Sign up for our newsletter and get a curated list of the top trending stories and exclusive rewards every day.

Trending Topics

Get the MTL Blog app

Download on the App StoreGet it on Google Play

Revenu Québec Is Warning Quebecers To Declare Cryptocurrency On Their Taxes

Tax season is coming up, Bitcoiners.
Staff Writer
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

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." 

More from MTL Blog

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.