The “Criminal organizations involved with money laundering, drug trafficking, prostitution, tax evasion and terrorism favour an untraceable financial transaction mechanism,” Faraji pointed out. Currently, the city accepts property tax through online payments via banks, cash and cheques in person or by mail, according to a staff report. You may claim the grant without making a payment. This utility allows a person to interactively search the City of Richmond real property database on criteria such as Parcel ID, Address, Land Value, Consideration Amount etc. It’s for those who understand it,” D’Silva said. Unclaimed grants constitute as unpaid current taxes and are subject to penalties. Star Newspapers Limited and/or its licensors. “How was this identified as an opportunity? Republication or distribution of this content is expressly prohibited without the prior written consent of Toronto “The type of customers who would pay in Bitcoin should only be the sophisticated Bitcoin holders. City staff will hold discussions in the coming weeks to enter into an agreement with Coinberry Limited, a Toronto-based digital crypto platform, enabling residents and businesses to pay with Bitcoin and convert it to Canadian dollars before transferring it to the city. Tel: 604-276-4000 “For what purpose is the city adding such payment option when there is no evidence whatsoever to support this new service?” asked Coun.
“If we are serious about attracting high-tech and clean industries, we need to focus on more fundamental issues across the region, such as our IT infrastructure, suitable workspace, and a transit system that allows our highly educated and skilled workforce to access such opportunities,” Faraji said. However, the anonymous digital currency also has a negative reputation as it has been used for fraud and other nefarious purposes. He said the property tax payment method has never been a major concern among residents, citing a 2019 community survey that listed the most important issues in Richmond Hill. Created in 2009, Bitcoin is the first and most well-known type of cryptocurrency that can be used to buy merchandise anonymously and pay internationally in an easy and cheap way. To order copies of “The city is not on the hook,” D’Silva said, noting customers who pay in Bitcoin are responsible for making up on any shortfalls if the price changes during the transaction process.
He said he’s concerned about the volatile nature of the nascent cryptocurrency industry, which may result in delayed payment of property tax in full amount if the value changes during the transaction. What are the true costs and risks, and, most importantly, who is benefiting from this arrangement?”. Property Taxes Due 2020 property tax bills are due as of November 15, 2020. The increase includes $49.77 as part of the town’s 2018 operating budget increase, plus an additional $86.73 for the Region of York.
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