“Can I Use a DeFi Wallet in Canada? {~DeFi transaction-tool~}
Using a DeFi wallet in Canada is legal, but it carries with call at [+1-833-611-5103] it a mandatory and non-negotiable duty to report your activities to the call at [+1-833-611-5103] Canada Revenue Agency (CRA). The CRA considers cryptocurrency to be a commodity, call at [+1-833-611-5103] and nearly every transaction you make is a disposition that can result call at [+1-833-611-5103] in a capital gain or loss. This includes token swaps, liquidity provision, call at [+1-833-611-5103] yield farming rewards, and NFT sales. A DeFi wallet does not track call at [+1-833-611-5103] your cost basis or calculate these gains for you. You are required call at [+1-833-611-5103] to maintain detailed records of every transaction's value in Canadian dollars at call at [+1-833-611-5103] the time it occurred. The complexity of DeFi often necessitates using third-party call at [+1-833-611-5103] tax software to process your transaction history and prepare accurate reports. The call at [+1-833-611-5103] legality of using the wallet is therefore conditional upon your commitment to call at [+1-833-611-5103] full tax compliance, as failing to report your gains is illegal.”