Canada Revenue Agency Collects Over CAD 1 Billion From Crypto Audits With No Charges Since 2020
The CRA’s crypto audit team recovered over CAD 1 billion from 230+ cases in three years, flagging 40% of platform users as high-risk for tax noncompliance.
Summary
The Canada Revenue Agency (CRA) reported that its 35-person cryptocurrency audit team has recovered over CAD 1 billion in the past three years without filing any criminal charges since 2020. The team has completed over 230 audit files, identifying that up to 40% of cryptocurrency platform users are at high risk for tax evasion or noncompliance. The CRA continues to face legal obstacles in identifying platform users, prompting plans for legislative reforms by 2026 and the establishment of a financial crime agency to strengthen enforcement.
Terms & Concepts
- Canada Revenue Agency (CRA): The federal tax authority of Canada, responsible for administering tax laws, collecting revenues, and conducting compliance audits.
- Crypto Audit: A tax or regulatory examination of cryptocurrency transactions to ensure compliance with laws and reporting obligations.