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Canadians do more business without knowledge of tax implications

One in five retail stock traders (19%) and one in every four crypto traders (26%) said they were apprehensive about paying their taxes this year because they did not know how to claim capital gains. How it is done.

Compared to 66% of respondents who traded equities, 85% of crypto traders said they had little or no knowledge of recording capital gains on their tax returns.

“Crypto is a new asset class for many Canadians and our research shows that there is significant interest in the space, yet there is a significant need for education and support,” said Evan Thomas, Head of Legal at Wealthsimple Crypto. “It is vital that Canadians understand not only the risks, but also the impacts of crypto and retail trading as part of their full, annual financial picture.”

The GameStop event sparked an increase in stock trading as well as increased interest in cryptocurrencies among young investors, making 2021 an important year for retail trading in Canada.

More than half of the retail traders surveyed claimed that they increased their trading activity in the past year.

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