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CFO Services. IBC Services. Limited Liability Partnership. Company Law. Income Tax. Press Release. As a result, the CRA will subject a crypto-currency transaction in Canada to the same rules that it would apply to a barter transaction. This generally means that profits from a crypto-currency transaction will be treated as either i business revenue or ii a capital gain. This article examines whether a crypto-currency-trading business is an exempt financial-services business on the basis that crypto-currency meets the Excise Tax Act's definition of "money.
A "financial service" includes "the exchange, payment, issue, receipt or transfer of money. In , the Canada Revenue Agency released a publication suggesting that crypto-currency does not meet the ETA's definition of "money.
Since a barter transaction is by definition an exchange without using money, the CRA's position implies that crypto-currency fails to comprise "money" under the Excise Tax Act. When interpreting legislation—such as the provisions of Canada's Excise Tax Act—courts examine its text, context, and purpose to find a meaning that is harmonious with the entire Act of which the legislation is a part.
And a textual, contextual, and purposive interpretation suggests that crypto-currency likely qualifies as "money" under the ETA. First, the definition is not exhaustive. It "includes" not only currency but also promissory notes, letters of credit, bills of exchange, and money orders.
This illustrates that "money" need not be legal tender issued by a country. Second, Canadian law has long reflected this interpretation of the term "money. Moss v Hancock,  2 QB , at Any medium which by practice fulfils the function of money and which everybody will accept in payment of a debt is money in the ordinary sense of the words even although it may not be legal tender. In the context of Canada's jurisprudence, which accepts that money is any medium of payment that everyone will accept in payment of a debt, the Excise Tax Act's broad, inclusive definition of "money" suggests that crypto-currency should qualify.
Shifting conventions reinforce the view that crypto-currency falls within the ordinary meaning of "money. Residents of Innisfil may use Bitcoin to pay their property tax through the exchange Coinberry Pay.