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

[Andrew Stevanus (KWLUG)]

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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