

Cryptocurrency is not exempt from taxation, Canadian government argues




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Source: CBC

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"Barter tax"?
By vailr on 4/29/2013 1:27:24 PM , Rating: 2
Re: "These rules mandate taxes on bartered goods, and Bitcoins are no exception." So: if you're a Canadian and you trade a $10,000 boat (or $10,000 in Bitcoins) for someone's $10,000 car, are you supposed to pay sort of a "barter tax" sales tax?

RE: "Barter tax"?
By stickman555 on 4/29/2013 6:39:28 PM , Rating: 2
There would be no income or capital gain on that transaction. I believe the idea is if you trade your boat (with a value of $10,000) for bitcoins, then sell those bitcoins to obtain a car valued at say $15,000, you would pay income tax on the $5000 difference

