CoinVoice recently learned that according to Finbold, Canadian Prime Minister Trudeau proposed a new capital gains tax, the tax rate will range from 50% to 67%, depending on the taxpayer's income level. According to the Canadian Revenue Agency website, common capital assets include villas, securities (such as stocks, bonds, cryptocurrencies and mutual fund trust units), land and buildings.
The proposed changes will affect individuals with capital gains of more than $250,000 per year starting June 25. Companies and trusts will also face increased tax liabilities on most gains.
In Canada, taxpayers do not have to pay taxes on the purchase or holding of cryptocurrencies. Capital gains or business income from cryptocurrency sales, mining activities or other cryptocurrency-related transactions are taxed. Individual cryptocurrency holders are required to pay taxes on 50% of their total capital gains, while professional (day) traders are required to pay taxes on 100% of their profits. [Original link]