Another city in Canada allows residents to use Bitcoin for property tax bills
Bitcoin is a type of currency which is used digitally. You can also call it a virtual currency that can be used to make transactions in the virtual world. Uses of bitcoins are earning popularity no doubt, but, many nations have banned bitcoins too. Fortunately, since the last few months, the Federal and Provincial governments of Canada have been legalizing bitcoins to pay taxes in different geographical locations in Canada. Thus, every Canadian tax consultancy service provider is cautiously observing the governments’ policy on Bitcoin.
Residents of Innisfil, Ontario have earned the right to pay their taxes using cryptocurrency or Bitcoins in March 2019. After seeing the enthusiasm, in the city of Richmond Hill, the uses of bitcoins have been legalized recently for the payment of property taxes from individuals and businesses.
A short detail of the Bitcoin program taken in Richmond Hill
The authority of Richmond Hill has rolled out this Bitcoin program by collaborating with Coinberry, a giant digital asset trading and payment firm after voting in favor of this agreement on 10th July 2019. Now, more than 250k residents can find the option to pay their taxes using bitcoins on the city’s official website.
Before September 30th, Richmond Hill municipality has sent a report to the city authority. The report has been created to explain the feasibility of implementing Coinberry’s technology.
Coinberry has put a lot of efforts to negotiate with the responsible officials of the authority of the Richmond Hill so that an error-free cryptocurrency payment processing solution can be offered to the city residents and business owners. Apart from bitcoins, Coinberry has also emphasized other virtual currencies like Ether, Ripple and other accepted altcoins.
Prospect & conclusion
Many experts express concerns that Bitcoin transactions are not fully secured. However, officers involved in making deals with cryptocurrency payment firms in Canada have assured that each and every transaction will be performed through multiple security layers.
You can buy bitcoins and store them in your digital wallets. You can make online purchases and can pay various bills using those bitcoins.
As a reputed tax consultant in Toronto, we at The Accounting & Tax, always take proper steps so that our clients get various credits and cost-effective benefits after paying taxes. We always try to acquire knowledge of the latest technological innovations about taxation and payment systems. We provide training about them to our employees. Hence, our employees can easily help our clients to pay taxes using bitcoins or any other virtual currency.
