Since Revenue Canada
DO NOT have specific rule for bitcoins's trading, they will apply and refer to a existing rule, where you can learn more about here:
http://www.cra-arc.gc.ca/E/pub/tp/it479r/it479r-e.html It is quite complicated, but you have to keep in mind that your profit (lost) from trading bitcoin may be an income (lost)
OR a capital gain (lost)... This above rule is giving some clues to find out what is your actual status. Also, since this rule is quite well known for years, we may assume that past court's decisions could be of great interest to understand what is coming ahead with bicoins's tax matters.
It is a major point to know if your profit is an "income" or a "gain", because tax consequences are important. You will pay much less taxes if it is a capital gain, than income.
Don't hesitate to visit my website at
www.bitcoin-law.ca to learn more about canadian regulations and laws with bitcoin.
Louis Sirois LL.B
Canada (Quebec) tax litigation lawyer
and bitcoin compliance service
(we do accept bitcoins for our fees)
