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

[Andrew Stevanus (KWLUG)]

I would definitely want to hold ("hodl") on to it. There are various
services like BitPay that act as merchant processors and will convert
bitcoin on your behalf into your native currency, but personally, I
would prefer keeping at least some of my savings in a currency that
allows me to have full custody of my money. I would likely use bitcoin
for some expenses as well, since there are now a number of services that
accept it (for hosting, for example). I wonder how that would complicate
things further (e.g. tax deductions).

Joel Nahrgang:
> This would be treated the same as any other currency that you would accept
> in your business.
> The booking of it could be a bit different.
> 
> What would your plans be to use it? Would you accept it then cash out? Or
> use the funds for expenses?
> 
> On Oct 19, 2017 4:39 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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> 
> 
> 
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