A city in Canada is letting people pay taxes in Bitcoin

[proTECH77]

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

That's a great news and this has just made my day. Actually this news is definitely pointing many to Bitcoin adoption becasue of the company that's involve in the tax. How will this tax be determine by the property owners becasue Bitcoin is not a stable currency? 

[1Referee]

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?

One example is that when you buy Bitcoin at $3000 and sell at $5000, you pay tax over $2000 in profits. If you have done multiple trades throughout the year, you add the value of all the profits you made and pay tax based on that. The shitty part is that in some countries they punish you extra for reporting higher profits. Rats they are.

In my case I also have to pay tax over the value of my entire wealth, and the way it works is that the value is calculated based on the total value on first of January. The higher the price of Bitcoin is on January the first, the more tax I end up paying. In that regard, it comes quite handy that Bitcoin always tends to crash in late December.

[franky1]

In my case I also have to pay tax over the value of my entire wealth, and the way it works is that the value is calculated based on the total value on first of January. The higher the price of Bitcoin is on January the first, the more tax I end up paying. In that regard, it comes quite handy that Bitcoin always tends to crash in late December.

in january 2018 the price was over $10k and 2019 the price was under $5k so if your tax is based on value as of january each year. your at a loss. thus paying LESS tax this year

[shield132]

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.

I think governments are observing how much will be demand on it. To my mind thyley don't plan to become bitcoin holder but just offer bitcoin payments as an alternative method among other available options.
Also news isn't old guys but not hot to be fair, along with Canada, USA also accepts tax to be paid by bitcoins in Ohio state.
Perhaps we will see other states/towns/cities or evem countries to follow this path.

[pixie85]

In my case I also have to pay tax over the value of my entire wealth, and the way it works is that the value is calculated based on the total value on first of January. The higher the price of Bitcoin is on January the first, the more tax I end up paying. In that regard, it comes quite handy that Bitcoin always tends to crash in late December.

in january 2018 the price was over $10k and 2019 the price was under $5k so if your tax is based on value as of january each year. your at a loss. thus paying LESS tax this year

He's already at a loss if he reports all coins he owns each year and pays tax based on that. It's a big enough burden to pay tax when you decide to convert your coins to fiat money but If I had to pay every year for holding my coins I'd never see any profits.

I like that they are allowing people to pay taxes in Bitcoin. At least payers will save up on conversion fees.

[Cuk0ng_bitc0in]

when we see many companies that start taking payment services in the form of virtual currencies, the government must make regulations. including tax. even KFC stores in Canada also accept BTC payments. I think the government of Canada responds well to the crypto world.

[minersday]

It is a good initiative that people are allowed to pay their taxes in Bitcoin but I don't really think this will help with mass adoption of Bitcoin. People who are not in the crypto ecosystem need to be educated on what Blockchain technology is and the role Bitcoin plays on the use of Blockchain technology and also the purpose behind the creation of Bitcoin and Blockchain technology. This rather will help people understand and appreciate Bitcoin and blockchain technology.

[rodel caling]

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

Gladly to heard that news hope that decision of canadian government will follow by the ithe country, i hate taxes but if this way crypto for mas world adoption become world class useful digital currency to get convenient for fast transaction.

[Finestream]

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

This is really a great news, hope more cities, states and countries adopt bitcoin too

Yes.I'm sure the rest of the cities in canada will bound to accept too bitcoin as a payment method.It will only need time to make it possible.Hopefully not just in canada but the rest of the countries in the universe will be able to see the potentials of bitcoin and start to adopt bitcoin in their day to day transactions.This might not take for too long knowing that we are already living in digital age at the present.

