The Canada Revenue Agency (CRA) has announced that it has begun auditing about 400 cases, saying it will step up its crackdown on virtual asset tax evasion. The Canada Revenue Agency plans to recover about $39.50 million in suspected unpaid taxes related to virtual assets.
The Canada Revenue Agency explains that there is an urgent need to strengthen public education about the tax liability of virtual assets, and the goal of strengthening the fight against tax evasion is to ensure that all taxable cryptocurrency transactions are accurately and transparently reported.
Previously, Canada announced plans to implement the Organization for Economic Cooperation and Development (OECD) Cryptocurrency Asset Reporting Framework (CARF) by 2026. The updated version of CARF, a tax standard designed to address tax evasion of virtual assets, allows the collection of information on virtual asset transactions outside its jurisdiction.
The Canada Revenue Agency is stepping up its crackdown on virtual asset tax evasion
2024-05-08 00:47:57
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