Published: May 10, 2024
Last Updated: May 14, 2024
The Canadian Revenue Agency (CRA) has tightened its inspection against tax evasion through cryptocurrencies. CRA has collected $54 million of cryptocurrency financial transactions made without a declaration up to the fiscal year 2023-2024. The compliance branch director general, Sahil Behal, said that about 400 audits regarding cryptocurrency have been entered into the process.
According to David Rotfleisch, a seasoned tax attorney, CRA’s efforts may represent a small step in line with the problem’s magnitude. He asserts that the sum that is reassessed is relatively low compared to the range of cryptocurrency transactions. The CRA introduced new methods to educate taxpayers, especially regarding popular digital currencies like Bitcoin and Ethereum.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
