CharmedWhisper
Sat Jun 08 2024
|
5 answers
1172
Is cryptocurrency considered a foreign asset in Canada?｜CRA concluded that If those funds or intangible property were “situated, deposited or held outside of Canada,” then they should be classified as specified foreign property and thus subject to reporting.cryptocurrency was considered “funds or intangible property.”
Could you please elaborate on whether cryptocurrency is considered a foreign asset in Canada? It's mentioned in the CRA's conclusion that if certain funds or intangible properties are located, deposited, or held outside the country, they are categorized as specified foreign property and thus subject to reporting. Given that cryptocurrency is considered as "funds or intangible property," how does this fit into the Canadian tax and asset classification framework? Could you also provide some insight into the potential tax implications for Canadians holding cryptocurrency?
KimchiChic
Tue May 14 2024
|
5 answers
1721
Is cryptocurrency considered a foreign asset in Canada?
Could you please clarify whether cryptocurrency is classified as a foreign asset in Canada? This topic seems to be generating a lot of buzz lately, and I'm trying to wrap my head around the legal and financial implications. As a professional in the field, your expertise would be invaluable in shedding some light on this matter. Could you please provide your thoughts on how cryptocurrency is taxed and regulated in Canada, specifically in terms of whether it's treated as a domestic or foreign asset? Thank you in advance for your insights.
