A city in Canada is letting people pay taxes in Bitcoin - page 4.

xvids

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Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

Here in the Philippines we could also donate,Pay Bills, Pay tax,Buy Load and more with Bitcoin using our local wallet.
It is good to see that other country is also using crypto now as a payment option,
I hope in the future more and more country would accept it.

Bessta

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Good move, by the government of Canada. This is not just because of the cashless way of paying tax but because cryptocurrency is involved as well. But of course, people that want to hold bitcoin can't be expected to pay their taxes by the use of bitcoin. But this is a really great way of adopting bitcoin. Bitcoin can now be found in the mainstream world and not in the underground world anymore.

kotasign

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Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

This is really a great news, hope more cities, states and countries adopt bitcoin too

sandra_x

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Nice catch up, bitcoin adoption is growing gradually even in government circles.Some states in the US already allow this .bitcoin is a legal tender in Germany,so I guess same is applicable over there. Soon it will play better role in international trade.Countries with restrictions on bitcoin will then be forced to re-evalute their stance

Finestream

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Quote from: kotasign on April 16, 2019, 05:11:21 PM

Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

This is really a great news, hope more cities, states and countries adopt bitcoin too

Yes.I'm sure the rest of the cities in canada will bound to accept too bitcoin as a payment method.It will only need time to make it possible.Hopefully not just in canada but the rest of the countries in the universe will be able to see the potentials of bitcoin and start to adopt bitcoin in their day to day transactions.This might not take for too long knowing that we are already living in digital age at the present.

rodel caling

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Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

Gladly to heard that news hope that decision of canadian government will follow by the ithe country, i hate taxes but if this way crypto for mas world adoption become world class useful digital currency to get convenient for fast transaction.

mohammedmattar

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Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

A good step contribute to push bitcoin towards adoption
Ohio opened the door and was followed by two states in the United States
I think such steps are much better than the FUD which is published by some.

minersday

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It is a good initiative that people are allowed to pay their taxes in Bitcoin but I don't really think this will help with mass adoption of Bitcoin. People who are not in the crypto ecosystem need to be educated on what Blockchain technology is and the role Bitcoin plays on the use of Blockchain technology and also the purpose behind the creation of Bitcoin and Blockchain technology. This rather will help people understand and appreciate Bitcoin and blockchain technology.

lyks15

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It is good step to start a bitcoin adoption. I think because of paying tax in using bitcoin government see the value of using it . And because they are already accepting bitcoin as a property tax we can say that they already starting embracing the crypto world. It brings a good image to bitcoin because Canada is one of the progressive country in the globe.

Cuk0ng_bitc0in

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when we see many companies that start taking payment services in the form of virtual currencies, the government must make regulations. including tax. even KFC stores in Canada also accept BTC payments. I think the government of Canada responds well to the crypto world.

pixie85

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Quote from: franky1 on April 16, 2019, 03:47:35 PM

Quote from: 1Referee on April 16, 2019, 03:33:10 PM

In my case I also have to pay tax over the value of my entire wealth, and the way it works is that the value is calculated based on the total value on first of January. The higher the price of Bitcoin is on January the first, the more tax I end up paying. In that regard, it comes quite handy that Bitcoin always tends to crash in late December.

in january 2018 the price was over $10k and 2019 the price was under $5k so if your tax is based on value as of january each year. your at a loss. thus paying LESS tax this year

He's already at a loss if he reports all coins he owns each year and pays tax based on that. It's a big enough burden to pay tax when you decide to convert your coins to fiat money but If I had to pay every year for holding my coins I'd never see any profits.

I like that they are allowing people to pay taxes in Bitcoin. At least payers will save up on conversion fees.

shield132

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Quote from: gentlemand on April 16, 2019, 12:45:46 PM

Quote from: geminiboy on April 16, 2019, 12:33:40 PM

what I am asking is how the value of tax is determined by bitcoin which we all know so far that the price of bitcoin is always changing in an instant, is tax at a value with the ongoing btc price?

Of course. They'll be using somewhere like Bitpay most likely which sets the price the moment you're charged. I seriously doubt any government department is going to become a Bitcoin holder. The money flies out as quick as it comes in.

