In February 2022, Canada’s Department of Finance released draft legislation concerning the GST/HST treatment of cryptocurrency mining. These proposals have not yet taken effect. If the legislation is passed, these tax rules will retroactively come into force as of February 5, 2022.
After briefly reviewing Canada’s GST/HST system and discussing the nature of cryptocurrency mining, this article examines the proposed GST/HST rules for cryptocurrency mining. This article concludes by offering pro tax tips from our expert crypto tax lawyer in Toronto.
Source: goodservicetax.com
