Are cryptocurrencies considered legal tender in Canada?

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Are cryptocurrencies considered legal tender in Canada?

Rounding it up

  • In Canada, cryptocurrencies are legal. They are not, however, considered legal tender.

  • So, while individual businesses can choose to accept cryptocurrency at their own risk, the relatively more formal CRA won’t accept it as a form of payment for your taxes.

  • However, everyone and anyone can legally purchase crypto.

  • Just remember to report any losses or gains from buying and selling or mining digital currencies when filing taxes. After all, crypto is taxed like any other investment.

5 min read

Cedric Jackson
#cryptocurrency#crypto#bitcoin#tax

Cedric Jackson

Cedric Jackson is a crypto writer, sharing his experience to educate and inform people about Bitcoin, cryptocurrency, and blockchain technology, aiming to provide a global perspective on the events shaping the development of the new crypto economy.

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