[kwlug-disc] Accepting bitcoin (and other cryptos) as a Canadian business

[Joel Nahrgang]

This would be treated the same as any other currency that you would accept
in your business.
The booking of it could be a bit different.

What would your plans be to use it? Would you accept it then cash out? Or
use the funds for expenses?

On Oct 19, 2017 4:39 PM, "Andrew Stevanus (KWLUG)" <andrew+kwlug at hoot.tech>
wrote:

> The recent mention of the Humble Cryptocurrency Bundle and the ensuing
> discussion reminded me of something that I've been wondering about for a
> while. How would one go about accepting bitcoin and other
> cryptocurrencies as a Canadian business? Obviously, you'd still have to
> pay income tax, so would you calculate the equivalent amount in CAD when
> you received a payment and just use that? What exchange would you get
> the price from? Does it matter? Do you use the price when the invoice is
> generated, when the customer sends the payment, or when it is actually
> confirmed on the blockchain? Are there any additional rules that would
> apply when accepting cryptocurrency versus CAD?
>
> If anyone has any experience or even secondhand information regarding
> this, I'd love to hear about it.
>
>
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