Salaries paid in Bitcoin on the rise in Canada

CBC News reports that there is a growing trend for Canadian employees to have their salaries paid in Bitcoin. Wagepoint

CBC News reports that there is a growing trend for Canadian employees to have their salaries paid in Bitcoin.

Wagepoint CEO Shrad Rao says his firm launched the option last year but didn’t expect much uptake. Yet, employees from 10 different companies have signed up for the option and several more are inquiring about it. Some inquiries even come from the US, where the firm has not even yet launched such an option.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Suggested articles

What to Look for in a Forex Technology Provider?Go to article >>

The firm offers the choice of part or all of one’s wages in Bitcoin. Employees selecting the “all” option are technically able to take on far more risk than allowed for employees opting to take the maximum portion of their salary in company stock, which is usually less volatile.

According to Canadian tax laws, salaries received in Bitcoin are viewed as barter income and taxed based on the equivalent in Canadian dollars.

Another expert commented, however, that virtually all employees taking this option work in the tech sector, where many are keen to explore and delve into new technologies. Cissy Pau of the Vancouver-based Clear HR Consulting said, “Tech companies, I can see that. But I just can’t see that in, say, Canada Post, a more traditional-type company with more traditional-type workers. I would suspect that people will be highly skeptical.”

Got a news tip? Let Us Know