The foreign property tax implications associated with owning cryptocurrencies

The penalty for filing late is $25 per day to a maximum of $2,500, plus arrears interest.

Back in 2015, the CRA stated that “digital currency would be funds or intangible property and would be specified foreign property of a person or partnership to the extent that it is situated, deposited or held outside of Canada.”Article contentThat’s where it can get a bit complicated, owing to the very nature — and appeal — of cryptocurrency generally.

In essence, your digital wallet isn’t storing the actual cryptocurrency itself, but rather one of your public or private keys. Think of the public key as your account number, and the private key as your personal identification number needed to access the account’s information.

Source: Digital Coin News (digitalcoinnews.net)

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