Brace yourselves: Canadian tax season is coming… even for the Bitcoins

Last updated on July 24th, 2016 at 04:37 pm

Canada is probably going to tax Bitcoin transactions, according to the country’s Revenue Agency that says users of this digital currency have to pay taxes on transactions.

The agency told CBC News that Bitcoins transactions aren’t exempt of taxes and users should be aware of that. As stated by the institution, there are two Canadian tax rules that can apply to the Bitcoin: when the digital currency is used for goods or services and when Bitcoins are bought and sold for speculative purposes.

It seems that the real world is getting in the way of our beloved digital coin. It’s not that surprising, when you think that Bitcoins’ volatile value and abrupt collapse have attracted lots of attention in the last weeks.

Well, that came just in time for tax season!


Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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