TechFlow reports, citing Finbold, that Canadian Prime Minister Trudeau has proposed a new capital gains tax ranging from 50% to 67%, depending on the taxpayer's income bracket. According to the Canada Revenue Agency website, common capital properties include vacation homes, securities (such as stocks, bonds, cryptocurrencies, and mutual fund trust units), land, and buildings.
Starting June 25, the proposed changes will affect individuals with annual capital gains exceeding CAD 250,000. Most gains for corporations and trusts will also face increased tax obligations. In Canada, taxpayers do not pay tax when purchasing or holding cryptocurrency; however, capital gains or business income derived from cryptocurrency sales, mining activities, or other crypto-related transactions are taxable. Individual cryptocurrency holders must pay tax on 50% of their total capital gains, while professional (day) traders must pay tax on 100% of their profits.
