"Barter transaction rules apply where bitcoins are used to purchase goods or services," Canada Revenue Agency spokesman Philippe Brideau said in an email.
Barter is the exchange of one good for another good without the use of cash, such as when a farmer who grows vegetables trades with another who raises chickens. Many Canadians don't realize such exchanges are taxable, but they are.
Thats why you should have both, grow vegetables and raise chickens. Clearly advantage over just having farm or chickens.
About the localbitcoins, shouldnt by this logic bitcointalk have KYC licence as well when in market section there are trade offers by members and matched by buyers. Quite similar to localbitcoins...
both the marketplace section and local bitcoins are nothing more then a venue that people can meet at that have similar goals (trade bitcoin). It would be no different then if a certain park or restaurant was a common place that people met at to trade .
After reading all these,
I feel Bitcoin trading is very dangerous and one should stay away from this.
First, u may be scammed and if u are, there is none to complain.
Second, even if u r not scammed, govt. may catch u because u dont know AML/KYC laws !
Third, even if u r not scammed and follow all govt. rules, by that time market may fall and u ultimately lose !!
Fourth, even if u r not scammed, follow all govt. rules and still make profit, the tax men will catch u to take away most of your profit ...because they consider u have made a sudden fortune like lottery !!!
