Recent news about Canadian dollar

August 22, 2018

Nicknamed as loonie the Canadian Dollar is one of the strongest currencies of the world. It is the 4th largest currency which is used by the countries to keep their foreign exchange reserves. The credit goes to the Canadian economy which is regarded as one of the strongest ones. The ISO standard has been governing the Canadian Dollar standards since the day of its inception. (more…)

Canadian currency

Foreign currency exchange and rules in Canada

January 22, 2018

Looking to get some currency exchange for your next travel?

Exchange of foreign currency is necessary for trade and travel and the same applied to our Canada too. You may be visiting another country and need to convert some Canadian dollars to the local currency. (more…)

Conversion of currency

The current state of cryptocurrency in Canada

January 15, 2018

Cryptocurrency is one of the most potential forms of investments in the world. The current market cap of digital currencies stands at $250 billion, half of which consists of Bitcoin. The price of Bitcoin has reached 21,000 CAD in December 2017.

Everybody wants to join in and gain from cryptocurrencies but you also need to be cautious. In 2017, Canadians have been duped of $1.7 million through frauds related to cryptocurrency!

So there are a few things to keep in mind!

Is cryptocurrencies legal in Canada?

You are free to buy and trade cryptocurrencies in Canada. They are listed under digital currencies in the Government of Canada webpage.

But you have to remember that cryptocurrencies are not considered as legal tenders according to Canadian laws.

What can you do with cryptocurrencies?

Here are some of the things you can do with cryptocurrencies.

  • You can buy and hold cryptocurrencies
  • They can be used to purchase goods and services where they are accepted
  • You can also buy and sell cryptocurrencies through cryptocurrency exchanges
  • Buy and sell it to make profits, just like many stock traders do.

Are there any tax obligations on cryptocurrency in Canada?

The Canadian laws don’t require you to disclose your cryptocurrency portfolio value anytime but you are required to pay tax on gains arising out of it. All gains in a calendar year must be reported on your annual tax return.

The gain will fall under the Canadian tax rules governing usual capital gains.

For example, you have purchased $300 worth of Ethereum in May and sold it for $600 in December 2018. So you should declare the gain of $300 from the sale of cryptocurrency in your next tax return.

You should keep an eye on the Government of Canada website for the latest regulations related to cryptocurrency.

How to buy cryptocurrency in Canada?

A simple Google search reveals several Canadian based platforms where you can use your credit card or bank account to purchase cryptocurrencies like Bitcoin, Ethereum, and others. You should make proper research and make sure the platform is trustworthy and reliable.

Some cryptocurrency exchanges like Canada’s Quadriga enable citizens to purchase crypto through bank wire or electronic funds transfer. You also need to have your identity verified for creating an account which can take 1 to 2 weeks.

If you are looking to buy Bitcoins, you can also use Bitcoin ATMs spread across various Canadian cities, and especially the bitcoin ATM Toronto. You can deposit cash and get Bitcoins in exchange but the charges are higher than traditional exchanges. (more…)

Digital currency

Canadian dollar starts the year on a high note

January 10, 2018

The Canadian dollar has been sailing through favorable times since the closing of last year. It entered the New Year with a big bang rising to almost 80 cents against the U.S dollar in the last week of December 2017. The loonie recorded its highest level since October 2017, closing at 79.5 cents, according to the bank of Canada. (more…)

Canadian currency