Bitcoin (BTC) traders audited by Canadian tax authority

07 Mar, 2019 | Updated: 07 Mar, 2019
by David Robb
Bitcoin (BTC) traders audited by Canadian tax authority

A significant number of Bitcoin users have been audited by Canada's tax authority. The Canada Revenue Agency (CRA) has sent out a questionnaire requesting information regarding their activities in the crypto market.

A media contact at the CRA told Forbes that "the CRA established a dedicated cryptocurrency unit in 2017 to build intelligence, and conduct audits focused on risks related to cryptocurrencies. This unit has enhanced the CRA’s ability to monitor and enforce compliance in areas of emerging risk, including the cryptocurrency space. There are currently over 60 active audits related to cryptocurrency. The CRA’s enhanced efforts in this space stem directly from its broader Underground Economy Strategy, which includes a commitment to monitor emerging platforms and new business models, with a special focus on the sharing economy and digital currencies".

Read more: Starbucks crypto adoption will be a tax nightmare, says CoinCenter analyst'New Hampshire bill approving paying taxes in Bitcoin 'unanimously approved'

The questionnaire that has been sent out has a 13-page section on cryptocurrencies, with 54 separate questions regarding crypto activities. These include requests for information about what crypto services are being used, with Changelly and ShapeShift specifically mentioned. Another question is: "How much time do you spend studying the crypto market and investigating potential purchases?". The survey also asks for a list of all the respondent's non-custodial Bitcoin addresses, as well as an extensive history of the fiat-for-crypto purchase they have made.

Read more: Will Bitcoin replace fiat money?; 5 unexpected uses for the Bitcoin Lightning Network

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Read more about: Canada Bitcoin (BTC)


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