A city in Canada is letting people pay taxes in Bitcoin

[AXELNetwork]

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

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[okala]

This is really a great one and it shows the level of cryptocurrency adoption and bitcoin is taking the lead, I just hope the crypto friendly environment will continue and spread to other part of the world where authorities see bitcoin as a thread to the traditional financial system and start accepting for tax and other Levy's.

[Haunebu]

I think this is old news. Heard about this through a thread somewhere in the forum before. This is good news, but this is a single city and not the whole of Canada that is allowing people to do this.

Some of my friends in Canada did inform me that the entire country might provide this feature in the near future though. Exciting times!

[dothebeats]

It's a great move, although the question is how long would they be keeping it like this and how would those taxes be useful for the said town in the long run knowing so well that only a handful of merchants, services, organizations and entities are willing to receive bitcoin in exchange of what they're offering. Somewhere along the way, they would be needing to convert these into fiat and I sure hope that they have OTC markets set-up for that in order to not disrupt the flow of the market. I just hope that they also encourage businesses to receive bitcoins in exchange of their merchandise and services, too, for it to have a wider use-case and not just limited into paying taxes because I'm pretty sure the interest for buying directly with bitcoin is already skyrocketing by now.

[Duzter]

I think this is old news. Heard about this through a thread somewhere in the forum before. This is good news, but this is a single city and not the whole of Canada that is allowing people to do this.

Some of my friends in Canada did inform me that the entire country might provide this feature in the near future though. Exciting times!

Yes it is an old news which is discussed in our forum earlier https://bitcointalk.org/index.php?topic=5125818.0. Once again in my view bitcoin acceptance taken forward in Canada is really a good thing that supports the growth of bitcoin. Following Canada can expect more countries doing the same.

[Ailmand]

I have heard of this news and it's really unimaginable that bitcoin could reach most countries this way. We can see that bitcoin is continuously and actively moving in countries who are open for cryptocurrency adoption. In our country, it's being used to transact faster and easier but I'm also hoping that our country would also accept bitcoin to pay taxes. It is being used to pay bills and tuition here and I strongly believe that it could be used in more ways in the future.

[gentlemand]

Who the hell would want to pay the most boring cost of their daily lives with their precious asset? I could just about get over paying for something that gave me a great deal of pleasure when BTC was valued far lower. The idea of paying 1 BTC in taxes and then it doing a 10-20x before the year was out would utterly ravage me.

[pundit]

This is a bit old news, someone has already started thread with similar topic somedays ago on this forum. This is indeed a good news for cryptocurrencies that developed country like Canada has started accepting property taxes via Bitcoin in few cities. I hope govt will implement it in the entire country once this payment method is successful. Due to its decentralize nature, fast and cheap transaction, people will love to pay taxes with Bitcoin. Very soon other developed countries should start using cryptocurrencies in govt transactions.

[avikz]

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

I am surprised! I believe, few months back Canadian banks have started closing/freezing accounts if they are suspected to have dealt with cryptocurrency! I still found few news links about it,

https://www.reddit.com/r/Bitcoin/comments/888d25/cibc_bank_closes_down_my_account_for_trading/

https://www.trustnodes.com/2018/04/03/local-bitcoin-trading-volumes-spike-canada-bank-bans

Now it's a complete turn about from the previous stance! I doubt the authenticity of this news!

[enhu]

This is a bit old news, someone has already started thread with similar topic somedays ago on this forum. This is indeed a good news for cryptocurrencies that developed country like Canada has started accepting property taxes via Bitcoin in few cities. I hope govt will implement it in the entire country once this payment method is successful. Due to its decentralize nature, fast and cheap transaction, people will love to pay taxes with Bitcoin. Very soon other developed countries should start using cryptocurrencies in govt transactions.

Ye they should allow it for the entire that would be a better news. Doing it with one city isn't going to make people buy btc just so they can pay their taxes, if they offer 20% less if tax payers pay in BTC, people may probably cram on Bitcoin ATM. Whenever I think the government is starting to accept BTC, it feels like they are also up to create their own exchange.

[geminiboy]

Bitcoin is coming up as the world currency in no time soon, it will still be more generally acceptable. For now it is not popular and trusted enough. Only those who are using it already can vouch for it and can confidently make transaction with it within themselves.
And more so to pay it to taxi driver will it have to be by digital?

what I am asking is how the value of tax is determined by bitcoin which we all know so far that the price of bitcoin is always changing in an instant, is tax at a value with the ongoing btc price?

