- Introduction — Crypto Currency Mining and Income Tax
- Crypto Currency Taxation – Income Tax Implications of Mining — Toronto Tax Lawyer Analysis
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Introduction — Crypto Currency Mining and Income Tax
As the popularity and valuation of cryptocurrencies, such as Ripple, rises, it becomes more important to understand the Canadian income tax consequences of cryptocurrency mining. The tax treatment of cryptocurrency mining for a particular individual depends on the facts and circumstances of that particular individual. The two main possible characterizations for the activity are as a personal hobby or as a business. Therefor if the personal elements, if any, in the activity outweigh the extent to which the taxpayer carried out the activity in a commercial manner, then the activity is a hobby not a business.
There is no fixed list of objective factors that courts look to as indications that the activity is being carried out in an objectively businesslike manner. However, common factors the courts look to include:.
As these factors will vary between individual miners, whether their mining was a hobby or a business will depend on the facts and circumstances of the individual miners. For example, miners who have training in computer programming, blockchain technology, or computer hardware and who borrow money to pay for their mining rig are more likely to be treated as running a business than a layperson mining from their personal computer.
If you are unsure if your Zcash, Monero, or other cryptocurrency mining activities constitute a business or a hobby for Canadian income tax law purposes, please consider contacting one of our experienced Toronto tax lawyers. If your mining activity constitutes a business, it will have several different tax consequences.
Crypto Currency Taxation – Income Tax Implications of Mining — Toronto Tax Lawyer Analysis
When a miner receives a new unit of a cryptocurrency such as Litecoin through their mining activity, the miner will not have an income inclusion until the miner disposes of that Litecoin. The new Litecoin will be considered part of the inventory of the business and be subject to the inventory valuation rules of the Canadian Income Tax Act. When the miner eventually disposes of the Litecoin and other cryptocurrency they have mined they will most likely earn business income or incur business loses as opposed to capital gains or losses.
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Since the miner is running a business, he or she will be able to claim deductions for business expenses and the depreciation of depreciable property employed in the business. This is important as the expenses associated with a commercial cryptocurrency mining operation for computers, electricity, rent and interest on loans can be large.
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Note however that the expenses which are included in the cost of inventory can only be deducted in the tax year in which the inventory is sold. This means if you sell Bitcoins or other cryptocurrency you mined in a previous year, you will only be able to deduct the cost of mining those coins in the year you sell them. However, if the value of your unsold inventory, as determined by Canadian tax law, declines, you may be able to get a corresponding deduction in that year.
Normally, the value of your unsold inventory at the end of the year is deemed for Canadian tax law purposes to be the lower of your cost of acquiring the inventory and the fair market value of your inventory at the end of the year.
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This means that if the fair market value of your unsold cryptocurrency inventory falls below the cost of your inventory at the end of the year, you may be able to get a deduction in that year. These deductions and inventory rules only apply if the miner treated as running a business and the Etheruem or other cryptocurrency the miner has produced are not treated as capital property. Under the capital property treatment, no deductions are available but the cost to the miner of creating the coins becomes the cost base of the coins.
When the coins are sold the gain or loss from the sale is calculated by subtracting the cost base of the coins from the proceeds received from the sale of the coins. If the miner is mining as a personal hobby and not as a business then the activity of mining will have somewhat different tax consequences than those outlined above.
As with the treatment of commercial mining, the hobbyist miner will not have an income inclusion when they receive cryptocurrency such as Stellar from their mining activities. However, unlike when mining is carried on a business, the Dash, Ada or other cryptocurrency the miner receives will most likely be treated as capital property and not as inventory.
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This means that when the miner disposes of the cryptocurrency later, they will realize a capital gain or loss as opposed to business income or a business loss. This is very important as only half of the capital gains realized by a taxpayer are included in their income where as the full amount of the gain realized when selling inventory is included as business income. Hobbyist miners are also not able to claim deductions for the expenses they incur to carry out their mining activities.