Cryptocurrency Q&A
Do you pay capital gains tax if you give crypto in Canada?
Do you pay capital gains tax if you give crypto in Canada?
SumoMighty
Sun Feb 16 2025
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answers
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I'm considering giving away some cryptocurrency in Canada, but I'm not sure if I need to pay capital gains tax on it. I'm looking for clarification on the tax implications of giving crypto as a gift in Canada.
6 answers
ShintoSanctuary
Tue Feb 18 2025
BTCC, a leading cryptocurrency exchange, offers a range of services that cater to the needs of crypto enthusiasts. These services include spot trading, futures trading, and wallet management, among others.
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henry_rose_scientist
Tue Feb 18 2025
Specifically, you will be required to pay Capital Gains Tax on any profit realized from the disposal of the crypto asset.
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JejuJoyfulHeartSoul
Tue Feb 18 2025
The Canada Revenue Agency (CRA) views this act as a disposition of an asset, similar to selling it on the market.
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Nicola
Tue Feb 18 2025
For the recipient of the crypto gift, the Fair Market Value (FMV) of the asset on the day they received it will serve as their cost basis.
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CryptoPioneer
Tue Feb 18 2025
In Canada, giving cryptocurrency as a gift entails certain tax implications.
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