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Cryptocurrency and tax obligations

Essential tax guidelines for cryptocurrency transactions

Updated over 3 months ago

Resources for cryptocurrencies and filing taxes:

  1. We recommend consulting a tax professional or accountant. They will be able to make sure you're on the right track.

  2. We recommend referring to the Government of Canada guide for cryptocurrency users & tax professionals to determine what your tax obligations are. According to the CRA, possession of a cryptocurrency does not require you to file taxes. But other actions such as gifting, selling or using cryptocurrency to make purchases can have tax consequences.

  3. You can also consult the guidelines that are specific to your province or territory. For example, you can find the guidelines for Quebec on the Revenu Quebec website.

  4. Lastly, if you need your transaction history for tax purposes, you can download it from the app by following these steps:

    • Shakepay app > Settings (⚙️ icon) > Request transaction history

    • Once you request your Transaction History, it will be sent to you via email!

    • You can also reach out to our Customer Support Team via the support chat and we can generate the Transaction History for you!

If you have any further questions, please don't hesitate to reach out and we will be happy to help!



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