Canadian Tax Agency Launches Audit to Combat Cryptocurrency Tax Evasion

cryptoshitcompra.com/wp-content/uploads/2021/09/La-agencia-tributaria-canadiense-inicia-una-auditoria-para-combatir-la.jpeg »alt =» Canadian Tax Agency launches an audit to counter evasion 101 cryptocurrency tax »class =» content-img »/> Source: AdobeStock / JHVEPhoto

Revenue Agency of Canada (CRA) is increasingly targeting cryptocurrency traders who have yet to report their earnings from transactions as part of a large-scale audit implemented by the tax agency’s Cryptocurrency Section.

crackdown was reported by Norman MacDonald, head of tax litigation at the Toronto-based law firm Rogerson Law Group . To identify potential violators of the country’s tax laws, the CRA recently obtained a federal court order against the Canadian cryptocurrency exchange. Coinsquare which required the platform to provide the agency with the names and details of all customer accounts, both active and inactive.

audit section covers the period from January 1, 2013 to March 19, 2021. However, this “does not mean that you do not have to report transaction revenue before January 1, 2013. It just means that Coinsquare is not • Obligation to provide customer information before January 1, 2013. You still need to self-certify. And because there is no time limit for the CRA to evaluate someone for not reporting, they can monitor it at any time, ”said the attorney.

According to MacDonald, the Revenue Agency said it will use the information obtained to determine whether Coinsquare customers have filed the required tax returns, payroll remittances, and GST / HST (goods and services tax / harmonized sales tax).

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Several years ago, the CRA conducted a similar audit against the online retail giant. eBay , aimed at the platform’s high-income power sellers. agency managed to obtain a federal court order requiring eBay to disclose its customer data to the CRA, including data stored on servers outside of Canada, the litigant said.

“Since this is an ongoing project of the crypto section of the CRA, I expect the CRA to seek similar orders against other cryptocurrency exchanges in the future,” MacDonald said.

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