Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
According to recent research, nearly more millennials in America predict that they’ll be using cryptocurrency as a way to fund their retirement compared to those who expect to use savings and stock investment.
As part of a survey published by Investopedia, 28% of millennials in the United States have said that they think they’ll use their cryptocurrency in the future as part of their retirement plans. 25% of those polled expect to use their savings, and 27% expect to use their stock investment for retirement.
Generationally, the adoption of cryptocurrency seems to be most focused on the millennial bracket. Compared, 20% of Gen X expect to use cryptocurrency to support their retirement and 17% of Gen Z said the same thing. The survey polled 4,000 adults from the United States, 1,000 each from Generation Z (18-25), millennial (26-41), Generation X (42-57), and baby boomer (58-76) generation, to explore the financial literacy and interest in cryptocurrency across the generations.
Source: Investopedia
Crypto understanding across the generations
Of all those surveyed, 57% are invested in some form of cryptocurrency, but only 30% (1 in 3) adults say that they have advanced knowledge in the space. Only 25% noted that they have comprehensive knowledge of the themes in digital currencies including cryptocurrency, blockchain technology and non-fungible tokens (NFTs).
Of the generations, millennials reported the most understanding, with 44% of the generation noting advanced knowledge in the industry. Generation X stood at 37% followed by Generation Z with 31% and Baby Boomers sat behind with 26% reporting advanced knowledge.
However, nearly half of all respondents (49%) noted that they have at least a beginner’s understanding of the aspects of the digital finance field. Millennials, by far, are the most confident in the space. 41% said that they have a strong understanding of digital currencies, with 39% noting that they’d be confident enough to explain the concept of cryptocurrencies to someone else.
30% of the surveyed adults in Generation Z said they were confident in having a strong understanding of cryptocurrencies, 29% of Generation X said the same thing. In stark comparison, only 8% of Baby Boomers said the same.
Caleb Silver, Editor-in-Chief of Investopedia, commented on the results and research conducted, saying: