Canada's Tax Agency Starts Auditing Crypto Investors
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7 March
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Canadian Revenue Agency (CRA) is investigating investors who have invested in cryptocurrencies such as bitcoin, Forbes reported yesterday.

The publication, quoting sources familiar with the matter, has reported that the CRA has sent investors a series of questionnaires (14 pages in total and 54 questions) in order to gather information about their crypto-related activities in recent years.

The CRA wants investors to clarify certain information regarding their crypto investments, such as how and through whom they bought the assets and whether they use cryptocurrency mixing services or tumblers.

One of the other questions included in the questionnaires asks investors if they have bought or sold assets through ShapeShift or Changelly, which are cryptocurrency platforms that allow users to exchange assets anonymously.

Why it is important

  • The CRA started to tax digital assets in 2013 and established a dedicated crypto unit in 2017.

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