Canada approved paying bitcoin with Bitcoin for Innisfil town - page 3.

magneto

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Quote

This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially.

The government isn't accepting bitcoin as a means of settling tax payments.

I think that the main takeaway from the article is that, a third party middleman is used in order to convert the BTC into CAD first, before the government collects the tax payments. It's not as if the government has the payment infrastructure set up in bitcoin and ready to go, at least not at this stage.

In this case, there is zero exchange rate risks for the government receiving the payment, and it's almost the same from their perspective compared to traditional means of payment through fiat. It's most likely just hyped up news that in reality, won't really make any difference.

Teawhalee

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This is a great news for bitcoin and this is one of the adoptions that can help to activate other adoption and trigger bull run. This means a lot for bitcoin and cryptocurrency at large. I hope the acceptance is throughout Canada and also it’s likely going to cause some positive spike in the market

Steamtyme

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Quote from: akamit on March 29, 2019, 03:28:12 PM

How is it possible that only one town accepting taxes with bitcoin when the rest of Canada isn't?
Why is it like the central government does not control all the towns in regards to accepting taxes?
It seems some towns are independent and they can do whatever they wish to do. Is there any specific reason for this?

We have a division of powers that spread from the top down. I can't remember the exact breakdown but looked up this site for a breakdown.

Essentially we have Federal or Central. They can not be overridden by any of the lower levels of government.

Next would be Provincial or a State level of Government.

These 2 entities will collect a Federal Income tax , and Goods and Services Tax, and Provincial sales tax. They also take payment for any forms or services.

Then you have town or city government, Municipal. They collect a property tax. Each level can decide what payment methods they want to use, so it's not surprising to see`1 small town take this opportunity. The reason I point that out is I'd hate for someone to google search and see the government accepts payment that way, as this is a prevalent phone scam across Canada using Bitcoin ATM's

Edit: I forgot to add, that if the federal government were to place a ban on crypto the lower levels would have to comply.

Sharon121212

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With this it's correct to say Canada has accepted the use of bitcoin. Canada is one of the world top economies and them recognising bitcoin as a medium of payment of tax this would really boost bitcoin forward

akamit

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Quote from: Steamtyme on March 29, 2019, 03:42:35 AM

And to clarify it's only a single town, this would not represent the Canadian Government. They actually have warnings on their site stating they do not accept Cryptocurrency, to warn against scams.

How is it possible that only one town accepting taxes with bitcoin when the rest of Canada isn't?
Why is it like the central government does not control all the towns in regards to accepting taxes?
It seems some towns are independent and they can do whatever they wish to do. Is there any specific reason for this?

maldini

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A good start towards a bitcoin vision, I'm sure this is the beginning of a change where in the future bitcoin will become the king of money markets.
Hold it now, and wait for next year

rdbase

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Quote from: mrdeposit on March 29, 2019, 06:47:33 AM

I just heard that Ontario city started the pilot program : https://cointelegraph.com/news/canada-ontario-town-approves-pilot-program-for-paying-property-taxes-with-bitcoin. Also, this is not a complete acceptance, just like testing.

It does have a larger population and closer to the parliament building in their capital city ottawa. So this should have a profound effect on the political landscape to make it more widely accepted towards the larger demographic of more major cities there.

spadormie

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Quote from: Ayiranorea on March 29, 2019, 03:32:44 AM

Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

That's really a positive news for bitcoin growth around the world. Most of the services accepting bitcoin does the same. This is all because of the volatility that bitcoin has, we need direct acceptance. The present acceptance is through an intermediary, there are several such service renders like coinberry and the most preferred is the bitpay. Also I suggest you to change the thread headline. Bitcoin with bitcoin is not fair.

Not much for a piece of positive news for bitcoin growth worldwide. This news only applies for Canada and it's just a place in Canada. It's only for for Innisfil town. It is just small news and it can't affect the whole world just because the town approves paying its taxes.

denzkilim

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Quote from: darklus123 on March 29, 2019, 07:30:38 AM

Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

If we gonna talk about cryptocurrency's progress I think it's no use at all. Even if you can now pay directly through bitcoin, they are still going to convert it to their main currency(which only means that the government is still directly not accepting/supporting bitcoin.)

Note that we can only guarantee that the government is now really supporting this type of currency when they actually do hold the coin(which can be a nation's asset).

Yup you're correct they are using third-party applications to convert Bitcoin payments into fiat just like in my country where you can pay your utility bill using Bitcoin, Ethereum, Ripple, and Bitcoin Cash with a third-party app that converts Bitcoin into our native currency to pay bills, I guess if the government will accept Bitcoin directly there will have a problem because of the volatility of this asset and it is necessary for them to let other companies create a trading application that converts Bitcoin to fiat to pay for government bills.

