Canada Revenue Agency to Chase Crypto Tax Evaders for $39.5 Million in Suspected Unpaid Taxes

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Cointime2024/05/08 05:31

By:Cointime

According to the Canada Revenue Agency (CRA), nearly 400 audits have been launched to curb cryptocurrency tax evasion, with the aim of recovering CAD 54 million (approximately USD 39.5 million) in suspected unpaid taxes.

This move highlights the CRA's determination to combat tax evasion and demonstrates its strategy to strengthen cryptocurrency compliance. Despite ongoing audits, the CRA is also aware of the need to enhance public education on cryptocurrency tax obligations to ensure that all taxable cryptocurrency transactions are transparent and compliant.

Senior tax lawyer David Rotfleisch criticized the current measures as insufficient and called for greater education efforts.

To address the challenge, Canada plans to implement a Cryptocurrency Asset Reporting Framework (CARF) by 2026, emphasizing that capital gains from cryptocurrency must be included in tax returns. (Beincrypto)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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