- Bitcoin transactions in Canada are treated as barter transactions by the CRA
- Businesses accepting Bitcoin as payment must charge and remit GST/HST
- Input Tax Credits (ITCs) can be claimed for GST/HST paid on purchases made with Bitcoin
- Cryptocurrency exchanges facilitating Bitcoin transactions may have GST/HST obligations
- Bitcoin mining itself is not subject to GST/HST, but related services are
- Accurate record-keeping is essential for managing GST/HST obligations related to Bitcoin transactions.
Source: taxpartners.ca
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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