Canada Describes Bitcoin as ‘Special Foreign Property’

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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