26 Apr '13, 9pm

Revenue Canada says BitCoins aren't tax exempt

Just in time for tax season, the Canada Revenue Agency says the users of Bitcoins will have to pay tax on transactions in the upstart digital currency. BitCoins are a fringe online currency that entered the mainstream this year after speculators rushed in and caused their value to more than quadruple in value. Originally designed as a virtual currency alternative to conventional money, the cash value of a BitCoin jumped from under $50 US to above $250 and back earlier this month, as speculators flooded the market after awareness of them grew. Price swings like that mean some BitCoin buyers and sellers likely made or lost a lot of money, which raises the question of how that will be handled come tax time. The issue is not just academic. Saskatoon realtor Paul Chavady said he has listed a house priced in BitCoins, and has found clients willing to pay his fees in the electron...

Full article: http://www.cbc.ca/news/business/story/2013/04/26/business...

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Revenue Canada says BitCoins aren't tax exempt

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Just in time for tax season, the Canada Revenue Agency says the users of Bitcoins will have to pay tax on transactions in ...

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