Posted by & filed under Personal Tax.

Description:  Tax time is rolling around quickly for Canadians. And with all the 2017 hype over Bitcoin, some may be wondering what to do with any income earned in trading the cryptocurrency. The simplest answer: if you trade, keep records; if you make income, declare it.

Date: April 13, 2018

Source:  cbc.ca

Link: http://www.cbc.ca/news/canada/toronto/cryptocurrency-income-tax-canada-1.4626837

1) Do you know anyone trading in Bitcoin?

2) How does the article say gains on trading Bitcoin will be taxed?

3) On page 367 of Wiley’s Financial Accounting: Tools for Business Decision Making, there is a discussion of what exactly constitutes cash. Do you think Bitcoin should be treated as cash by accountants?

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