I was trying to research this and found the following:
Quote:
Trading one cryptocurrency for another (eg. BTC → ETH)
An exchange of crypto aka crypto-to-crypto trade is treated the same way as a sale. Exchanging one cryptocurrency for another is considered as disposal of one CGT asset and acquisition of another. It simply means you are receiving property instead of money upon selling your cryptocurrency. The sales price, in this case, would be the market value of the crypto you receive. If, for some reason, it can't be valued, you will have to consider the market value of the crypto you sold at the time of the transaction.
EXAMPLE
Let's say Sienna purchased 0.1 Bitcoin for CA$1000 in August 2017. In November 2017, she exchanged 0.05 Bitcoin for 2.1 Ether. On the date of the transaction, the market value of 2.1 ether was CA$1500. This means her capital gains would come to CA$1000 as the cost basis would be CA$500. Once again, 50% of the total gains or CA$500 would be added to her taxable income and she would have to pay tax as per her income tax slab.
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https://koinly.io/guides/crypto-tax-canada/
In my particular case I'm using an exchange to purchase BTC, and I want to take this and use a different exchange to purchase a different coin. I'm just wondering how others handle this from a tax perspective. Or if one day I cash out, what people have found the best way to get the info needed to fulfill tax obligations.