Evidence of meeting #55 for Industry, Science and Technology in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was industry.
A recording is available from Parliament.
6:35 p.m.
Law Partner, Fasken, Digital Asset Mining Coalition
You're paying taxes on inputs. When you provide those services, you're charging tax.
6:35 p.m.
Liberal
Han Dong Liberal Don Valley North, ON
However, in the creation of this coin, there is not a single period of time when the government will be able to tax the creation of this coin. Is that what you're saying?
February 1st, 2023 / 6:35 p.m.
Law Partner, Fasken, Digital Asset Mining Coalition
We're using the GST, of course. The creation of the coin is taxed. Corporate taxes and other taxes are paid by these businesses, but on the goods and services tax, you wouldn't be claiming that tax on the creation of the coin on our model. It would ultimately be on the provision of services to an end customer.
6:35 p.m.
Partner, Indirect Tax, Deloitte Canada, Digital Asset Mining Coalition
Of course, tax will be collected once that coin is used to purchase goods and services, if it's in Canada.
6:35 p.m.
Law Partner, Fasken, Digital Asset Mining Coalition
It's not on the trading of the coin; when the coin is used to purchase services, those purchases are taxed.
6:35 p.m.
Liberal
The Chair Liberal Joël Lightbound
Like the infamous shawarma that Mr. Poilievre bought with bitcoin.
6:35 p.m.
Voices
Oh, oh!
6:35 p.m.
Liberal
The Chair Liberal Joël Lightbound
Thank you very much to all of our witnesses. It's been very informative, so thank you for taking the time.
This was probably our final meeting on the topic. I believe it's an excellent conclusion to this study. With the help of our analyst, we will now be able to prepare the report.
Thank you for your time, and take care.
I'd also like to thank the interpreters, the clerk and the entire staff.
The meeting is adjourned.