PANews reported on December 8th that, according to court documents obtained by The Block, the Canada Revenue Agency (CRA) has collected over C$100 million (approximately US$72 million) in taxes through cryptocurrency-related audits over the past three years, but no criminal charges have been filed since 2020, revealing structural limitations in the country's enforcement capabilities. The CRA's audit team has processed over 230 files and estimates that 40% of taxpayers using cryptocurrency platforms have either failed to file tax returns or are at high risk of non-compliance. However, the CRA believes it is "unable to reliably identify taxpayers in the cryptocurrency sector and assess their income tax compliance." Furthermore, the report states that the Canada Revenue Agency (CRA) has obtained data from 2,500 users of Dapper Labs through a court order. The CRA initially sought information on Dapper's first 18,000 users, but after negotiations with company executives and lawyers, the number was ultimately reduced to 2,500. The CRA's application filed with the Federal Court in September marks the second time a court has ordered a Canadian cryptocurrency company to disclose such information, following a similar order issued to the Toronto-based cryptocurrency exchange Coinsquare in 2020.PANews reported on December 8th that, according to court documents obtained by The Block, the Canada Revenue Agency (CRA) has collected over C$100 million (approximately US$72 million) in taxes through cryptocurrency-related audits over the past three years, but no criminal charges have been filed since 2020, revealing structural limitations in the country's enforcement capabilities. The CRA's audit team has processed over 230 files and estimates that 40% of taxpayers using cryptocurrency platforms have either failed to file tax returns or are at high risk of non-compliance. However, the CRA believes it is "unable to reliably identify taxpayers in the cryptocurrency sector and assess their income tax compliance." Furthermore, the report states that the Canada Revenue Agency (CRA) has obtained data from 2,500 users of Dapper Labs through a court order. The CRA initially sought information on Dapper's first 18,000 users, but after negotiations with company executives and lawyers, the number was ultimately reduced to 2,500. The CRA's application filed with the Federal Court in September marks the second time a court has ordered a Canadian cryptocurrency company to disclose such information, following a similar order issued to the Toronto-based cryptocurrency exchange Coinsquare in 2020.
Canada obtains information on 2,500 Dapper Labs users in its second cryptocurrency tax investigation.
PANews reported on December 8th that, according to court documents obtained by The Block, the Canada Revenue Agency (CRA) has collected over C$100 million (approximately US$72 million) in taxes through cryptocurrency-related audits over the past three years, but no criminal charges have been filed since 2020, revealing structural limitations in the country's enforcement capabilities. The CRA's audit team has processed over 230 files and estimates that 40% of taxpayers using cryptocurrency platforms have either failed to file tax returns or are at high risk of non-compliance. However, the CRA believes it is "unable to reliably identify taxpayers in the cryptocurrency sector and assess their income tax compliance."
Furthermore, the report states that the Canada Revenue Agency (CRA) has obtained data from 2,500 users of Dapper Labs through a court order. The CRA initially sought information on Dapper's first 18,000 users, but after negotiations with company executives and lawyers, the number was ultimately reduced to 2,500. The CRA's application filed with the Federal Court in September marks the second time a court has ordered a Canadian cryptocurrency company to disclose such information, following a similar order issued to the Toronto-based cryptocurrency exchange Coinsquare in 2020.
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