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Cryptocurrency

What is cryptocurrency? 

Cryptocurrency is a type of virtual asset that is not considered legal tender and is protected using cryptography. There are robust encryption methods in place to control how units of cryptocurrency are created and to verify transactions. Typically, a system called a blockchain records and keeps a history of transactions. Cryptocurrencies operate independently, meaning they do not rely on governments, central banks, or other central authorities for support.  

 

Benefits of donating cryptocurrency 

Usually, cryptocurrency donations are tax-deductible. The CRA generally treats cryptocurrency like a commodity for purposes of the Income Tax Act. Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain, then any losses are treated as business losses or capital losses. For more information about claiming cryptocurrency donations, please consult a qualified tax advisor and Canada Revenue Agency. View the guide for cryptocurrency users and tax professionals

 

How to donate cryptocurrency 

Simon Fraser University accepts cryptocurrency via BitPay and CanadaHelps. Please note to complete the online donation form you will be redirected to the third-party web site, BitPay or CanadaHelps. Please see below for instructions on making your donation through BitPay and CanadaHelps.

For more information about crypto giving, please contact Levon Mayilyan or Kathy Lim at pgadmin@sfu.ca

How to donate through BitPay

You must first register for a BitPay account in order to proceed with the online donation.

  • Step 1: Simply complete the cryptocurrency donation form. Indicate the amount and type of currency you wish to donate. Provide your personal information (full name, address, telephone and email address). Click donate with BitPay, then continue
  • Step 2: Log on or register for your BitPay account. Please note you may be required to submit and upload photo identification.  
  • Step 3: Enter your personal details (address and citizenship). 
  • Step 4: Select your bitcoin wallet and bitcoin donation. A QR code will populate. Scan the QR code to your bitcoin wallet. You will be notified of the transaction details. In your bitcoin wallet, withdrawal the cryptocurrency by providing the QR code or entering the details on the QR code link. Please note: you will have 15 minutes before the invoice expires to complete the donation. 
  • Step 5: Please let us know where you would like to designated your donation to by reaching out to Levon Mayilyan or Kathy Lim at pgadmin@sfu.ca. This will ensure a receipt for income tax purposes is issued and funds are allocated to the area of your choice.

Donate now through BitPay

How to donate through CandaHelps

Step 1: Complete the donation form indicating the type and amount of cryptocurrency you will donate, the charity or charities you are donating to, and information required for receipting purposes.

Step 2: Scan the displayed QR code with your mobile wallet app or use the provided CanadaHelps address to transfer your cryptocurrency donation to the CanadaHelps wallet. The QR code and link are unique for this transaction and should not be shared or reused.

Step 3: Once your transfer is received in the CanadaHelps wallet, CanadaHelps will promptly sell your cryptocurrency donation and send you a confirmation email with your charitable tax receipt. CanadaHelps will also disburse the proceeds from the sale, less their non-commercial fees, to the charity or charities you selected. CanadaHelps fees are inclusive of a carbon credit to ensure your cryptocurrency donation is carbon neutral.

 

Donate now through the CanadaHelps website

Third party website disclaimer

This link will bring you to a third party website that is owned and operated by an independent party (“Third Party Website”). Simon Fraser University (“SFU”) has no control over any Third Party Website. Therefore, clicking this link and any use you make of the Third Party Website will be at your own risk. Your use of, and information you provide to, the Third Party Website will be subject to and be governed by the terms of the Third Party Website.

Unless otherwise expressly agreed in writing, SFU is not affiliated with the owner or operator of the Third Party Website or responsible or liable for the goods and services offered by them or for anything in connection with such Third Party Website. SFU does not endorse or approve and makes no warranties, representations or undertakings relating to the Third Party Website or its content.

To the maximum extent permitted by law, SFU disclaims liability for any loss, damage and any other consequence resulting directly or indirectly from or relating to your access to and/or use of the Third Party Website (including, without limitation, any information that you may provide to the Third Party Website; any transaction you conduct on or via the Third Party Website; the failure of any information, goods or services posted or offered at the Third Party Website; any error, omission or misrepresentation on the Third Party Website; or any computer virus arising from or system failure associated with the Third Party Website).

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