What are the tax implications of using Venmo to transfer cryptocurrencies between Canada and the US?

1 answers

• Angu PranisaJul 20, 2024 · a year ago
  As an expert in the field, I can tell you that using Venmo to transfer cryptocurrencies between Canada and the US can have tax implications. In Canada, cryptocurrencies are treated as commodities by the tax authorities, which means that any gains or losses from these transactions are subject to capital gains tax. The US also treats cryptocurrencies as property, so you'll need to pay capital gains tax on any gains or losses. It's important to keep in mind that tax laws can be complex and subject to change, so it's always a good idea to consult with a tax professional to ensure you're meeting your tax obligations when using Venmo to transfer cryptocurrencies between Canada and the US.
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