Bitcoin News

Bitcoin More Efficient for Paying Taxes in Canada, Says Local Exchange

Evan Kuhn, the co-founder of Toronto-based cryptocurrency exchange Coinberry, has claimed Bitcoin (BTC) is more efficient for paying taxes than bank cards.

As real estate news outlet Mansion Global reported on Aug. 22, Kuhn said his company takes much lower fees than the ones that card institutions impose on their clients, adding: 

“A credit card company charges a 3% fee. […] Our fee is .5%, so that’s a lot more beneficial for the municipalities.”

Bitcoin transaction fees six times lower than credit cards

Coinberry acts as an intermediary because local municipalities are not authorized to hold or accept cryptocurrencies due to their volatility. The company accepts the cryptocurrency, instantly converts it to Canadian dollars, and then transfers the funds to the municipalities.

Bitcoin tax payments in Toronto

Richmond Hill, a city near Toronto, began accepting Bitcoin for property tax in July — less than six months after Innisfil launched a similar initiative a similar initiative on a trial basis.

According to Mansion Global, then Toronto councillor Norm Kelly suggested that the city should think about accepting such payments for taxes in Jan. 2018. While the possibility was considered, the proposal has not come to fruition. Toronto communications adviser Ashley Hammill was quoted as saying:

“In order for it to be considered again in the future, another motion would need to be put forward by a council member.”

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