Bitcoin buyers beware. While owning cryptocurrencies like Bitcoin is not a taxable act, using the digital currency to purchase goods and services may be. While not considered legal tender per se, Bitcoin once exchanged for another item, via a sales transaction, is viewed as a commodity. If you were fortunate enough to acquire the digital coin while it was trading at a low price and then sold it at a high price or purchased an item, then you will have to report your capital gains to CRA and pay tax on your gains.

Read more: If You Sold Or Used Bitcoin Last Year, You Owe Money To CRA