I think governments are observing how much will be demand on it. To my mind thyley don't plan to become bitcoin holder but just offer bitcoin payments as an alternative method among other available options.
Also news isn't old guys but not hot to be fair, along with Canada, USA also accepts tax to be paid by bitcoins in Ohio state.
Perhaps we will see other states/towns/cities or evem countries to follow this path.

franky1

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Quote from: 1Referee on April 16, 2019, 03:33:10 PM

In my case I also have to pay tax over the value of my entire wealth, and the way it works is that the value is calculated based on the total value on first of January. The higher the price of Bitcoin is on January the first, the more tax I end up paying. In that regard, it comes quite handy that Bitcoin always tends to crash in late December.

in january 2018 the price was over $10k and 2019 the price was under $5k so if your tax is based on value as of january each year. your at a loss. thus paying LESS tax this year

1Referee

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Quote from: geminiboy on April 16, 2019, 12:33:40 PM

what I am asking is how the value of tax is determined by bitcoin which we all know so far that the price of bitcoin is always changing in an instant, is tax at a value with the ongoing btc price?

One example is that when you buy Bitcoin at $3000 and sell at $5000, you pay tax over $2000 in profits. If you have done multiple trades throughout the year, you add the value of all the profits you made and pay tax based on that. The shitty part is that in some countries they punish you extra for reporting higher profits. Rats they are.

In my case I also have to pay tax over the value of my entire wealth, and the way it works is that the value is calculated based on the total value on first of January. The higher the price of Bitcoin is on January the first, the more tax I end up paying. In that regard, it comes quite handy that Bitcoin always tends to crash in late December.

proTECH77

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Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

That's a great news and this has just made my day. Actually this news is definitely pointing many to Bitcoin adoption becasue of the company that's involve in the tax. How will this tax be determine by the property owners becasue Bitcoin is not a stable currency?

o_e_l_e_o

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Quote from: gentlemand on April 16, 2019, 12:45:46 PM

They'll be using somewhere like Bitpay most likely which sets the price the moment you're charged.

Correct. As you can see from the government website, they are using Coinberry, a Canadian company which operates both a crypto exchange and a crypto payment processor, offering "instantaneous no-fee withdrawals of Canadian dollars".

If you read the news stories surrounding this, they are doing it simply to get away from the high fees charged by credit card companies. More adoption is always good, but I can't see a huge number of people lining up to give the government details of which bitcoin addresses belong to them.

Bonsaiav

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Quote from: AXELNetwork on April 16, 2019, 10:14:07 AM

This is great for Bitcoin adoption! Innisfil, Ontario in Canada is now accepting property tax payments in Bitcoin:

https://www.youtube.com/watch?v=-YdQ2LOuduI&feature=youtu.be

Day by day various types and ways of using bitcoin are getting more and more intense, continue to grow among the wider community.
In the future, the pros and cons of people's opinions on the existence of digital currencies such as bitcoin we hope will fade so that bitcoin can develop more attractively and people's interest in bitcoin adoption continues to increase.

Quote from: TIDOVEE on April 16, 2019, 12:14:28 PM

And more so to pay it to taxi driver will it have to be by digital?

If this feels easy, why not?...
For now I admit bitcoin transactions still have some obstacles, such as slow transactions and costs incurred. But in the future this kind of problem I think will be resolved.

franky1

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reality check:

the small towns treasury when they want to receive property tax would say to the debtor 'you owe us $100'
when debtor pays with fiat via a credit card the treasury gets $98.25
when debtor pays with bitcoin via coinberrypay the treasury gets $99.50
(0.5% fee vs 1.75%)

BUT
here is the thing
the debtor is not paying exactly $100 in both examples

imagine it this way.
0.02btc on coinbase was $100
0.02btc on bitfinex was $101
0.02btc on binance was $99

but imagine coinberry pay used binances rate.
someone would need to pay 0.02020202

but imagine coinberry pay used bitfinex rate.
someone would need to pay 0.01980198

now the difference of 0.0202 and 0.0198 is 0.0004 or in short 2%
meaning the reality is from debtor to town treasury there can be a actual value swing of
2.5% going from fiat->btc->fiat

this is the reality check. because most gateway services say low fee's but then mess with users on the 'spread' (exchange rate) which is not a 'fee'

Alpinat

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The adaption of bitcoin in every country is increasing that is a really great news to all bitcoin users in the world even it is only happening in Canada we still have the hope that every country will do it and follow Canada.

Moshaid

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In as much as this news is good to the Crypto sector, I believe this will bring more transparency in term of funds disbursements and funds received. For the Canadian citizen and government to approve this they must have seen the uniqueness of blockchain in their ecosystem and I hope the citizens of Canada continues to utilize this mode of payment.

Topic: A city in Canada is letting people pay taxes in Bitcoin - page 4. (Read 851 times)