Yes, if you receive cryptocurrency as payment for goods or services, or if you earn it through mining, it is considered income and is subject to income tax.

Yes, if you sell or dispose of your cryptocurrency, any capital gain or loss resulting from the transaction is subject to capital gains tax.

Yes, if you are a GST/HST registrant, you have to charge, collect and remit GST/HST on taxable supplies of goods or services made in Canada, including the supply of the cryptocurrency.

Yes, it's important to keep accurate records of all your cryptocurrency transactions, as the Canada Revenue Agency (CRA) may request them during an audit.

Failing to report income from cryptocurrency transactions on your tax return can result in significant penalties and interest charges. The CRA has the power to audit and reassess tax returns, and failure to report income from cryptocurrency transactions can result in a fine or even criminal prosecution.

You may be able to claim expenses related to earning income from cryptocurrency transactions, such as trading fees or the cost of mining equipment.