Fiscal and Financial Planning Guide 2024-2025

Investments > Cryptoassets (e.g. cryptocurrencies) (Form TP-21.4.39-V)

If you held, acquired or used cryptoassets in 2024, the new Cryptoasset Return Form must be completed. You will find a question to this effect in the tax season questionnaire.

Example of cryptoassets: 

  • Cryptocurrency (e.g. Bitcoin)
  • Security tokens
  • Non-fungible tokens (NFT)
  • Utility tokens

Gains on cryptoasset transactions may be considered capital gains or business income, depending on the circumstances. In addition, transactions may be subject to commodity taxes (GST-QST). Don’t hesitate to discuss this with your advisor.

Potential penalties

Failure to file this new form may result in a penalty of $10 per day (maximum $2,500) after the tax return filing due date (April 30 or June 15 in the case of self-employed workers). In addition, Revenu Québec may impose a $100 penalty for each item of information omitted or erroneous on the form.

It should be noted that these penalties are in addition to those that could be imposed on tax payable on undeclared income gains relating to cryptoasset transactions.

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