{"id":329,"date":"2013-11-11T17:05:00","date_gmt":"2013-11-11T17:05:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/tax-rules-apply-to-cryptocurrency-says\/"},"modified":"2013-11-11T17:05:00","modified_gmt":"2013-11-11T17:05:00","slug":"tax-rules-apply-to-cryptocurrency-says","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2013\/11\/tax-rules-apply-to-cryptocurrency-says.html","title":{"rendered":"Canada has decided to reveal some of its plans for virtual currencies"},"content":{"rendered":"<div class=\"separator\" style=\"clear: both; text-align: center;\">\n<a href=\"http:\/\/i.cbc.ca\/1.1496268.1379104679!\/httpImage\/image.jpg_gen\/derivatives\/original_460\/li-620-bitcoin-token-04266084.jpg\" imageanchor=\"1\" style=\"margin-left: 1em; margin-right: 1em;\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" height=\"180\" src=\"http:\/\/i.cbc.ca\/1.1496268.1379104679!\/httpImage\/image.jpg_gen\/derivatives\/original_460\/li-620-bitcoin-token-04266084.jpg\" width=\"320\" \/><\/a><\/div>\n<div style=\"color: #333333; font-family: 'Droid Sans', sans-serif; line-height: 22px; padding: 0px 0px 15px; text-align: justify;\">\n<\/div>\n<div style=\"color: #333333; font-family: 'Droid Sans', sans-serif; line-height: 22px; padding: 0px 0px 15px; text-align: justify;\">\n(<a href=\"http:\/\/bitcoinexaminer.org\/tax-rules-apply-to-cryptocurrency-says-the-canada-revenue-agency\/\" style=\"background-color: white;\" target=\"_blank\">BitcoinExaminer<\/a>)&nbsp;Canada has decided to reveal some of its plans for the future of Bitcoin and other virtual currencies: the country\u2019s Revenue Agency (CRA) recently&nbsp;<strong>released a&nbsp;<a href=\"http:\/\/www.cra-arc.gc.ca\/nwsrm\/fctshts\/2013\/m11\/fs131105-eng.html\" style=\"color: #0094d2; text-decoration: none;\">statement<\/a>&nbsp;regarding the taxation of cryptocurrency<\/strong>, which had been promised in May.<\/div>\n<div style=\"color: #333333; font-family: 'Droid Sans', sans-serif; line-height: 22px; padding: 0px 0px 15px; text-align: justify;\">\nThe document, entitled \u201cWhat you should know about Digital Currency\u201d,<strong>provides guidance to tax advisors&nbsp;working with Bitcoin companies in the country<\/strong>, reinforcing the CRA\u2019s former opinions on the subject.<\/div>\n<div style=\"color: #333333; font-family: 'Droid Sans', sans-serif; line-height: 22px; padding: 0px 0px 15px; text-align: justify;\">\nBasically, the tax rules apply when Bitcoin is used to pay for goods and services, exactly like the rules for barter transactions apply. The fact sheet also includes links to the CRA\u2019s rules on Barter Transactions, equally pointing out that&nbsp;<strong>\u201cdigital currency can also be bought or sold like a commodity\u201d<\/strong>, so \u201cany resulting gains or losses could be taxable income or capital for the taxpayer\u201d.&nbsp;However, as Coindesk highlights, the guidelines don\u2019t address the possible taxation of&nbsp;Bitcoin mining<a href=\"http:\/\/pokerati.com\/2013\/11\/canada-will-tax-your-bitcoins\/\" style=\"color: #0094d2; text-decoration: none;\" target=\"_blank\">.<\/a><\/div>\n<div style=\"color: #333333; font-family: 'Droid Sans', sans-serif; line-height: 22px; padding: 0px 0px 15px; text-align: justify;\">\nFinally, the document encourages the Bitcoin users and entrepreneurs to follow the law: \u201c<strong>not reporting income from domestic or foreign sources is illegal<\/strong>. Canadians should know that the Canada Revenue Agency is very active in pursuing cases of non-compliance, in order to ensure that the tax system remains fair for everyone\u201d.<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>(BitcoinExaminer)&nbsp;Canada has decided to reveal some of its plans for the future of Bitcoin and other virtual currencies: the country\u2019s Revenue Agency (CRA) recently&nbsp;released a&nbsp;statement&nbsp;regarding the taxation of cryptocurrency, which had been promised in May. The document, entitled \u201cWhat you should know about Digital Currency\u201d,provides guidance to tax advisors&nbsp;working with Bitcoin companies in the country, [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":959,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,142,468,542],"tags":[764,828,1126,1201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canada has decided to reveal some of its plans for virtual currencies -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2013\/11\/tax-rules-apply-to-cryptocurrency-says.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canada has decided to reveal some of its plans for virtual currencies\" \/>\n<meta property=\"og:description\" content=\"(BitcoinExaminer)&nbsp;Canada has decided to reveal some of its plans for the future of Bitcoin and other virtual currencies: the country\u2019s Revenue Agency (CRA) recently&nbsp;released a&nbsp;statement&nbsp;regarding the taxation of cryptocurrency, which had been promised in May. 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