I opened a Coinbase account and put a small amount of money (wish it had been a lot more) into Bitcoin earlier this year, however Coinbase doesn't support selling (for cash to your bank account) of crypto-currencies in Canada yet. I sort-of got around this by using the Bitcoin to purchase some silver from an online bullion dealer that supported buying with Bitcoin when prices spiked the other day. I'm not clear on if i need to declare the increase in the Bitcoins value between when i bought it and spent it. I know if i straight up cashed it out for Canadian Dollars I would have to pay some tax, but i keep seeing that if i use if for purchases its not taxable. Any thoughts?
