Canada Struggles to Track Crypto Taxes as $100M Recovered in Audits
The Canadian Revenue Agency (CRA) revealed that 40% of taxpayers who use cryptoasset platforms are evading crypto taxes or are at high risk of non-compliance, the Canadian Press reported December 7.
The news outlet said it received an emailed statement from CRA saying it has 35 auditors in its cryptoasset program, working on over 230 files, which have resulted in “significant taxes earned by audit,” including $100 million in the past three years.
The CRA acknowledged legal limitations in Canada, stating it believes “there is no way to reliably identify taxpayers operating in the crypto space and assess compliance” with income tax reporting obligations. These challenges drove the CRA’s efforts to compel disclosures from platforms like…
