Transactions involving cryptoassets as a method of payment or exchange are generally considered barter transactions. As a result, there may be tax consequences if you:

• use cryptoassets to acquire goods or services;
• convert them to monetary currency;
• exchange them for other cryptoassets; or
• use them to make a donation.

Likewise, there may also be tax consequences if you engage in cryptoasset mining.

If you acquired, held or used cryptoassets in 2024, you must complete a Cryptoasset Return (form TP-21.4.39-V) and file it with your income tax return. Failure to do so may result in penalties.

To report income from using or mining cryptoassets, you need to determine whether it constitutes a capital gain (or loss) or business or property income (or loss). To help you do so, refer to guides IN-120-V, Capital Gains and Losses, and IN-155-V, Business and Professional Income.