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

[Paul Nijjar]

On Thu, Oct 19, 2017 at 08:37:00PM +0000, Andrew Stevanus (KWLUG) 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.
> 

I bet Stephen Paul Weber and Jonathan Lamothe have some information
around this. For a while they were trying a startup called
RippleUnion (which may still exist? I'm not sure.) It dealt with the
related trading system Ripple, but Bitcoin transfers were involved,
and they were storing currency in Canadian banks.

https://www.kwartzlab.ca/2014/06/kwartzlab-radio-ripple-union/

- Paul

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