Virtual currency is considered to be property, not currency, because it is not legal tender in Canada. Transactions using virtual currency as a method of payment or exchange are considered barter transactions.

If you use virtual currency to pay an employee, the payment is considered to be a benefit in kind. The value of the benefit is the fair market value of the virtual currency, in Canadian dollars, at the time of payment.

You have to include the value of this benefit in boxes A and L and, where applicable, in box G of the employee's RL-1 slip (see courtesy translation RL-1-T). For more information, go to the Benefit Provided to an Employee page.

Go to Virtual Currency on our website for more information.