrency like a commodity for purposes of the Income Tax Act. Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances.
source: https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

Can the canada government ask for source of those BTC and how they are earned?

Yes. The government can request information about the source of your BTC, but only if it has been informed of your possession or after the sale.