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Mining a block is a taxable event in Canada as well. It's just an income event, rather than a capital gains event (as it probably should be). Staking rewards ar
by pcthrowaway 5y ago
Mining a block is a taxable event in Canada as well. It's just an income event, rather than a capital gains event (as it probably should be). Staking rewards aren't specifically addressed by the CRA, but it's likely those also fall under income events.
I believe energy costs towards mining can be written off as a business expense, but I'm not really interested in mining, so I haven't looked into it that much.
- ryan29 5y agoAnything I could find says that if it's done as a hobby it's only dispositions that count. That really hammers home my point though. It's literally unusable by the average person because the taxes are so complicated you'll need an accountant that specializes in crypto currency to do your taxes at the end of the year. If the price drops to $100 and I'm holding $1000 I'll delete the damn things rather than dealing with the taxes on them. What a joke.