In this 2nd part of our blog series on digital currencies, we’ll look at how Bitcoin ATMs are used, if they are considered legal tender in Canada and how they are taxed. Let’s start!Automated Exchangers (Bitcoin ATMs)There are automated exchangers commonly called Bitcoin ATMs available in many areas in Canada. These are vending machines that allow you to insert cash in exchange for bitcoins and in some cases bitcoins for cash. These machines are not connected to any bank, credit union or the Interac network. There may be charges that will apply if you use a Bitcoin ATM. Are digital currencies...
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Bitcoin has been all over the news these past few months and it is getting more and more popular with Canadians. But before jumping in on the Bitcoin bandwagon, let’s take a step back and re-learn the basics of what we are getting into. First of all, cryptocurrencies are not issued by or governed by any government or central bank. So what is digital currency? Digital currency is electronic money. It is not available as bills. Cryptocurrencies are a type of digital currency created through computer algorithms. And as everyone knows, Bitcoin is the most popular type of cryptocurrency nowadays. As...
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Tax slips are prepared by your employer, payer or administrator. Expect to receive most of your slips and receipts by the end of February. As for T3 and T5013 slips, these will be sent out before the end of March. If you have not received your tax slips by the date mentioned above or have misplaced a slip for the current year, you will have to ask your employer or the issuer of the slip for a copy. You can also get a copy on the CRA’s My Account for Individuals service (if you are registered for this service). If you...
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Here are the Federal Tax Rates for 2018: - 15% on the first $46,605 of taxable income,- 20.5% on the next $46,603 of taxable income (on the portion of taxable income over $46,605 up to $93,208),- 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489),- 29% on the next $61,353 of taxable income (on the portion of taxable income over $144,489 up to $205,842),- 33% of taxable income over $205,842. You can also find these rates on Schedule 1 of your income tax return. You will find the provincial or territorial...
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