According to Odaily Planet Daily, in order to curb cryptocurrency tax evasion, the Canada Revenue Agency (CRA) has launched nearly 400 audits to recover about 54 million Canadian dollars (about 39.5 million U.S. dollars) in suspected unpaid taxes. This move highlights the CRA's determination to combat tax evasion and demonstrates a strategy to strengthen cryptocurrency compliance. Although the audit is ongoing, the CRA also recognizes the need to strengthen public education on cryptocurrency tax obligations and ensure that all taxable cryptocurrency transactions are transparent and compliant.
Veteran tax lawyer David Rotfleisch criticized the current measures as insufficient and called for greater education. To meet the challenges, Canada plans to implement the Crypto Asset Reporting Framework (CARF) by 2026, and emphasizes that cryptocurrency capital gains must be included in tax returns.