It looks like it is still impossible for now that governments will accept directly a volatile payment method that fluctuates.

kryptqnick

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

Well, it's good that one can pay income tax in Bitcoin, but the fact that btc is immediately converted into Canadian dollars means that the government does not really trust it and essentially makes it as if those people actually payed their taxes in fiat. I don't know how it works in Canada, but it my country it would not be easy to pay those taxes even if there was a special app to convert btc to fiat while pyaing them rightaway. The thing is that one first needs to register as a private entrepreneur with certain functions, then one has to declare income for every quarter of the year, go in person to a special office, fill in special forms on activity, income and taxes and only then pay. Honestly, this is what makes me hesitate about registering, even though I get most of my income from online jobs (it's not much of money even for my country, to be fair, but if I could just declare the income, make a brief overview and pay online, I'd most likely do it). It's a nice step forward anyway, but if I'm not mistaken cryptos are really heavily taxed in Canada, unfortunately.

The Cryptovator

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Quote from: Lucius on March 29, 2019, 06:42:14 AM

The title is a bit misleading, because it's just about a pretty small town with population less then 40 000 inhabitants, and it is a big question how many people in that city know what is bitcoin.

Title has been updated. It's not very big news but I think at least its positive for bitcoin users. Who know perhaps Canada is trying to experiment how work this system. Doesn't matter how many people's know about bitcoin there, but once a goverment approved bitcoin officially then obviously more people's will encourage to know about bitcoin. Because it will be very easy to use and low cost. I believe in this way awareness will increase about bitcoin. Do you think same ?

traderethereum

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After all, that is a good step from that city, so they approve bitcoin as the payment option. They will help the adoption of bitcoin, and soon, all city in Canada will do the same, and if another country does the same thing, then the mass adoption will be happening. I think we need more good news like that so people from another country will know about bitcoin and they can use it too.

pundit

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

This is indeed a good news for cryptocurrencies. Canada is one of the developed country backed by strong economy, if they are accepting tax via Bitcoin this is a very positive news for Bitcoin acceptance. I think the day is not far away when other countries with strong economy will start accepting Bitcoin for such services/tax payment. Govts. and big companies are now accepting the power of blockchain technology. Blockchain has faster and low cost transactions with high security and these are indeed unique features to be accepted widely.

lyks15

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I think this will be a good start of bitcoin's acceptance because the one of most progressive and rich country are now accepting bitcoin. As a one of the leading country in the world,it can be a good role model to the other countries to follow their strategies to become progressive too. So it is a good benefits for bitcoin because I think many countries will do accepting bitcoin soon.

tomahawk9

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Quote from: Haunebu on March 29, 2019, 03:30:29 AM

Ohio also offers this facility in the USA

Yeah, and how did that go? Well, not that great: https://bitcoinmagazine.com/articles/so-far-only-two-businesses-ohio-have-used-bitcoin-pay-taxes/

And we're talking about a state with a population of 11 million, so I think it's safe to assume that this pilot program in Innisfil, a small town with a population of +36k in Ontario, will be a complete failure as there's high chance that no one will pay their taxes in crypto in this town.

Overall, good PR for Bitcoin and other cryptos as this news helps to show the general public (if they even read crypto related news) that cryptos aren't some scam or ponzi.

reda

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Quote from: The Cryptovator on March 29, 2019, 03:17:23 AM

Just now noticed from investinblockchain that Canada accepting bitcoin for paying Tax. This is one of most important positive news in my opinions. Accept paying tax with bitcoin means, bitcoin is fully supported by central government. I believe more country will encourage when most of rich country will start accept bitcoin officially. Tax payer can pay tax by using Coinberry app, and it will convert bitcoin to Canadian currency.

This is splendid news for all the crypto users and always we use to see some decent price bump in the market in the time of tax paying day in US. Now Canadian crypto users also will joins the party. Hence the circulation will increase in the crypto.

Lets believe again we will get the growth in the marketplace.

stompix

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Quote from: Lucius on March 29, 2019, 06:42:14 AM

The title is a bit misleading, because it's just about a pretty small town with population less then 40 000 inhabitants

Here we go again.....

One car dealership out of 4500 is accepting BTC > BMW is accepting BTC
One store that sells Samsung products is accepting BTC > Samsung is accepting BTC
One start-up plans to build a wallet that enables transfers over whatsapp> Whatsapp payments via BTC
One town is Canada > Canada

Yeah, it's great and a step forward, but can we please discuss facts and not overexaggerate stuff like this?

And of course, they don't accept really BTC

Quote from: Steamtyme on March 29, 2019, 03:42:35 AM

Edit: Just remembered you may want to change the title to "paying taxes with Bitcoin"
And to clarify it's only a single town, this would not represent the Canadian Government. They actually have warnings on their site stating they do not accept Cryptocurrency, to warn against scams.

Title:
Town of Innisfil will let you convert your bitcoins to dollars and then pay your taxes.
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FuryBeast

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adoption continues!

MakeMoneyBtc

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This is surely some great and surprising news sinc we never thought a government could accept bitcoin into their system. But we have to remember this thing happened in a small town of only 36k people living there so it will probably not affect bitcoin market that much. We'll have to wait and see how this works since it could be just a temporary decision and anytime it could be closed.

ajqjjj

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Quote from: ?? on ??

It is not surprising, one day BTC will be as common as stock Dollar.

One day most of the crypto will be a stock dollar, But this news was really good to buy some investors and encourage in this community. But I little worried because of china and India will not accept the Bitcoin. I hope as soon as possible all the countries are accepting the cryptocurrency.

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