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

[Joel Nahrgang]

Its income when you sell goods or a service. It doesnt matter what you get
in return its still income.


On Oct 19, 2017 5:17 PM, "stuart at lowlevel.ca" <stuart at lowlevel.ca> wrote:

> My take on it is that you are trading goods or services for an asset. I
> don’t see how you claim a gain or a loss until you convert that asset to
> actual legal currency.
>
> That being said, I suspect most businesses accepting such assets as
> payment are converting them at time of sale to lock in a known value/pay
> for the goods.
>
> It does start to get complicated if you start holding the digital assets I
> think...
>
> Stuart
>
> Sent from my iPhone
>
> > On Oct 19, 2017, at 4:37 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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