People who trade in virtual currencies and donate to charities may benefit from a local MP’s new private member’s bill.
Conservative Dan Albas (Central Okanagan-Similkameen-Nicola) has introduced a bill that will allow capital gains taxes from the sales of virtual currencies like Bitcoin to be forgiven when the seller donates the gains to charity.
Currently, the law forgives the capital gains from sales of other assets when they are donated, Albas said in a news release on Friday.
“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,” Albas said.