The Mogo Blog

All you need to know about your future-space-money in tax season

We love bitcoin! We hate doing taxes! They’re confusing! And yet! We have to! Dumb! That’s it, that’s the lede. We’re getting right into it because the Mogo blog is a *~ zero-pretension-zone~*. Today’s sad tax lesson: crypto taxes. #UGH If you make money on selling, giving, or transferring crypto (this includes just buying and selling!), you’re gonna have to tell the CRA. Stick with us and we’ll unpack a few of the funny rules around cryptocurrency taxation. Is Cryptocurrency Taxable? Generally, yep! Crypto earnings are taxed, though they are handled differently than normal income. In short, any “gains” you make from owning (or “possessing,” as the CRA calls it) crypto are taxable, but not all gains are treated the same way in the course of taxation. Generally, gains are treated as business income, or as a capital gain (again, distinct from your normal income from your job or whatevs). A capital gain is income earned on the sale of an asset which has increased in value since you first purchased that asset. Bitcoin is itself an excellent example here: if you own BTC, the price goes up, and you sell, the money you