New law introduced to make donating “easier for Canadians”

New law introduced to make donating “easier for Canadians”

MP Dan Albas introduces crypto currency-favouring legislation

Central Okanagan—Similkameen—Nicola Member of Parliament Dan Albas introduced legislation today, with the intention of making charity donations “easier for Canadians.”

If passed, Bill C-452 (Act to Amend the Income Tax Act) will allow for capital gains taxes from the sales of virtual currencies — like Bitcoin — to be forgiven when the seller donates the gains to a charity.

“Many people buy and sell virtual currencies like Bitcoin as they would buy and sell any other asset. Unfortunately, the tax code does not currently treat virtual currencies like other assets and I believe that needs to be corrected,” said Albas.

Currently, the law forgives the capital gains from sales of other assets when they are donated, and this bill would extend that exemption to virtual currencies.

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