A Tool For Reporting Your Bitcoin To Canada Revenue Agency

Considering Bitcoin from a tax perspective You need to track the price you bought in and your exit to calculate capital gains. This includes exiting your bitcoin position in an exchange like Poloniex or Bitfinex - as well as 'exiting' your bitcoin trade by purchasing something. And you may ask... I bought some things with Bitcoins directly, do I owe taxes? Or you may wonder... When doing my Taxes, do I have to report every thing I buy with Bitcoin? The short answer is Yes. But the items you may have purchased with bitcoin and digital currencies may not be the most difficult things to account for... You are also required to keep records of all your bitcoin and digital currency trades. Reporting your bitcoin on your taxes includes the initial cost, sale amount, profit or loss reporting and any trading fees. Losses can be written off, and profits are subject to potential capital gains taxes. This is complicated, especially after thousands of trades across dozens, or even hundreds of different digital currencies, as you must report the gains made for each individual trade, converted to Canadian Dollar! INTRODUCING: Digital Currency Profit/Loss Portfolio Monitor and Tax Reporting Tool Track and evaluate your Poloniex Trade Profits and Losses, and easily create a full reports you can attach to you Tax Return for Tax Declaration. Canada CRA compliant, this tax reporting tool is prepared for accountants and tax office. CoinTracking Referral Discount Code No cost for tracking your first 200 trades, and 10% discount on upgrades if you use This Referral Link! http://www.lumbridgecity.com/cointracking To Your Success, Doug http://www.lumbridgecity.com/cointracking