Mined coins taxable?

[RandyMarsh]

Hi folks, hard to get a straight forward answer from Google, thought I would try here. 

IN CANADA - if I mine a particular coin, do I have to claim that as income based on the price of the coin at the moment I came into possession of it? 

I'm considering buying a new device (sorry can't give details about the device right now or the coin) and this device mines coins when you use it. To compensate you, you get a portion of the coins in your personal wallet.  My question is not about the above concept and if it's a good or bad idea, etc., but simply - when would those coins be 'taxable': Only when I transfer to an exchange and trade them? Or immediately when I receive the coins in my wallet.   

Thanks all

Edited December 27, 2021 by RandyMarsh

[wojake]

Well, I really can't say since I'm not Canadian but I was always told to treat it as "income", I would recommend you to refer to your respective tax agency to clear things off.

Quote

when would those coins be 'taxable': Only when I transfer to an exchange and trade them? Or immediately when I receive the coins in my wallet.   

All of this is in the government's decision, if they want to decide (wallet2wallet) is taxable, so be it.

If you own the keys, you own the coins which means you did not transfer it to another person, you just transferred from one medium to another.

Same goes to wallet2exchange, you own the right to those coins, but things get a little complicated here since you're transferring to another institution (the exchange), I would also ask this question to the tax agency.

tl;dr = Ask your respective tax agency, good luck .