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

[stuart at lowlevel.ca]

My take on it is that you are trading goods or services for an asset. I don’t see how you claim a gain or a loss until you convert that asset to actual legal currency.

That being said, I suspect most businesses accepting such assets as payment are converting them at time of sale to lock in a known value/pay for the goods.

It does start to get complicated if you start holding the digital assets I think... 

Stuart

Sent from my iPhone

> On Oct 19, 2017, at 4:37 PM, 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.
> 
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