Crypto Taxes In Quebec: Revenu Quebec And The CRA

Quebec is the one province where a crypto holder deals with a second tax authority, and the form that came in with the 2024 tax year surprises people because it applies even when you only held crypto. This guide covers what the two authorities require. I am not an accountant, so use it to prepare questions for one.

Do Quebec Residents Pay Crypto Tax Twice?

You are taxed once, but you report to two governments. Federal and provincial income tax are calculated separately, and each takes a share of the same taxable income. The way the income is classified comes from the same facts. The CRA says crypto activity produces either a capital gain or business income depending on factors such as how often you trade, how long you hold, and your knowledge of the market. Revenu Québec publishes its own guidance, and you should apply it the same way on your TP-1. I will not quote a combined rate, because it depends on your income bracket.

What Is The Cryptoasset Return TP-21.4.39-V?

It is a Revenu Québec form introduced for the 2024 tax year. Revenu Québec says that since 2024 any taxpayer or partnership that owns, receives or disposes of cryptoassets, uses them in a transaction, or receives them as mining or staking rewards must complete it to report income or losses from cryptoassets. It must be sent by the deadline for your income tax return, and if you do not file it, penalties may apply. If you owned or disposed of cryptoassets in 2025, it applies to your 2025 return. The TP-1 itself has a cryptoassets question on line 24.

What Counts As A Taxable Event In Quebec?

The CRA's list is a good starting point for the federal side: selling for Canadian dollars, trading one coin for another, spending crypto on goods or services, and gifting or donating crypto. Transferring coins between your own wallets is not taxable. Mining income is generally business income, and staking rewards on a centralized exchange are income when credited to your account on the platform. Quebec's own rules use the same transactions, but confirm treatment with Revenu Québec or an accountant before you file.

What Records Should I Keep?

• Units, date and time of every transaction.
• The Canadian dollar value at the time.
• The other party or wallet address.
• Opening and closing balances with the cost of each coin.
• Receipts for accounting, legal or software costs.

The CRA says to keep records for six years from the end of the last tax year they relate to, and recommends exporting your exchange data regularly because platforms can disappear. See my how-to on reporting crypto taxes, and the crypto taxation guide. Can you use TurboTax? See my TurboTax answer.

What Are The Deadlines?

For the 2025 return, the CRA's date was April 30, 2026, or June 15, 2026 for the self-employed, with payment still due April 30. The Revenu Québec deadline for the Cryptoasset Return follows your income tax return deadline, and I did not verify Revenu Québec's exact dates, so check its site each year.

Which Exchanges Can Quebec Residents Use?

Registered platforms that serve Quebec include Shakepay, which says it is registered with the AMF and all provincial regulators. Coinbase is a Restricted Dealer in all provinces and territories, and Kraken is registered with securities regulators in every province and territory. Pick one that exports a transaction history you can hand to your accountant, and see my exchange ranking for scores.

What Counts As Business Income Versus A Capital Gain?

The CRA says there is no single test. Its guidance, which refers to its interpretation bulletin on adventure in the nature of trade, points to factors such as how often you trade, how long you hold, your knowledge of the market, the time you spend, how you finance the purchases and whether you advertise. A buy-and-hold investor who sells a few times leans toward capital gain. Someone trading daily, using leverage or running a mining operation leans toward business income. The outcome matters because losses and gains are treated differently, and because business income goes on the T2125 with expenses. Because Revenu Québec applies the same question to your TP-1, keep your reasoning consistent across both returns.

Do I Have To Charge GST Or HST On Crypto?

For most readers, no. The CRA says virtual payment instruments, such as bitcoin, ether and litecoin, are treated as exempt financial services for GST/HST, while other crypto is likely taxable intangible personal property. A small supplier threshold of $30,000 applies over a single quarter and four consecutive quarters. Quebec has its own sales tax, QST, and I did not verify Revenu Québec's treatment, so ask an accountant if you sell crypto-related services.

What Happens If I Did Not File The Cryptoasset Return For 2024?

Revenu Québec says penalties may apply if the return is not filed, and I did not find the penalty amounts in the pages I could read. I did not verify any disclosure program for late filers, so the practical advice is simple: talk to an accountant who handles Quebec returns before you contact either agency. Gather your transaction history from every exchange now, because platforms that close or merge, like Coinsquare and Bitbuy under Robinhood, can make old records harder to reach. See my WonderFi and Robinhood explainer.

What About Mining And Staking Income In Quebec?

The CRA says mining income is generally business income, earned at the time you receive the coins, and that staking rewards on a centralized exchange are income when credited to the wallet on the platform. It also says mining equipment such as ASIC and GPU rigs can fall in capital cost allowance class 50. Quebec's Cryptoasset Return lists mining and staking rewards among the activities that trigger the filing, per Revenu Québec's description. If you earn rewards, value them in Canadian dollars at the time you receive them and keep that record.

How Should I Prepare My Records For An Accountant?

1. Export the full transaction history from every exchange, in CSV, for each tax year.
2. List every wallet address you used and note which are yours.
3. Record the Canadian dollar value of every disposal, using one consistent source.
4. Separate staking and mining rewards from purchases and sales.
5. Write a one-page summary: how often you traded, how long you held, and why.

Bring all of it at once. That saves an accountant hours, and it is what both agencies expect you to keep.