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Author Topic: Bitcoin status in Canada  (Read 1093 times)
impulse (OP)
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April 26, 2013, 10:38:05 PM
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I just wanted to cross post this from an entry I made in the Press forum.

CBC released an article today about bitcoin taxation in Canada: http://www.cbc.ca/news/business/story/2013/04/26/business-bitcoin-tax.html?cmp=rss

Are there any Canadian tax lawyers or otherwise knowledgeable individuals here?

If I am interpreting this correctly, than what it is saying is that if I buy $1000 worth of bitcoins and immediately buy a product with them, I am subject to the "barter" tax provision and I owe income tax on $1000, whereas if I used the dollars I would owe nothing, only the merchant would be required to claim the "income". Is that right? That would completely cripple a functioning bitcoin economy in Canada.
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April 26, 2013, 10:52:44 PM
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Barter tax is pretty stupid if your interpretation is correct.
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April 27, 2013, 12:07:37 AM
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Let's take time and read referenced CRA publications.

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Your mining rig is on fire, yet you're very calm.
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