“The Canada Revenue Agency (the Canadian equivalent of the IRS) just issued its first release on how it will treat virtual currencies for taxation purposes.  Even though the interpretation bulletins and the release do not have force of law, this communication does at least put up some signposts about the CRA’s thinking about bitcoin.  The recent CRA release repeats the two general bases on which bitcoins — or any virtual currency – will be subject to Canadian taxation: 1. when used as barter; and, 2. when bought and sold as a commodity. The barter rules, opines CRA, apply when virtual currency is used to pay for goods or services.”

http://pokerati.com/2013/11/canada-will-tax-your-bitcoins/

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