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Canada’s Cryptocurrency Tax Crackdown Puts Traders on Notice

Nov. 27, 2020, 9:46 AM

Canada’s tax authority is expanding its dragnet in cryptocurrency transactions by issuing court orders and launching audits as it becomes increasingly aware of risks surrounding the use of the digital assets.

The Canada Revenue Agency currently has 120 active audits related to cryptocurrency underway and a pending request to have a court compel a major cryptocurrency exchange to divulge information on customers, according to CRA.

The CRA has built intelligence on the sector in recent years and is increasing its level of audits to make them “commensurate with the level of risk,” spokeswoman Sylvie Branch wrote in an email...

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