[sandra_x]

Nice catch up, bitcoin adoption is growing gradually even in government circles.Some states in the US already allow this .bitcoin is a legal tender in Germany,so I guess same is applicable over there. Soon it will play better role in international trade.Countries with restrictions on bitcoin will then be forced to re-evalute their stance

[Bessta]

Good move, by the government of Canada. This is not just because of the cashless way of paying tax but because cryptocurrency is involved as well. But of course, people that want to hold bitcoin can't be expected to pay their taxes by the use of bitcoin. But this is a really great way of adopting bitcoin. Bitcoin can now be found in the mainstream world and not in the underground world anymore.

[xvids]

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

Here in the Philippines we could also donate,Pay Bills, Pay tax,Buy Load and more with Bitcoin using our local wallet.
It is good to see that other country is also using crypto now as a payment option,
I hope in the future more and more country would accept it.

[Steamtyme]

This is the original thread covering this town accepting Bitcoin. Canada approved paying bitcoin with Bitcoin for Innisfil town

I'll clarify a few points like I did there. They are only a municipality that is accepting Bitcoin. Municipalities pretty much operate like a Corporate entity, and can set up their own by-laws and taxation schemes. These are independent of Provincial and Federal Laws, but must still comply with them.

So this really has no bearing on how the rest of Canada will adopt Bitcoin, other than some other towns or smaller cities might choose to follow suite. To clarify the Canadian Governement (Federal) has no plans to accept cryptocurrencies as payment in any way. They actively try and quash this rumor as it is used to scam Canadians every year.


Personally I think it's a PR stunt to help raise their profile. There will be a small number of individuals who will take part in this. Not to mention they will very likely cash out the majority of the received BTC immediately, because... you know... cost of running a city. They are located about an hour from Toronto, considered to be 95% of Canada by some, the center of the universe by others. Thisd could play into attracting new and vibrant people to their community for second homes, or a place close enough to Toronto.

[Slow death]

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

this is a small step, because big step would be if they legalized bitcoin, they get in the uncertainty about whether they legalize or not legalize bitcoin and that does not help. Even with this news, even if they said that Canada's Z store and Canada's Y shop are accepting bitcoin as a means of payment, it would still be a small step for mass adoption. What we need most is that governments legalize bitcoin so that all people can use it without fear of ever waking up and hearing that the government is banning bitcoin because it is illegal in their country

[ranman09]

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!

Wow, that is great news! So much adaptation news nowadays in the bitcoinsphere. I hope everything fires up bitcoin prices.

[Sithara007]

Canada has long supported cryptocurrency, but this can be good news for the world. So that other countries can imitate Canada in the use of bitcoin, and educate the public about bitcoin

Yes. Canada is one of those countries that has taken a less hostile approach to the cryptocurrency. In fact that is one of the few things that I like about Justin Trudeau. The regulations and policies in the United States are much more hostile.

[Noa_Amable]

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

well, well, well that's really a great news! 
the next step would be introducing crypto for other governemnt payments including fees and penalties in crypto.

[Juggy777]

Canada has long supported cryptocurrency, but this can be good news for the world. So that other countries can imitate Canada in the use of bitcoin, and educate the public about bitcoin

Hey yes their Prime Minister has a lenient approach towards bitcoins, and that’s why adoption rate has grown a lot there. I really like the idea of paying one’s taxes in bitcoins as people won’t hide the fact they have money in the form of bitcoins, and government will receive a steady revenue from the taxes. Also like you have said I’m hoping other countries imitate them, and allow taxpayers the option to pay taxes via bitcoins.

[CryptoInsights]

https://www.ctvnews.ca/canada/ont-town-first-in-canada-to-accept-bitcoin-for-property-tax-1.4379367

Residents of Innisfil, Ont. can now pay their tax using cryptocurrency, in a move that’s made the town the first municipality in the country that accepts Bitcoin.

The town entered a one-year pilot project this month, partnering with Coinberry Pay, a Toronto based crypto currency company to process bitcoin payments for property taxes.

[Leonardo7]

We know all these gradual adoptions will eventually come up, we now need the government and the big banks to give licenses to real sectors to trade and start accepting cryptocurrencies, this will ensure a good inflow of money to the existing market, which will make the market to be more stable.