Canada Revenue Agency To Tax BitCoin Transactions 297
First time accepted submitter semilemon writes "The Canada Revenue Agency has started paying attention to BitCoin transactions, as it says users will have to pay tax on all transactions using the currency. From the article, "The CRA told the CBC there are two separate tax rules that apply to the electronic currency, depending on whether they are used as money to buy things or if they were merely bought and sold for speculative purposes. "Barter transaction rules apply where BitCoins are used to purchase goods or services," Canada Revenue Agency spokesman Philippe Brideau said in an email. In this situation, that means whatever you've received in exchange for your $1 worth of vegetables must be documented as a taxable gain of at least $1 somewhere. When it comes to trading BitCoins for profit, the tax man says there are tax implications there, too. "When BitCoins are bought or sold like a commodity, any resulting gains or losses could be income or capital for the taxpayer depending on the specific facts," ruled the CRA."
Re: Kind of innevitable and entirely reasonable (Score:1, Funny)
But but the free market will fix everything.
Re:Kind of innevitable and entirely reasonable (Score:2, Funny)
Libertarian types trying to sponge off the taxes of hard working tax payers via tax evasion
Statist socialist types trying to sponge off hard working capitalists via government strong arming with prison and fines.
There, FTFY.
Re:Kind of innevitable and entirely reasonable (Score:4, Funny)
[A]... government that piles its country's resources in to terrorism prevention, whilst ignoring road safety.
Oh c'mon... a cursory glance at the number of casualties from terrorism vs road accidents would show that to be just plain dumb.
at least use a more plausible example, geez!