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Paying Taxes In Bitcoins Becomes Possible In Canada

20:26 29/03/2019
Canadian City Launches Pilot System For Paying Taxes In BTC

The authorities of the Canadian city of Innisfil in the province of Ontario have launched a pilot program that allows paying property taxes in bitcoins. The decision is published on the city administration’s website.

 

According to CBC, the test system will roll out in April and work for one year. The residents of Innisfil will get an opportunity to pay taxes using a bitcoin wallet from a local company Coinberry Pay. It will convert the crypto into Canadian dollars and in this form will transfer money to the city treasury.

 

Support for other cryptocurrencies — ether, Litecoin, Ripple, and Bitcoin Cash — may be added in the future. It is noted that the government decided to work with digital assets despite risks and fears since cryptocurrency, unlike traditional money, is not issued by state banks.

 

According to Lynn Dollin, the mayor of Innisfil, the city residents are excited about innovations. In 2017, together with Uber, a benefits program for taxi rides Innisfil Transit was launched here.

 

The US state of Ohio allowed paying taxes with bitcoins in November 2018. The authorities also launched a special payment service OhioCrypto.com, but only business representatives can use it so far, not local residents. The first major company that took advantage of the state cryptocurrency initiative was the popular US marketplace Overstock.

 

In March, the state of California passed a similar bill that will allow paying taxes in stable tokens to companies whose business is related to cannabis.

 

Previously, a payment company Square decided to pay salary in cryptocurrency.

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