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I have a website that sells bitcoins and takes Canadian

Customer Question
Hi, I have a website...

Hi,
I have a website that sells bitcoins and takes Canadian dollars. I take a 10% commission. I was wondering if I will need to charge GST for this service. I already signed up for a GST account. The thing is if I charged GST i’d have to take 23% from the customer and that would be to much.
Also I was wondering if there are any regulations in place that require me to limit the amount of money I can take per person per day. The only info I have from them is their phone number, email and their name from the etransfer payment.

Submitted: 1 month ago.Category: Finance
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Answered in 13 hours by:
1/12/2018
Financial Professional: TaxRobin, Senior Advisor replied 1 month ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 16,729
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Financial Professional: TaxRobin, Senior Advisor replied 1 month ago

The service of currency exchange is not listed as a service that is taxable under GST

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Financial Professional: TaxRobin, Senior Advisor replied 1 month ago

Legal just informed me that in 2013, the Canada Revenue Agency voiced its opinion that, if they receive bitcoins or digital currencies in exchange for their goods and services, commercial sellers of goods and services must collect Goods and Services Tax/Harmonized Sales Tax ("GST/HST"):

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Financial Professional: TaxRobin, Senior Advisor replied 1 month ago

Since you are selling the bitcoins under a business hen yes, the GST applies.

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Customer reply replied 1 month ago
I'm a little confused now, our business is taking peoples Canadian dollars and giving then Bitcoin in return. So would this qualify for currency exchange thus no gst? We've noticed there are many sites out there like this and none of them charge gst
Financial Professional: TaxRobin, Senior Advisor replied 1 month ago

At first look it would but you are not a bank or financial institution so you are doing this as business. You are selling bitcoins. CRA has not so far designated them as currency.

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