I am not sure how to report my koinly trades and mining income as business income here in Canada. The T3 output (capital gains) would not seem to apply to me as I have a lot of trades and CRA would likely see it as business income because I mine as well. That being said I am not sure how to report this on my taxes (specifically which boxes and which numbers from the complete tax report) or even if koinly supports such a declaration. From what I understand CRA considers mining (anything more than 1 gpu) as business income which koinly seems to report in the “income summary” section. How do I reconcile my “trading” activity as business income. From what I understand is standard practice is that once the coins are mined they are considered business inventory and would enter business inventory at the prices acquired. To me this would indicate to use the figures from the end of year holdings report and input them into the purchases and closing inventory section of the t2125. Is this correct ? I am talking to an accountant soon but would appreciate any feedback or help. Thanks.
Hi,
I have very similar questions. May I know if you got an answer (like from your accountant) to your questions?
Does someone know if we can use capital gains and losses from Koinly report to declare them as business income/loss? Or do we need absolutely another kind of report/calculation to declare business income (in Canada)?
Thank you!
I have submitted my tax documents to my accountant and am waiting for processing.
Hi,
Can you please provide an update on how you filed your crypto income as business income?
I have doubts on a couple of items - mainly around the value that we’re to assign to staked LP’s and if NFT’s can/ should be accounted for as capital gains.
A response would be greatly appreciated.
Thanks
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