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 rate | Single filer | Married filing jointly | Married filing separately | Head 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 |
