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)