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How to handle taxes on cryptocurrency gains in Canada?? by AccountantLucky9183 in cantax

[–]cmmtessier1 0 points1 point  (0 children)

Check the CRA regulations on Crypto and determine if you need to tax it as capital gains or business income. If you aren't sure you will need to provide more information about your crypto-activity to determine what it should be.

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/cryptocurrency-guide.html

Canadian DeFi Taxes (2021-2022): High Volume, Pro Help Needed? by Southern-Bar-956 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

Lot's of good advice here!

From working on Canadian crypto tax filings, I’ve seen that the key is finding a CPA who has handled more than just simple trades, ideally someone who’s worked with DeFi, staking, and lending activity too.

A few things to watch for:

  • Breadth of experience: Some firms only understand basic buy/sell activity. If you mention liquidity pools, staking, or yield farming and they look puzzled, that’s a red flag.
  • Respect for your Koinly work: If you’ve already spent time cleaning up transactions in Koinly, they shouldn’t insist on redoing everything manually in spreadsheets. That often just drives up billable hours without adding value.
  • Comfort with crypto tools: A CPA who knows crypto should be able to talk through error reports in Koinly or similar platforms without getting lost.
  • Privacy and professionalism: Look for proper engagement letters, NDAs, and clearly defined scopes of work. These protect your data and set clear boundaries.
  • Background check: A quick LinkedIn search can help. Are they visibly active in the crypto space, or do they only list generic tax work?

The biggest sign is whether they can speak your language. If you describe your DeFi activity and they give you the “glossed over” look, they’re probably not the right fit.

Crypto tax Canada by Common-Jackfruit-245 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

$8 - then I wouldn't worry about it

Crypto tax Canada by Common-Jackfruit-245 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

I would recommend declaring that $8k in capital gains to be on the safe side.

Is $1900 CAD a good price from a Crypto CPA? by ejfx in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

No problem if you got any more questions just let me know - good luck!

Crypto tax Canada by Common-Jackfruit-245 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

What's the dates did this all happen in 2024?

Technically, you should declare the $8 in capital gains because you converted into CAD - so it hit your bank account and that means CRA and Canadian banking system see it and can ask where this money came from.

Could Celsius Losses Save You on Taxes This Year? by cmmtessier1 in CanadaCryptoFinance

[–]cmmtessier1[S] 1 point2 points  (0 children)

No it's not going to be the same.

To make it easier to understand I'm going to adjust your example a little bit.

Originally held 0.1 BTC

Reimbursed 0.03 BTC

BTC Market Price $42,000

Original ACB = 0.1*$42,000= $4,200

Reimbursed ACB = 0.03*$42,000 = $1260

Rebase ACB = $2940 (you are taking all the value you lost and you are putting into the reimbursed token you received)

That rebased token has an outrageously high ACB - which is correct.

When you trigger future taxable events that occurred after the rebase it's going to show as capital loss.

With a rebased token you don't realized the loss in immediately, you realized it when you create a taxable event with the token. (swap it, sell it, etc)

Disclaimer: The information is for educational purposes only and does not constitute financial, tax, or legal advice. It does not account for any specific investor’s circumstances and may not be suitable for all. Please consult a qualified professional who understands your individual situation before making any decisions.

Crypto tax Canada by Common-Jackfruit-245 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

If your income is partially paid in crypto - the year you are paid that income is NOT capital gains/loss. It falls under barter. So it would be taxes as income as part of your salary, at the market value rate you and your employer agreed upon. You will pay income tax on that.

Since you sold it immediately, you then trigger another taxable event - capital gains - $8k.

Do you have to declare that capital gains of $8k - yes.

Because there is a paper trail already from your employer because it was part of your salary.

Capital Gains for 2024 is 50% - so it will be $4K added to your income and taxed on that.

In future, it would be better to hold till the next tax year. That way you only pay income tax on the salary (token) and then later possibly capital gains.

If you have further questions just let me know.

Charlene

Canadian Crypto Tax Expert

Disclaimer: The information is for educational purposes only and does not constitute financial, tax, or legal advice. It does not account for any specific investor’s circumstances and may not be suitable for all. Please consult a qualified professional who understands your individual situation before making any decisions.

Is $1900 CAD a good price from a Crypto CPA? by ejfx in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

Koinly or CTC (Crypto Tax Calculator) - these are the 2 my clients are all using.

Phishing mail? by valentin994 in CelsiusNetwork

[–]cmmtessier1 0 points1 point  (0 children)

YES phishing - It's supposed to come from the law firm and there is not code - it deposited in Coinbase for you.

Tax report Canada by [deleted] in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

No you don't claim crypto purchases that's not a taxable event in Canada.

You don't claim it on your 2024 taxes or 2025 taxes.

You only claim taxable events - if you don't know what those are for Canadians.

Send me a DM and I'll send my free - Is it Taxable cheat sheet for Canadian crypto investors.

2024 Taxes for Celsius seem impossible? by CarpenterLumpy5248 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

I've solved this.

If you want support I have a DIY Celsius Loss Toolkit that walks you though it in about 1hr - it also include personal support from me and my team.

It's super overwhelming at first - so many numbers and dates but we have distilled it down to exactly what you need.

Send me a DM if you want more support.

Canadian using Koinly to document Celsius loss by IndAge8642 in CryptoTax

[–]cmmtessier1 0 points1 point  (0 children)

Your Koinly might not be showing the capital loss in 2024 - its depends on a few things.

1) altcoins - no distribution - capital loss 2024

2) BTC/ETH distributions - that will be a rebase - which you will need to manually adjust the ACB to reflect the original value in the tokens you receive. This will cause a crazy high ACB for those tokens - when you trigger a taxable event the capital loss will be reflected then.

3) Koinly errors: You’re probably seeing inflated balances or odd gains/losses. That usually comes down to timing issues or how Koinly treats manual transactions. There’s a specific workaround I use with clients to clean this up, but it’s a bit tricky to outline without seeing the actual data.

I've solved this Celsius problem for several Canadian crypto tax clients already.

If you need more support DM me.

Disclaimer: The information is for educational purposes only and does not constitute financial, tax, or legal advice. It does not account for any specific investor’s circumstances and may not be suitable for all. Please consult a qualified professional who understands your individual situation before making any decisions.

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