As with any type of international transaction, contract trades payable in Bitcoins should include some protection in the event of a dispute. It is always advisable to write mediation and arbitration clauses into the contract. Here is an example of such clauses.
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Canada tax rules for Bitcoin trading
Since Revenue Canada DOES NOT have specific rules for Bitcoin trading, they will apply and refer to an existing rule, you can learn more about it here: http://www.cra-arc.gc.ca/E/pub/tp/it479r/it479r-e.html
This case could apply to Bitcoin business in Canada
PLEASE PAY ATTENTION, this case from the Canadian Federal Court of Appeal could apply against Bitcoin trade exchange business in Canada. eBay Canada Ltd. v. M.N.R., 2008 FCA 348, [2010] 1 FCR 145 http://canlii.ca/t/21j1p
Bitcoin, Taxes & Income—Legal Aspects
Increasingly popular virtual currencies like Bitcoin are garnering headlines. It is an electronic currency independent of central banks and currently minimally regulated. This currency allows you to make payments and trades at no charge, anywhere on the planet.