CRA May Start Taxing Crypto Profits
The CRA is getting serious about taxing crypto profits.
After a lengthy court battle, the agency won the right to demand customer data from Coinsquare, a cryptocurrency exchange. As a result, 5-10% of the exchange’s largest Canadian customers will have their account data handed over to the CRA. And they won’t be the last to have the CRA scrutinizing their accounts.
With this ruling, the precedent has been established that the CRA can pull data on Canadians’ crypto transactions — not just from Coinsquare, but from all exchanges. The result will be more crypto traders having to pay up their share of taxes. It has always been the CRA’s policy to tax investments — including cryptocurrency. But until now, the agency hasn’t moved aggressively to find crypto transactions.
