Do I need to pay taxes on bitcoin?

With tax time approaching, some of our Members have reached out to us for a consolidated copy of their MogoCrypto transactions. So, we thought it might be helpful to proactively send transaction summaries to all of our Members, just in case. Your transactions are being provided to you in CSV format so that you can reformat as required. All Members who activated MogoCrypto will receive a transaction summary by April 30th. If you didn’t make any transactions (deposits/withdrawals or trades), then the transaction summary will be blank.

In answer to the question "Do I need to pay taxes on bitcoin?", unfortunately, we’re not tax professionals. So, that means that Mogo can’t provide you with any specific tax advice, interpret the data/transactions provided or answer questions related to what you should/should not be reporting on your tax return. If you have any questions related to cryptocurrency taxation and your personal tax situation, you should speak to a registered tax advisor or other financial professional.

While we can’t provide any analysis or advice regarding your transactions, if you need some help deciphering your transactions, there are a lot of great resources out there and a simple Google search is a good first step. For example, once you have your transaction summary, you may wish to consider using a service like CoinTracker (or something similar) that can help you organize your transactions into a more user friendly format.

Additional information on the tax treatment of cryptocurrency can be found on the Government of Canada website.

For information on digital currencies click here.

To access the CRA Guide for Cryptocurrency Users click here.

You will receive the email as a courtesy if you are a MogoCrypto user. You may also access your MogoCrypto transaction history at any time through your MogoAccount. Mogo is not affiliated with CoinTracker and explicitly disclaims any liability respecting your use of their website and/or services. All company names, logos, and brands are property of their respective owners and are used on this website for identification purposes only. Mogo is not a tax professional and does not provide tax advice. If you need assistance completing your taxes, or have questions about the tax implications of your cryptocurrency holdings, we recommend that you speak to a qualified tax professional. Please check your account statement without delay and advise of any error or omission within 30 days of the statement date by contacting support@mogo.ca. E&OE