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 Kathy Lim at email@example.com.