NFT stands for non-fungible tokens. NFT’s are unique digital assets that can be traded on the blockchain network. As they are non-fungible, they cannot be replaced or interchanged for other assets. It is a digital certificate or a token of ownership on the blockchain ledger. If you own an NFT you do not need to report it as income on your return if you have not sold or exchanged it. The CRA treats NFT’s as specified foreign property for tax purposes. Disposition of an NFT is a taxable event in Canada. It is subject to either Business Income or Capital Gains... [read more]