UFILE Schedule 3 for Crypto. Which LINE should it go on?

[Ronatola]

I filled in this section in UFILE Online for my Crypto Capital Gains:

 

I thought it would put in Line #3 in SECTION 3 as KOINLY did for me here:

 

But UFILE put it on LINE 5

 

Which Line is correct? I don't think I could even manually over-ride UFILE tho. It's auto generated.

ALSO - do you think that's enough info I put in? I didn't fill in all the boxes and they don't seem mandatory.

[G-Hiotis]

UFile is correct. Crypto currency is not considered to be publicly traded shares. In fact, the CRA (and Revenu Quebec if a QC resident) may even consider crypto transaction to be inventory as part of a business (T2125) depending on the taxpayer's intent, frequency of transaction, and investment savviness. [I am a UFile employee]

I have also made a UFile video regarding Crypto transactions. 

 

[srebenscki]

Thanks for the clarification! Tax season can be a bit tricky, and knowing where crypto transactions fit in on the forms is super helpful.

I'm curious, when it comes to handling crypto as part of a business, does using an mpc wallet come into play for securing those assets?

Also, kudos for creating a UFile video on the topic. It's great to see resources like that to guide people through the process.

[Taduro]

On 3/6/2022 at 1:27 AM, Ronatola said:

I filled in this section in UFILE Online for my Crypto Capital Gains:

 

I thought it would put in Line #3 in SECTION 3 as KOINLY did for me here:

 

But UFILE put it on LINE 5

 

Which Line is correct? I don't think I could even manually over-ride UFILE tho. It's auto generated.

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ALSO - do you think that's enough info I put in? I didn't fill in all the boxes and they don't seem mandatory.

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[Geo123]

Hello srebenscki,

In the Interview go to : Capital gains and ABIL >> Virtual currency transactions "+"