How to buy Bitcoin & Ethereum in Canada? Taxes to pay?

#1
Hello, fellows! I'm so new to Bitcoin. Recently I've discovered the phenomenon of Bitcoin and started to dig deeper. Found out about Vitalik Buterin and his promising project Ethereum.
Can anyone explain to me how to buy BTC and ETH in Canada? I want to invest a little of my funds in these cryptocurrencies but I simply don't know where to start. Thanks!
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Re: How to buy Bitcoin & Ethereum in Canada? Taxes to pay?

#2
Greetings, Quot!

Here is what I've found:
Tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations.
This means digital currencies are subject to the Income Tax Act.
Source: https://www.canada.ca/en/financial-cons ... rency.html
I assume that when you convert cryptocurrency back into CAD, this should be taken as income and needs to be declared as such.

You can buy BTC or ETH in any cryptocurrency exchange. These ones should work well with a Canadian ID: You can also buy Bitcoin & Ethereum on https://localbitcoins.net/ - the p2p cryptocurrency marketplace.

Another option is to use BTC ATM. Choose one on the map: https://coinatmradar.com/country/38/bitcoin-atm-canada/
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Purchase Bitcoin: https://changelly.com/?ref_id=0bd2f0f2c481

Re: How to buy Bitcoin & Ethereum in Canada? Taxes to pay?

#3
kenzie wrote:
February 13th, 2018, 6:17 am
Greetings, Quot!

Here is what I've found:
Tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations.
This means digital currencies are subject to the Income Tax Act.
Source: https://www.canada.ca/en/financial-cons ... rency.html
I assume that when you convert cryptocurrency back into CAD, this should be taken as income and needs to be declared as such.

You can buy BTC or ETH in any cryptocurrency exchange. These ones should work well with a Canadian ID: You can also buy Bitcoin & Ethereum on https://localbitcoins.net/ - the p2p cryptocurrency marketplace.

Another option is to use BTC ATM. Choose one on the map: https://coinatmradar.com/country/38/bitcoin-atm-canada/
Thanks for the reply, kenzie. You are the best! Gonna check out that outstanding Bitcoin ATM map and find one. Rly curious to try!
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