Canada - Mining as a hobby

[brunoelgrande]

In your " Cryptocurrency Taxes in Canada: The 2020 Guide - Mining as a hobby", it says that the cost basis of mined cryptocurrency should be at 0.
I think that the tax report generated by Koinly does not offer the distinction between hobby and business mining in Canada, since it calculates an income on the “mining” transactions and capital gains on the difference between disposition and this cost.

Do you offer an option to generate a report for mining as a hobby VS as a business?

If not, I’ll have to calculate all mining expenses and deduct it from the income of mining. Can I enter the fiat cost of acquiring material in Koinly?

If I have more expenses than income this year, can I report a portion of the material expenses to next year? Will it appear in the Koinly tax report?

Thanks, B

[MegabytesMining]

Very interested in this as well. I’ve never considered using Koinly as standalone taxes… I don’t think it’s quite there. I think more so I’m going to use it in conjunction with dumping it all on tax guy. To which I need to find. I will let them assess if can be deemed as hobby or not, because due to lack of employment i’ve turned to this and daytrading. Which would be be a hobby? or both? or none?
It definitely would be nice to have the option between hobby/full on income. But $99 US is steep.

Because of the exchanges I used I literally had to go through ALL transactions manually mainly because BITRUE. Their, clocks are off, they round their report numbers (you have to dig deep), and transactions are missing info (watchout for cancelled orderes).