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(Last Updated On: September 2, 2020)

We talked about this tonight on the webinar regarding learn and trading

These links pertain to the Canadian tax system

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html

https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4037/t4037-19e.pdf

Basically, this will fall under capital gains which is taxed at 50% . It could fall under income tax which can be quite high.

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This is for the USA from a customer

Short term capital gains tax brackets (equal to your income tax rates)

Here are the federal income tax brackets in the United States for the 2019 tax year. These tax rates apply to short term capital gains (crypto or other capital assets held for less than 1 year). Note that this is the same as your ordinary income tax rate.

Tax rateSingle filerMarried filing jointlyMarried filing separatelyHead of household
10%$0 – $9,700$0 – $19,400$0 – $9,700$0 – $13,850
12%$9,701 – $39,475$19,401 – $78,950$9,701 – $39,475$13,851 – $52,850
22%$39,476 – $84,200$78,951 – $168,400$39,476 – $84,200$52,851 – $84,200
24%$84,201 – $160,725$168,401 – $321,450$84,201 – $160,725$84,201 – $160,700
32%$160,726 – $204,100$321,451 – $408,200$160,726 – $204,100$160,701 – $204,100
35%$204,101 – $510,300$408,201 – $612,350$204,101 – $306,750$204,101 – $510,300
37%$510,301 and up$612,351 and up$306,751 and up$510,301 and up

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