Tax Tip: If you have kids … get them blogging early, earning crypto on Blurt, Steemit, Hive, YouTube, Nostr. They can earn up to $15,000 a year before paying taxes.

Basic personal amounts are the allowable amount of income that you can earn before you must start paying taxes. For the 2023 tax year, the Ontario basic personal amount is $11,865, while the federal BPA is $15,000.

Question and answers

1. What is the basic personal amount?

The basic personal amount (BPA) is a non-refundable tax credit that can be claimed by all individuals. The purpose of the BPA is to provide a full reduction from federal income tax to all individuals with taxable income below the BPA. It also provides a partial reduction to taxpayers with taxable income above the BPA.

Source : https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/basic-personal-amount.html

CRA : https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/reporting-your-crypto-asset-income-individual-carrying-business.html

Otherwise, just HODL all your crypto until you retire ….

Or try to hodl within your TFSA. ( ie buy IBIT ETF)

Does the CRA tax crypto?

Similar to many countries, cryptocurrency taxes are taxed in Canada as a commodity. However, it is important to note that only 50% of your capital gains are taxable. A simple way to calculate this is to add up all your capital gains and then divide this by 2.

For example, if you have made capital gains amounting to $20,000 in a certain year, only $10,000 will be subject to capital gains tax.

There are some instances where a crypto transaction may be exempt from tax:

HODLing crypto

Source: https://cryptotaxcalculator.io/ca/guides/crypto-tax-canada-cra/