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Reporting sales of crypto that was received for freelance payment


Goltax

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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!

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  • 2 weeks later...

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

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