Canada Seeks Stronger Revenue Agency Audit Powers in Draft Bills

Canada’s Department of Finance released a raft of draft tax legislation Friday, including proposals to expand the revenue agency’s auditing powers and impose a new reporting regime on crypto-assets.

Many of the draft bills relate to proposals announced in the 2024 spring budget and a fiscal update released in December, the department said in a release. Officials want feedback on the proposals by Sept. 12, it said.

Under the proposed expansion of audit powers, the Canada Revenue Agency would be able to issue a new type of notice to taxpayers that don’t comply with information requests. It would ...