A warning from a local financial advisor about Bitcoin, the crypto-currency that has taken the world by storm.
One unit is currently worth in the range of $10,000 (U.S.), but it can fluctuate wildly from day-to-day.
Nicole Slongo tells us in addition to being a very volatile way to spend your savings, the Canada Revenue Agency is also ready to take a bite.
That’s because the taxman has ruled Bitcoin is not a currency, but an investment and will be taxed that way.
Slongo calls Bitcoin a high risk investment and likens it to gambling.
She asks anyone considering buying Bitcoin, if you were to lose the money you invested, would it affect the ability to meet your goals?
(Photo courtesy freeimages.com/Leszek Soltys)