Hi Taxcycle Community!
I have my first client who has sold Bitcoin. I have the acquisition date and approximate cost (based on research) as the client doesn’t have the bank statement from 2013. I have already discussed the implications of not being able to provide supporting evidence of the cost but for the purpose of this post, that is getting off topic. The client made two small transactions for less than $500. For the purpose of this discussion I will clarify that the client does not meet the criteria for recording the transaction as business income therefore I need to report the capital gain on the transaction. Do I enter this information (Description, Date, ACB, proceeds) directly on the S3 under LPP? Is there anything else required? I have also asked the client to confirm if the total cost of the Bitcoin is over $100K to determine if a T135 is required.
Thank you fellow Tax Preparers!
If you have determined your client meets the criteria for his Bitcoin sale to be capital in nature it would be reported in section 3 (Shares & Mutual Funds) of the Schedule 3, not under Section 8 (Listed Personal Property). Everything needs to be reported in $cdn.
This doesn’t tell you what line of Schedule 3 to report, but does give some general Cryptocurrency info;
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/compliance/digital-currency/cryptocurrency-guide.html
It’s funny… a client asked me not to long ago if I thought Bitcoin could hit $50,000. I answered that I didn’t have a crystal ball… and it’s quite possible that BTC passes the 50k, $75k, or maybe even the $100k mark. The only thing I am certain of is that Bitcoin is eventually going to zero. 
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Thank you for your reply! I appreciate your comments and I think you are correct in your Bitcoin predictions. 