Taxes and Crypto - Tax Harvesting

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Does anyone know if the 30 day tax harvesting also applies to crypto.

I need to learn this stuff so just getting started what to do.

Any tips here.

Here is a good resource I found as starting...

Crypto Tax Canada: Investor’s Guide 2024

Everything you need to know about how cryptocurrency is taxed in Canada: The fundamentals of cryptocurrency tax, how different types of transactions are taxed, and tricks that can help you reduce your tax liability.

cryptotrader.tax

Over the next 3 weeks I plan on reconciling all my trades on a spreadsheet. Should have done this each month. But ohh well need to jump in the deep end and figure it out. I imagine mining will be a fucking pain to figure it out for every day getting paid 6x per day plus electricity offset and market value.

Also when I called CRA they seemed to know fuck all about crypto. I wanted to know about mining and the guy needed to put me on hold a few times and was even admitting this is new to him and blah blah blah.

Also to qualify I am a total n00b with crypto. Just got into it this year because of that funny dog going to the moon and did very well. Although am down a bit in the past month still up for the year.

 

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This seems like a good resource as well...still need to investigate and verify it’s legitimacy

How to Report Your NiceHash Taxes | Tax Forms

Calculate and prepare your NiceHash taxes in under 20 minutes. Import trades automatically and download all tax forms & documents for NiceHash easily.

coinpanda.io

 

[Coolsin000]

Does anyone know if the 30 day tax harvesting also applies to crypto.

I need to learn this stuff so just getting started what to do.

Any tips here.

Here is a good resource I found as starting...

Crypto Tax Canada: Investor’s Guide 2024

Everything you need to know about how cryptocurrency is taxed in Canada: The fundamentals of cryptocurrency tax, how different types of transactions are taxed, and tricks that can help you reduce your tax liability.

cryptotrader.tax

Over the next 3 weeks I plan on reconciling all my trades on a spreadsheet. Should have done this each month. But ohh well need to jump in the deep end and figure it out. I imagine mining will be a fucking pain to figure it out for every day getting paid 6x per day plus electricity offset and market value.

Also when I called CRA they seemed to know fuck all about crypto. I wanted to know about mining and the guy needed to put me on hold a few times and was even admitting this is new to him and blah blah blah.

Also to qualify I am a total n00b with crypto. Just got into it this year because of that funny dog going to the moon and did very well. Although am down a bit in the past month still up for the year.

Thanks for sharing your experience buddy. Yeah, I won't count on the federal government to know anything haha

They are still in the dinosaur age in terms of taxes.

 

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Found the best service for taxes…this is the one I went with just because it integrates well with NiceHash and ndax api.

koinly.io

You can also set up the API to automatically sync up. amazing service although a bit pricey if you are the premium like 10,000+ transactions for tax report but still worth it.

 

[Coolsin000]

Found the best service for taxes…this is the one I went with just because it integrates well with NiceHash and ndax api.

koinly.io

You can also set up the API to automatically sync up. amazing service although a bit pricey if you are the premium like 10,000+ transactions for tax report but still worth it.

Thanks buddy! I'll definitely look into it.