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

[Dave Cramer]

I would think it would work the same as collecting USD
you have to convert at the end of the year at either the average for the
year or monthly or even daily

But I imagine there are no rules yet, but seems like they would follow the
USD conversion rules. It would be hard for CRA to argue

Dave Cramer

On 19 October 2017 at 16:37, Andrew Stevanus (KWLUG) <andrew+kwlug at hoot.tech
> 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.
>
>
> _______________________________________________
> kwlug-disc mailing list
> kwlug-disc at kwlug.org
> http://kwlug.org/mailman/listinfo/kwlug-disc_kwlug.org
>
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://kwlug.org/pipermail/kwlug-disc_kwlug.org/attachments/20171019/7d974d75/attachment.htm>