[gentlemand]

what I am asking is how the value of tax is determined by bitcoin which we all know so far that the price of bitcoin is always changing in an instant, is tax at a value with the ongoing btc price?

Of course. They'll be using somewhere like Bitpay most likely which sets the price the moment you're charged. I seriously doubt any government department is going to become a Bitcoin holder. The money flies out as quick as it comes in.

[Daniel91]

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

Great news really.
I hope that soon something like this will be possible in my country to.
Just recently main tax office issued official opinion about crypto trade and explain procedure how to report and pay taxes on the profit from crypto trade.
I hope that next step will be to accept possibility to pay taxes with bitcoin.
 

[Zadicar]

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

I am surprised! I believe, few months back Canadian banks have started closing/freezing accounts if they are suspected to have dealt with cryptocurrency! I still found few news links about it,

https://www.reddit.com/r/Bitcoin/comments/888d25/cibc_bank_closes_down_my_account_for_trading/

https://www.trustnodes.com/2018/04/03/local-bitcoin-trading-volumes-spike-canada-bank-bans

Now it's a complete turn about from the previous stance! I doubt the authenticity of this news!

A complete U-turn?

This can happen time to time yet decisions and views would be reverted if they wanted to.This adoption shows some progress that it can really be used on these kind of transactions.
Hope they wont revert this once again.

[Shenzou]

This seems like great news, everyday we hear about these news about governments banning it and shutting people associated with it, and it is really good to see some good news coming from them at least for once, and i hope that this only encourages more and more people to trust in bitcoin and start using it, and not just for taxes but also in their everyday lives like to pay for groceries and pay for transportation.

[Moshaid]

In as much as this news is good to the Crypto sector, I believe this will bring more transparency in term of funds disbursements and funds received. For the Canadian citizen and government to approve this they must have seen the uniqueness of blockchain in their ecosystem and I hope the citizens of Canada continues to utilize this mode of payment.

[Alpinat]

The adaption of bitcoin in every country is increasing that is a really great news to all bitcoin users in the world even it is only happening in Canada we still have the hope that every country will do it and follow Canada.

[franky1]

reality check:

the small towns treasury when they want to receive property tax would say to the debtor 'you owe us $100'
when debtor pays with fiat via a credit card the treasury gets $98.25
when debtor pays with bitcoin via coinberrypay the treasury gets $99.50
(0.5% fee vs 1.75%)

BUT
here is the thing
the debtor is not paying exactly $100 in both examples


imagine it this way.
0.02btc on coinbase was $100
0.02btc on bitfinex was $101
0.02btc on binance was $99

but imagine coinberry pay used binances rate.
someone would need to pay 0.02020202

but imagine coinberry pay used bitfinex rate.
someone would need to pay 0.01980198

now the difference of 0.0202 and 0.0198 is 0.0004 or in short 2%
meaning the reality is from debtor to town treasury there can be a actual value swing of
2.5% going from fiat->btc->fiat

this is the reality check. because most gateway services say low fee's but then mess with users on the 'spread' (exchange rate) which is not a 'fee'

[Bonsaiav]

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

Day by day various types and ways of using bitcoin are getting more and more intense, continue to grow among the wider community.
In the future, the pros and cons of people's opinions on the existence of digital currencies such as bitcoin we hope will fade so that bitcoin can develop more attractively and people's interest in bitcoin adoption continues to increase.

And more so to pay it to taxi driver will it have to be by digital?

If this feels easy, why not?...
For now I admit bitcoin transactions still have some obstacles, such as slow transactions and costs incurred. But in the future this kind of problem I think will be resolved.

[o_e_l_e_o]

They'll be using somewhere like Bitpay most likely which sets the price the moment you're charged.

Correct. As you can see from the government website, they are using Coinberry, a Canadian company which operates both a crypto exchange and a crypto payment processor, offering "instantaneous no-fee withdrawals of Canadian dollars".

If you read the news stories surrounding this, they are doing it simply to get away from the high fees charged by credit card companies. More adoption is always good, but I can't see a huge number of people lining up to give the government details of which bitcoin addresses belong to them.