Canada Describes Bitcoin as ‘Special Foreign Property’
The Canadian Revenue Agency (CRA) has announced it views Bitcoin and digital currency as “specified foreign property” for tax purposes. The clarification was given in a document, originally dated April 16, as part of a response to a request for additional information regarding Canada’s tax treatment of digital currency wealth. The request outlined a situation in which a company invests over a certain amount “in a foreign partnership, which in turn invests in digital currency (e.g. bitcoins). The foreign partnership uses currency arbitrage/exchange and other trading methods to increase the....
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http://www.youtube.com/watch?v=3BKawxWMfbA. From video description: Michael Perklin (Bitcoin Alliance of Canada), Francis Pouliot (Bitcoin Embassy/Bitcoin Foundation Canada), Jillian Friedman (Bitcoin Foundation Canada), Guillaume Babin-Tremblay (Bitcoin Foundation Canada), Stuart Hoegner (Bitcoin Alliance of Canada).
The Parliament of Canada has passed a bill that amends the country's Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2000 to extend to both foreign and domestic businesses working in the bitcoin and digital currency sectors in Canada. Bill C-31, known formally as "An Act to Implement Certain Provisions of the Budget Tabled in Parliament on February 11, 2014", has potentially far-reaching implications for all bitcoin businesses currently serving the Canadian market, and was first introduced in March. On 19th June, it received Royal Assent, thereby officially becoming....