An Act to amend the Income Tax Act (gift in virtual currency)

This bill was last introduced in the 42nd Parliament, 1st Session, which ended in September 2019.

Sponsor

Dan Albas  Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of May 17, 2019
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Income Tax Act to provide that a taxpayer’s taxable capital gain for a taxation year from the disposition of a property is equal to zero if the disposition is the making of a gift in an eligible virtual currency to a qualified donee.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Income Tax ActRoutine Proceedings

May 17th, 2019 / 12:05 p.m.
See context

Conservative

Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC

moved for leave to introduce Bill C-452, An Act to amend the Income Tax Act (gift in virtual currency).

Mr. Speaker, again it is an honour to stand up on behalf of the good people of Central Okanagan—Similkameen—Nicola.

We all know that Canadians are a kind and generous people, and the government should and can encourage charitable giving any way that it can.

Current tax law in Canada exempts the sale of assets from capital gains taxes if those gains are given to charity. This bill would extend that exemption to the sale of virtual currencies, such as Bitcoin. Virtual currencies should not be treated differently from any other asset, and this bill would help address that divide. It would also allow the minister to declare a certain virtual currency ineligible from the exemption if there is a public interest in doing so.

We know how generous Canadians can be when it comes to charitable giving. We want to ensure that prohibitively high taxes do not get in the way of the next generation of charitable giving. This is a simple and positive legislative change, and I hope that all parties will support it.

(Motions deemed adopted, bill read the first time and printed)