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You Might Own MASSIVE Crypto Taxes (If You Don't Do This)Income tax considerations?? The following sections outline the income tax implications of common transactions involving crypto-assets. In this guide, we'll break down Canada's cryptocurrency tax rules based on the latest guidance from the CRA and Revenu Quebec. U.S. taxpayers must report Bitcoin transactions for tax purposes. Retail transactions using Bitcoin, such as purchase or sale of goods, incur capital gains tax.