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The tax implications of Bitcoin and other cryptocurrency.

Do you earn, spend, or trade cryptocurrency such as Bitcoin? Although your bank doesn’t keep record of these transactions, digital currencies are considered commodities (like oil or gold) by the Canada Revenue Agency (CRA) and Revenu Québec, meaning you’ll need to report your income or losses on your return as you would any other business or investment transaction.

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The average refund claimed for IPG clients who claimed a refund during Tax Season 2020 was $1,651. The average refund amount was calculated based on all clients who had their 2019 tax year return prepared and filed at an IPG company-owned location in Canada during the period January 1 through to June 1, 2021. Amount cannot be guaranteed and varies based on each individual tax situation. Not everyone receives a refund.

♦If you discover an IPG error on your return that reduced your refund (or increased your liability), we will amend the return at no additional charge to correct our error. If IPG makes an error in the preparation of your tax return that costs you any interest or penalties on additional taxes due, although we do not assume the liability for the additional taxes, we will reimburse for the interest and penalties.

At participating offices. H&R Block Instant Refund™ valid only on the federal portion of tax returns filed in Quebec. Some restrictions apply. Not everyone gets a refund. Not everyone is eligible for H&R Block Instant Refund™.