Get ready for audits.
According to National Post “Canada’s tax agency is asking a judge to force Toronto-based crypto trading platform Coinsquare to hand over information and certain documents about all its clients.”
In 2018, the CRA established a dedicated cryptocurrency unit that conducts audits focused on “risks related to cryptocurrencies as part of a broader Underground Economy Strategy,” the CRA said.
In early 2019, the agency told Montreal-based Journal de Montréal that it was working on 54 criminal investigations related to offshore tax evasion, and that virtual currencies were a growing part of the alleged offenders’ strategies.
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