Bitcoin and a TFSA: Separate Investments from Mining
Direct bitcoin is not the same as an eligible security
The CRA states that cryptocurrencies such as bitcoin are not qualified investments for registered plans. Some listed securities can qualify, subject to their structure and the plan provider’s rules. Confirm the exact investment with your TFSA provider; a crypto-related name is not enough.
An ASIC project is a separate operating activity
Buying a miner does not place its rewards inside a TFSA or make mining income tax-free. Keep equipment invoices, pool statements, transaction records and operating expenses for your accountant. Do not assume that purchasing hardware creates an automatic tax saving.
Prepare the right questions
For TFSA eligibility, consult the plan provider and your tax adviser about the precise asset and your circumstances. For hardware, ask Captain Mining about the model, delivery, installation and any hosting charges. Keep the commercial equipment proposal separate from investment selection and tax advice.
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