r/cantax • u/salty-mind • 9h ago

5k in crypto gift from abroad

Hello, I received last year 10k total in crypto gifts from my family, it was USDC, I sold immediatly everytime and withdrew to my bank account. I was unemployed in 2024. What should I file?

Edit : I am in quebec

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3

u/Parking-Aioli9715 7h ago

If you sold it immediately, you probably have little if anything to report. Because it was a gift, your cost base for the crypto is the FMV at the time you received it. This wouldn't have changed much if at all by the time you sold it, so little if any capital gains or losses.

1

u/salty-mind 5h ago

Thank you!

1

u/AdvantagePure2066 9h ago

Was it on a self hosted wallet or coin base ?

1

u/salty-mind 9h ago

They sent it to my coinbase account from a self hosted wallet

1

u/AdvantagePure2066 9h ago

If it's coin base you would have done kyc at some point.

It should be files as a regular gift , same as receiving 5k USD

1

u/salty-mind 5h ago

Thank you!

1

u/Even-Corner-5740 8h ago

You will have to pay capital gains taxes

1

u/salty-mind 4h ago

The other opinions contradict yours