1
Confirm Tax Residency
Determine if you're a Canadian resident using CRA’s residency tests to know which global income you must report.
2
Document Transactions
Keep date, CAD value, wallet addresses, exchange statements, and bank slips for every buy, sell, or transfer.
3
Classify Gains
Treat crypto as property. Sales trigger capital gains or business income under the Income Tax Act.
4
Claim Foreign Tax Credits
File CRA Form T2209 to offset taxes paid abroad against Canadian tax owed on the same crypto income.
5
Use Tax Treaties
Leverage Canada’s treaties (e.g., with the U.S.) to determine which country gets primary taxing rights.
6
Tax-Advantaged Accounts
Hold crypto-based ETFs in a TFSA or RRSP for tax-free growth or tax deferral.
7
Residency Planning
For large portfolios, consider moving to low-tax crypto jurisdictions and fully sever Canadian ties.
8
Consult a Professional
Work with a crypto-savvy accountant or tax lawyer for tailored advice and cross-border filings.