Revenu Québec Is Warning Quebecers To Declare Cryptocurrency On Their Taxes
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?
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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."
