Canada Revenue Agency says tax rules apply to bitcoin
The Canada Revenue Agency issued an official release on how to treat bitcoin and other virtual currencies for taxation this week after signalling its intent to do so back in May. The guidance gives tax advisors working with Canadian bitcoin companies something to go on when working within the bitcoin space. Although it contains no new information, it does reinforce the CRA's previous statement on the subject. The fact sheet, entitled 'What you should know about Digital Currency', is a very brief outline that simply states that tax rules apply when it is used to pay for goods and services....
Related News
The Canada Revenue Agency has clarified its position on bitcoin. It has laid out two different tax rules, covering transactions made for goods or services in bitcoin, and for profits made through speculative trades. According to a report by Canada's CBC, the CRA will invoke its barter transaction rules when bitcoins are used to buy goods or services. These are laid out in paragraph 3 of its Interpretation Bulletin. The document says that the value of whatever is received is at least equal to the value of what is given up. The CRA also has a document called Transactions in Securities, which....
In a recent IRS News Release, America's Internal Revenue Service reveals their Virtual Currency Guidance. While Bitcoiners are busy watching the Coinsummit livestream, the IRS Virtual Currency Guidance that was promised many months ago has been leaked. The most noteworthy points are right in the title: Virtual Currency Is Treated as Property for U. S. Federal Tax Purposes. General Rules for Property Transactions Apply. Here is the full release: IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U. S. Federal Tax Purposes. General Rules for Property Transactions....
Two US states have issued new advisories and warnings on bitcoin, while Canada's tax authority has outlined its position on revenue from the cryptocurrency. The Nevada Department of Business and Industry, Financial Institutions Division, has issued consumer and investor guidance on digital currencies. Maryland's Department of Labour, Licensing and Regulation issued a warning on the risks associated with digital currencies, while Canada's tax authority issued more guidance on bitcoin activities and transactions. Of the three, the Canadian guidance is the most likely to have a direct and....
Recent posts from Canada describe steps that have been taken in this country forward bitcoin popularization, including launching of ATM in a coffee shop in Vancouver. Moreover, during the only one week of bitcoin ATM work in Vancouver, over 100,000 Canadian dollars were traded. Since then, the operators of bitcoin ATM – Bitconiacs company stated that other cities in Canada are also ready to launch similar ATM quite soon. In the beginning of November 2013 the Canadian government and the Canada Revenue Agency (CRA) has published an official release on bitcoin - entitled ‘What you should know....
“HMRC treats crypto assets as property for tax purposes. However, this is inconsistent with the approach currently being adopted by Government and other regulatory bodies in the UK," said the executive director of CryptoUK Ian Taylor Her Majesty’s Revenue and Customs (HMRC), the U.K.’s tax agency, on Wednesday, has released a controversial set of guidance that could affect innovation in Decentralized Finance (DeFi).The updated regulation focuses on the treatment of digital assets specifically for DeFi lending and staking in the UK, and whether returns or rewards from these services are....