At this time, NFT marketplaces like OpenSea do not report to the CRA.
However, it’s important to remember that transactions on blockchains like Ethereum are publicly visible and permanent. Tax agencies around the world analyze blockchain transactions to match ‘anonymous wallets’ to known investors.
Yes. In Canada, your transactions on OpenSea are subject to income and capital gains tax.
If you’ve earned or disposed of (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the CRA.
For more information, check out our complete Canada guide to cryptocurrency tax.
NFT marketplaces like OpenSea are legal in Canada.
Remember, there is no way to legally evade your taxes in Canada. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally.
For more information, check out our guide on how to avoid crypto tax in Canada.