So I was gambling online using bitcoin and won a few thousand dollars.
I deposited CAD and converted to BTC numerous times, but at the end I came out on top. My issue is that how I arrived at my winnings is complicated. Let’s say I basically deposited $500 converted to BTC, lost it all, and then deposited another $500 converted to BTC and with this money (BTC) I won a few thousand dollars in BTC. I have yet to sell the BTC.
From my understanding, online gambling is not taxed in Canada, but since I gambled with my bitcoin, does this become a taxable event?
Could I justify to the CRA that I did not use bitcoin as an investment, but simply as a vehicle to gamble?
Would it wise to just call CRA / TAX accountant to discuss in detail?
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