According to Foresight News, Canada's Prime Minister, Justin Trudeau, has proposed a new capital gains tax that will range from 50% to 67%. The proposed changes, which will start from June 25, will affect individuals whose annual capital gains exceed 250,000 Canadian dollars. Most of the earnings of corporations and trust companies will also face increased tax obligations.
In Canada, cryptocurrencies are taxed as business income or capital gains and are classified as commodities. There is no tax required for purchasing or holding cryptocurrencies. However, in transactions such as the sale of cryptocurrencies or mining activities, cryptocurrencies are taxed as business income or capital gains. Individual cryptocurrency holders are taxed at 50% of their total capital gains, while professional traders, or day traders, are taxed at 100% of their profits.
