A Reminder About Cryptocurrency Taxation

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If you find yourself worried about the idea of capital gains being charged on your crypto, I have a few words for you.

Your financial authority is responsible for providing you with the information you need to perform an audit. You are not under any obligation to declare your cryptocurrency as its not acknowledged as a currency in Canada and the US.

Something to keep in mind, is if you are trading your crypto for FIAT currency, those currencies are taxable. That said, it's still up to your tax agency to give you adequate information to audit your portfolio with.

If they are having problems defining cryptocurrency, do not offer them assistance and remind them you are not the one who is on the pay roll and are currently having your time wasted if they don't have a specific claim to make against you, or an account they want you to hand over information they specify.

It is not your responsibility to define cryptocurrency, and most governments are very ill informed, that is also not your problem.

I don't want to turn this into a long post, just a friendly reminder your government is there to serve you, not the other way around. Remind those civil workers who is being paid and that you need adequate information about what they expect from you in order to perform an audit.