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Revenue Canada says BitCoins aren't tax exempt

Just in time for tax season, the Canada Revenue Agency says the users of Bitcoins will have to pay tax on transactions in the upstart digital currency.

BitCoins are a fringe online currency that entered the mainstream this year after speculators rushed in and caused their value to more than quadruple in value. Originally designed as a virtual currency alternative to conventional money, the cash value of a BitCoin jumped from under $50 US to above $250 and back earlier this month, as speculators flooded the market after awareness of them grew.

Price swings like that mean some BitCoin buyers and sellers likely made or lost a lot of money, which raises the question of how that will be handled come tax time.

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Who ever said anything about

Who ever said anything about not paying taxes? :)

Bump For Awareness

Thought all you bit coin folks might like to know what is coming down the pipe

What is next tax video game points?