US EditionCanada Revenue Agency Flags 40% of Crypto Users for Potential Tax Evasion
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Canada Revenue Agency Flags 40% of Crypto Users for Potential Tax Evasion
Canada’s tax authority says many crypto users are failing to meet income-tax rules, raising concerns about widespread non-reporting across the digital asset sector. The Canada Revenue Agency (CRA) informed The Canadian Press that nearly two in five taxpayers who use cryptocurrency platforms exhibit signs of evasion or other high-risk behavior.Visit Website
Inside Canada’s stalled crypto tax crackdown
A team of Canada Revenue Agency “cryptoasset auditors” has been mining a rich seam of unpaid taxes, working on more than 200 files and reaping more $100 million in the last three years. While the agency says up to 40% of taxpayers who use cryptoasset platforms either haven’t filed their taxes or are at high risk of non-compliance, no criminal charges have been laid since 2020. Court filings involving a Vancouver-based crypto firm suggest the fed…
The Canadian government claims to have obstacles to identifying users who fail to comply with their tax obligations in cryptocurrencies, although it intensifies audits and fines as it prepares new legislation in 2026. *** 40% of cryptoactive users in Canada evade or are at high risk of tax evasion. The Canadian tax agency has recovered more than $100 million in three years with crypto audits. KuCoin was fined more than $19.5 million for violatin…
Canada Flags High Crypto Tax Non-Compliance as CRA Audits Intensify
The Canada Revenue Agency (CRA) has uncovered widespread tax non-compliance among cryptocurrency users, revealing that roughly 40% of taxpayers using cryptoasset platforms are either evading taxes or are at high risk of failing to meet their reporting obligations. The findings, shared with the Canadian Press on December 7, highlight the growing challenges regulators face as crypto adoption accelerates. According to the CRA, a team of 35 auditors…
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