Calgary renovator first to take Bitcoin
May 3 2018
Trademark Renovations of Calgary is believed to be the first renovation contractor in Canada to accept bitcoin and other cryptocurrencies as payment from clients.
"We are of the opinion that blockchain is the future," said Blair Foisy, the owner of Trademark Renovations.
The luxury renovations company will be accepting bitcoin (BTC) and ether (ETH) for customers who would rather pay via blockchain than Canadian dollar.
Bitcoin and ether are cryptocurrencies—decentralized digital methods of payment. Instead of operating through a central bank, transactions are tracked through a public ledger called a blockchain.
There are a handful of cryptocurrency ATMs in Calgary where prospective customers can exchange Canadian dollars for bitcoin. Bitcoin can also be purchased through online exchanges.
Foley said there aren't really any additional tax challenges or implications for business owners.
The biggest difference is if a customer pays GST in cryptocurrency, he'll then have to pay it to the government in Canadian dollars.
Foisy hopes that the currency will eventually be able to eliminate some of the extra costs in his supply chain, like the cost of purchasing from U.S. suppliers when the Canadian dollar is doing poorly.
"Once manufacturers are on the blockchain, you won't need all those middlemen along the way," he said. "Blockchain is peer-to-peer, so there's proof of payment immediately. It kind of eliminates that need for middlemen and all the markups that go along with it."
Some real estate agents have said they would accept bitcoins, but it is far from a trend anywhere in the residential sector.