Feigenbaum Law

Bitcoin

Bitcoin

CRA Continues To Seek Information On Cryptocurrency Holders

As cryptocurrencies continue to play a growing role in the economies of both Canada and the United States, it makes sense that government bodies are trying to get a better understanding of who owns cryptocurrencies and how much those holdings are worth. We wrote in March of this year about the tax obligations people have in relation to cryptocurrencies. Today we wanted to talk a little bit about how the Canadian government is attempting… Read More

Bitcoin

NFTs Open Doors To New Revenue Streams For Athletes

For the last few years, the financial world has been inundated by news related to Bitcoin and other cryptocurrencies. This has been a topic we have frequently blogged about, as more and more people, including individual investors, are looking to cryptocurrency as a way to invest. Non-fungible tokens, or NFTs, are a new form of digital assets that have recently made headlines and have also provided economic incentives for athletes, artists, and others. What… Read More

Bitcoin

A Reminder Cryptocurrency Earnings Are Required At Tax Time

Bitcoin and other cryptocurrencies have been making headlines once again as the price of Bitcoin continues to set new highs despite occasional dips in value. A story published on Yahoo Finance stated that Bitcoin’s dip below $50,000 (USD) was a massive drop from where it had been sitting at around the $58,000 mark. That said, the most popular cryptocurrency is still up significantly over the last year. As tax season approaches, people… Read More

Four assorted cryptocurrency coins

Bitcoin

Tax Implications of Mining Cryptocurrency

The advent of Bitcoin and other digital currencies provides opportunities for people to use currencies outside of those controlled by traditional financial institutions. The explosion in the value of Bitcoin, the most well-known digital currency (also known as cryptocurrency) brought talks that the Canada Revenue Agency would be finding ways to tax it. With tax season approaching, it is worth taking a look at how the CRA currently determines the taxation of cryptocurrency when it… Read More

Cryptocurrency

Bitcoin

Canada Revenue Agency Auditing Cryptocurrency Investors

Last year, we wrote about how Bitcoin and other cryptocurrency is treated by the Canada Revenue Agency (CRA) for tax purposes and what impact an investment in crypto might have on a Canadian taxpayer’s taxes.   Now, crypto and the CRA are back in the news as the agency continues to finesse its approach to digital currency and adapt to rapidly changing realities. According to a cryptocurrency journalist writing for Forbes magazine,… Read More

Cryptocurrency

Bitcoin

Largest U.S. Bitcoin Exchange Ordered to Share Client Information with the IRS

In a recent decision,  a California court ordered the largest bitcoin exchange in the U.S. to hand certain customer information over to the IRS to facilitate the IRS’ investigation into underreporting of virtual income gains. What Happened? Coinbase is a San Francisco based exchange dealing in cryptocurrency. Between 2013 and 2015, Coinbase maintained more than 4.9 million bitcoin wallets in 190 countries, serving 3.2 million customers and exchanging $2.5 billion. Believing that… Read More

Cryptocurrency

Bitcoin

IRS Advisory Committee Calls for More Guidance on Cryptocurrency Transactions

The Internal Revenue Service has published a new report in which the Information Reporting Program Advisory Committee (IRPAC) emphasized the rise in popularity of Bitcoin and other cryptocurrencies and noted that there has been a concurrent rise in questions about the tax consequences around transactions involving these virtual currencies. What is IRPAC? IRPAC is a federal advisory committee under the broader umbrella of the IRS. It’s mission is to “provide an organized… Read More

Bitcoin

Bitcoin

Bitcoin and Income Tax: Canada

Bitcoin, the digital currency first launched in 2009, continues to make the news after its recent explosion in value. After starting last year at below $1,000, Bitcoin reached a value of almost $20,000 in December 2017, and was worth approximately $300 billion in real money. While prices have cooled in the weeks since Bitcoin hit its peak, certain experts predict that the cryptocurrency will continue to grow in popularity. Some have said that Bitcoin… Read More