Canada Tax Authority Identifies 40% of Crypto Users at Tax Evasion Risk
TLDR
- CRA flagged 40% of crypto users for tax evasion risk in Canada, recovering $100M in taxes.
- The CRA’s crypto audit team has 35 members handling over 230 files to address tax evasion.
- New legislation by the Canadian government to combat crypto tax evasion is expected by Spring 2026.
- FINTRAC fined KuCoin $19.5M for failing to register as a foreign money services business in Canada.
The Canada Revenue Agency (CRA) has revealed that 40% of individuals using cryptoasset platforms in Canada are either evading taxes or are at high risk of non-compliance. Despite the challenge of tracking these users due to limited legal tools and the decentralized nature of crypto transactions, the CRA is taking action to address the…
