ONTARIO crypto tax specialist and filing as business income

Hi,

Fellow Canadians, I am feverishly looking for an Ontario based accountant specializing in crypto taxes, or at least one who has helped other file crypto taxes and knows exactly how to deal with CRA filing.
I am pretty sure that I will have to file crypto income as business income.

Has anyone done this? If so, how did you go about it (as opposed to filing as capital gains)?
Which part of the Koinly report did you use?

Hi, fellow Canadian.
I do not know any Ontario-based accountant specialized in crypto, unfortunately. If you find one, please,share his/her contact info!!
Just like you, I am sweating over the classification of crypto transactions for tax reporting.
I can share with you what I know:
If you are reporting income from trading, use the form 2125. Otherwise, use schedule 3 for capital gain/loss.
Some of the indicators of business income vs capital gain that CRA looks at are: the intention of the taxpayer, nature of and the frequency of the transactions. Also, if taxpayer has expertise and knowledge of cryptocurrency, relationship between the cryptocurrency transactions and the taxpayer ordinary business, the time spent on trading, type of financing.
I hope this helps!

1 Like