New law introduced to make donating “easier for Canadians”

MP Dan Albas introduces crypto currency-favouring legislation

Central Okanagan—Similkameen—Nicola Member of Parliament Dan Albas introduced legislation today, with the intention of making charity donations “easier for Canadians.”

If passed, Bill C-452 (Act to Amend the Income Tax Act) will allow for capital gains taxes from the sales of virtual currencies — like Bitcoin — to be forgiven when the seller donates the gains to a charity.

“Many people buy and sell virtual currencies like Bitcoin as they would buy and sell any other asset. Unfortunately, the tax code does not currently treat virtual currencies like other assets and I believe that needs to be corrected,” said Albas.

Currently, the law forgives the capital gains from sales of other assets when they are donated, and this bill would extend that exemption to virtual currencies.

READ MORE: UPDATE: Police identify missing kayaker

READ MORE: Salmon Arm man dies in ‘chain reaction of collisions’ on Coquihalla: RCMP

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Boaters asked to slow down, be respectful on regional lakes

Central Okanagan Emergency Operations Centre also reminded boaters physical distancing still applies on the water

Filming to resume safely later in June: Okanagan Film Commission

Film commissioner Jon Summerland said they want to start filming again later in June

Kelowna RCMP investigate woman’s sudden death

Criminality is not suspected at this time, according to RCMP

UPDATE: Cops still on scene hours after dump truck, cyclist collide on Harvey Avenue

The woman sustained injuries to one of her legs, according to RCMP

Kelowna RCMP Supt. Mundle transferred to Southeast District

Supt. Brent Mundle spent three and a half years as the commander of the Kelowna detachment

March dental conference key to many of B.C.’s COVID-19 cases

Early infections from China, Iran were quickly contained

Police seek help identifying person of interest in Salmon Arm arson investigation

A fire in a garage was extinguished but it is being treated as an arson.

Penticton Search and Rescue respond to six calls in less than a week

Two hikers rescued in early morning search near Greyback Lake latest in series of searches

Regional District of Kootenay Boundary rescinds all Grand Forks-area evacuation orders

Evacuation alerts for 1,136 Boundary properties remain in effect as officials monitor forecasts

MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases

B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province

In photos: Modified, yet traditional graduation gives Penticton graduates a sense of normalcy

Students around Penticton take part in pre-recorded graduation ceremonies

Tla-o-qui-aht First Nation woman, 26, fatally shot by police in Edmundston, N.B.

Police were conducting a well-being check at the time of the incident

WATCH: Burned out car be gone thanks to Vernon dealership, ski resort

Bannister GM Vernon and SilverStar Mountain Resort team up in road cleanup

‘We either make a difference or we don’t’: Revelstoke teen leads protest in support of BLM

Revelstoke joined cities across the world protesting against racism and police brutality

Most Read