Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 09 JUNE 2023

Market Intelligence Thought Leadership Award Winner

Binance Bids Canada Bye-Bye! Canadian Tax Implications For Cryptocurrency Investors And Traders

Rotfleisch & Samulovitch P.C.
Explore more from Rotfleisch & Samulovitch P.C.

On May 12, 2023, Binance, the world's largest cryptocurrency exchange by volume of trades, announced it would be withdrawing its services offered to Canadian cryptocurrency traders and investors.

CanadaTax
David Rotfleisch
David Rotfleisch
Author LinkedIn connections

Introduction - Binance Announces it Will Proactively Withdraw from the Canadian Cryptocurrency Market

On May 12, 2023, Binance, the world's largest cryptocurrency exchange by volume of trades, announced it would be withdrawing its services offered to Canadian cryptocurrency traders and investors. As a consequence, any existing Canadian users of Binance will be required to close any open positions by September 30, 2023, and from October 1, 2023, onward, Canadian customers will be restricted to liquidating any remaining cryptocurrency holdings held through the exchange.

Binance's withdrawal from the Canadian market has come at a tumultuous time for Canadian cryptocurrency traders and investors. The collapse of FTX Trading Ltd., previously the third-largest cryptocurrency exchange in the world, vexed cryptocurrency users and fuelled one of the worst cryptocurrency market downturns since the technology achieved widespread popularity in the mid-2010s. But while

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Cryptocurrency Held Through A Bare Trustee: Tax Treatment And The 2026 Reporting Obligations

If you hold cryptocurrency, NFTs or other blockchain assets in someone else’s wallet, or hold assets in your own wallet for someone else, the arrangement is very likely a bare trust. Until recently, that carried almost no compliance consequence. It now carries three reporting obligations to track: the T3 filing for 2026, the T1135, and the proposed Crypto-Asset Reporting Framework from 2027.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Canadian Prime Minister Announces ‘Productivity Mega Deduction’

Canada's new Productivity Mega Deduction permanently provides immediate expensing for a wide range of depreciable property and Canadian development expenses, dramatically expanding the scope beyond the previously announced Productivity Super Deduction. The measure aims to reduce Canada's marginal effective tax rate on new business investment to 6.4%, positioning it as the lowest among major economies and less than half the U.S. rate.
CanadaTax
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

How To Appeal The Toronto Vacant Home (VHT) Tax: Here’s What One Landlord Did To Fight VHT Assessment

Since 2022, the City of Toronto has imposed an annual Vacant Home Tax (VHT) on residential units left unoccupied for more than six months of the year. For most owners the tax is an afterthought: file the annual declaration, confirm the unit was lived in, and move on. But when the City’s administrative process breaks down, an owner can find themselves fighting a five-figure tax bill over a unit they insist was never vacant at all.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Productivity Mega Deduction: Key Tax Measures Announced At The Canada Investment Summit

Canada has introduced a permanent Productivity Mega Deduction allowing immediate expensing of up to 100% of eligible capital property costs and Canadian development expenses acquired after September 15, 2026. This measure aims to boost business investment and strengthen Canada's tax competitiveness by expanding immediate expensing eligibility from 15% to approximately two-thirds of capital investments, while reducing the country's marginal effective tax rate to 6.4%.
CanadaTax
McCarthy Tétrault
McCarthy Tétrault