Crypto Tax Question
I am confused about cryptocurrency tax obligations. With diverse holdings and numerous wallet transactions, I need clear advice on reporting gains and losses when converting crypto assets to cash.
hey, i def understand confusn. honestly, check the cra docs and maybe use a tracking tool. consult a tax pro for specific advce on multiple wallets. good luck!
After working through this process myself and consulting with a few tax advisors, I learned that precise record-keeping is crucial. I use dedicated software to track the details of each transaction, noting the exact conversion rates and any fees incurred. This detailed documentation simplifies the calculations when reporting gains and losses. The CRA guidelines state that capital gains should be reported as the difference between the proceeds and the adjusted cost base. I found that maintaining an organized digital record helps reconcile multiple wallets and conversions efficiently.