Goltax Posted March 23 Report Share Posted March 23 Hello! I did some side hustle last year and received crypto in payment, which i proceeded to sell in multiple transactions (through Wealthsimple, so i got those records). Now, I did not ask for any kind of documentation regarding the work I did, nor did I produce any kind of receipts about them neither. So, how should I report this? Should I just enter the transaction lines as Capital Gain/Losses? Should I report that through the Self-Employment Business section, should I do both...? The total amount in CAD that I received for the crypto was around 18K Thanks! Quote Link to comment Share on other sites More sharing options...
Goltax Posted April 4 Author Report Share Posted April 4 Hi again! Sorry if this is a bother, just wondering if someone might know something about this or not Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 6 Report Share Posted April 6 Hello Goltax, Report the crypto currency payment at the FX rate, you already booked (as stated above), as revenue in your, for example, >>T2125 Income Statement (in $CAD) IF you incurred capital gains / losses on the actual crypto currency FX changes you incurred, if you kept the crypto currency : >>Capital gains and ABIL >>Virtual currency transactions Quote Link to comment Share on other sites More sharing options...
ParkerHarrison Posted July 22 Report Share Posted July 22 Hey there! Reporting crypto earnings can be a bit tricky, but here's a general suggestion. Since you received crypto as payment for your side hustle, it's likely considered self-employment income. You can report it as such, including the total amount in CAD. As for the capital gains/losses, that would typically apply when you sell or exchange crypto. By the way, Quantum AI provides valuable insights on crypto trading if you're interested in maximizing your gains. Quote Link to comment Share on other sites More sharing options...
GeanVertigo Posted August 2 Report Share Posted August 2 Since you sold the crypto, it's considered a capital gain/loss. You'll need to report each transaction individually using the records from Wealthsimple. Make sure to calculate the gains/losses for each transaction and report them accurately. As for your work, if it wasn't formal employment, you don't need to report it under the self-employment section. The capital gains reporting already covers the earnings from your side hustle. If you need further assistance, consider consulting a tax expert to ensure everything's in order. By the way, have you checked a white label crypto exchange? It might be useful for your future crypto endeavors. Quote Link to comment Share on other sites More sharing options...
BrysonFernandez Posted October 5 Report Share Posted October 5 Hey there! I've been in a similar spot before. It's generally a good idea to report crypto income as capital gains, especially if you have yet to receive any official documentation. Consider consulting a tax professional to ensure you're doing everything correctly, given the amount involved. Here you can also check for new cryptocurrencies: presale.world; it helps me a lot in trading. Better safe than sorry! Quote Link to comment Share on other sites More sharing options...
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