Crypto Tax Accountant Canada: Pros and Cons · They can provide you with a detailed breakdown of your crypto gains or losses. · They can help you. Canada Revenue Agency and IRS under US Department of Treasury have classified digital currency or cryptocurrencies as a form of commodity and as an asset. SDG Accountant began in the spring of as an accounting firm dedicated to servicing clients with tax filing in the Greater Toronto Area. As clients. KOSPI INVESTING MONEY
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He is very professional and a helpful person. Mark and team were very helpful setting up my own LLC. They handled my tax responsibilities to keep me out of trouble and lower my stress. Tiffany R 25 May 22 Mark Robert has been doing my personal returns and tax returns for both my companies for the last 2 years.
He has provided prudent advice and direction to ensure my companies are profitable. He is an excellent accountant and a kind, helpful person. I would and have recommended him to any body that is looking for an efficient and highly knowledgeable crypto tax accountant. Randy Wilson 25 May 22 I was stressed this year about my crypto taxes. I had a very large number of cryptocurrency transactions in and was worried about reporting for gains and losses. Results Tax helped me get this done.
Mark and team were very professional and fees reasonable. He gives me confidence that my transaction accounting and tax returns are issue-free, so I do not have to worry about it anymore. They finished my reconciliation within days. It was formatted in an easy to read template that I can use for my taxes! He provided great advice throughout the process and is very diligent. When forming an LLC I actually did the initial paperwork to create the business.
Later I an accountant as one of the last steps. Since crypto is so new, it's not always clear how to pay taxes on its gains. In some cases it will be treated as income, others as an investment. It's important to understand the tax implications of your crypto holdings so you don't get hit with a surprise audit or other unexpected liability.
They can help you figure out the best way to report your crypto gains or losses to the CRA. If you're not sure whether you should be paying capital gains tax or income tax, or if you're not sure how to report your crypto gains or earnings, then it's important to talk to a tax accountant who can help you figure out the best course of action. Cons You may have to pay an extra fee to hire them. Tax accountants who specialize in crypto are in high demand.
If you're looking for one, you may have to pay an extra fee for their expertise. You may have to wait a little extra time for your tax filing to be completed. Tax accountants who specialize in a certain area of the law can be booked up very quickly. If you need your tax filing done by a certain date, it's important to book an appointment as early as possible. It may be difficult to find a qualified crypto tax specialist.
The crypto space is still very new and there aren't too many qualified tax accountants who specialize in it. And unfortunately, there are a lot of scammers and charlatans in the crypto space. If you need a qualified crypto tax specialist, it may take a little extra effort to find one.
They should also be able to explain the different types of crypto assets and their tax implications.