Canada gets 30 more Bitcoin ATMs and counting
Revenues are collected in Canada by the Canada Revenue Agency (Comparable to US IRS or the British HMRC) on the federal level.
Revenues are collected in Canada by the Canada Revenue Agency (Comparable to US IRS or the British HMRC) on the federal level. One of the largest concerns that governments have about cryptocurrencies is the collection of taxes.
If the blockchain does not allow the banks to report deposits and employers are not required to report Bitcoin transactions, tax revenue could shrink over time if Bitcoin’s share in overall financial transactions becomes significant.
Cointelegraph has written recently that the CRA has ruled that Bitcoins must be reported and taxes paid on certain transactions under the Tax Act. The problem is however that neither the CRA nor another part of the government has released any guidelines for imposing, reporting or collecting taxes on Bitcoin transactions.
Aaron Vaithilingam of Quadriga CX told one interviewer at Georgia Straight:
“Just having one of these in your restaurant or venue, it’s going to bring in a lot of those younger, technical-savvy, future-thinking people. You want those kinds of people coming into your business because they might be good future customers. Having one of these in your business shows you’re advancing and progressive thinking.”
The release was announced by Vaithilingham at the Crypto Block Party at Vancouver&rsquo