What is cryptocurrency?
Cryptocurrency or digital currency is a form of electronic cash. There is no physical form as is the case with traditional currency such as bills and coins. It is decentralized, has no central bank or single administrator, and can be sent from one user to another at a lower cost than conventional currency transfers with no need for intermediaries. Bitcoin, created in 2008, remains the most popular and widely used form of cryptocurrency; however, there were over 1,300 virtual currencies worldwide at the end of 2018.
Why is the Town of Innisfil offering this as a method of Payment?
Cryptocurrencies are growing in popularity with over 5% of Canadians currently owning some form of cryptocurrency. Innisfil facilitates innovative solutions to everyday issues that enhance our residents’ quality of life and the financial health of the Town of Innisfil. As such, given the nature of public services, as well as the mandatory payment of property taxes, it is important that there be a variety of payment options available for residents and businesses (e.g. cash, cheque, cryptocurrency, etc.).
When the Town of Innisfil rolled out its Innisfil Transit system with Uber in May of 2017 it was the first Town in the world to do so with great success. The Town of Innisfil prides itself on offering cutting-edge solutions to its residents and seeks out opportunities to continue to do so.
Who is Coinberry?
Coinberry Limited is a Toronto-based financial-technology company focused on blockchain and digital currency solutions. Coinberry has developed a platform to buy, sell and remit digital assets such as Bitcoin, Ethereum, Litecoin and Ripple. Coinberry’s financial statements are audited annually by a public accounting firm, and they are federally registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). More information can be found at https://www.coinberry.com/about .
I don’t have any cryptocurrency. Should I get some?
Purchasing cryptocurrency is a personal choice. An individual can choose to purchase cryptocurrency but is not a requirement for the payment of property taxes. If an individual would like to purchase cryptocurrency there several methods available.
Is there any risk to the Town for permitting this method of payment?
There is no risk to the Town of Innisfil for offering this method of payment. Interested users will make their payment using Bitcoin via their digital wallet with Coinberry. In turn, the payment will be processed through Coinberry’s online platform and will be converted into Canadian Dollars once it is considered sufficiently confirmed on the blockchain. Since the transaction is virtually instantaneous the Town is not taking the risk of the payment. In addition, Coinberry stores their cryptocurrency in cold storage as well, further ensuring the safety of their own cryptocurrency.
How do I use cryptocurrency to pay my taxes?
Simply visit our Pay With Bitcoin page and follow the instructions. You will need to enter your e-mail, name, address and roll number details.
Can I pay a portion of my taxes using cryptocurrency?
Yes, you may pay a portion of your taxes owing using cryptocurrency and pay the rest using other methods.
Where can I get more information?
We’re a municipality interested in offering Bitcoin as a method of payment. Where can I get more information?
Please check out our special information package.