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Summary

Revenu Québec Is Warning Quebecers To Declare Cryptocurrency On Their Taxes

Tax season is coming up, Bitcoiners.
Revenu Québec Is Warning Quebecers To Declare Cryptocurrency On Their Taxes
Isabel Poulin | Dreamstime
Staff Writer

With tax season just around the corner in Quebec, it's important to take stock of everything you need to declare.

But did you know that you have to declare cryptocurrency transactions on your Quebec tax record? 

Editor's Choice: Viral Photos Apparently Show An Enormous Lineup To Visit A Montreal Apartment

According to Revenu Québec, "we consider [virtual currency] to be property, not currency. For income tax purposes, transactions involving virtual currency are considered barter transactions."

There are several tax consequences if you use a cryptocurrency for "acquiring goods and services," convert a virtual currency to legal tender, exchange it, sell it, or "use it to make a donation."

Furthermore, if you engage in what Revenu Québec calls mining activities, "you must keep records and documents supporting the information in them for six years following the last year they cover." 

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    • Teddy Elliot
      Teddy Elliot was a Staff Writer for MTL Blog. He was born and raised in Montreal, Quebec and has a B.A. in Literature. Teddy has been a journalist for three years and was once an English teacher. His creative work has appeared in The Blasted Tree and Parenthetical Magazine. When he's not chasing scoops, Teddy can be found cheering on Aston Villa and listening to 80s power ballads. He was shortlisted for a Digital Publishing Award in 2021.

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