C-45214264-65-66-67-68Elizabeth II2015-2016-2017-2018-2019An Act to amend the Income Tax Act (gift in virtual currency)An Act to amend the Income Tax Act (gift in virtual currency)20195
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Mr. Albas421553SUMMARYThis 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.Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:R.S., c. 1 (5th Supp.)Income Tax ActSubparagraph 38(a.1)(i) of the Income Tax Act is replaced by the following:the disposition is the making of a gift to a qualified donee of a share, debt obligation or right listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation, a unit of a mutual fund trust, an interest in a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)), a prescribed debt obligation or an amount denominated in an eligible virtual currency,Subsection 221(1) of the Act is amended by striking out “and” at the end of paragraph (i) and by adding the following after that paragraph:establishing a schedule that sets out a list of ineligible virtual currencies for the purpose of subparagraph 38(a.1)(i); and