Bill Detail
An Act to amend the Income Tax Act (gift in virtual currency)
BillC-452
Session42-1
StageOutside Order of Precedence
Introduced2019-05-17
Proposed byDan Albas
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.
✦ AI Summary
Bill C-452 proposes changes to the Income Tax Act concerning donations made in virtual currency. Currently, when you give away an asset, you might have to pay tax on any profit you've made from it. This bill aims to eliminate that capital gains tax for gifts of virtual currency made to eligible charities or qualified donees. This means individuals can donate virtual currency without worrying about immediate tax implications on the appreciation of that currency.
Generated by Gemini · may contain errors
Legislative Timeline
2019-05-17
First reading
✦ AIBill proposes zero capital gains tax for virtual currency gifts to charities.
Current
Outside Order of Precedence