The Canada Revenue Agency (CRA) is targeting users of Bitcoin (BTC) and other crypto assets in its latest series of audits — starting with a 13-page questionnaire. 


Time for Bitcoin Users in Canada to Pay Their Taxes

According to an article in Forbes yesterday, Bitcoin researcher and writer Kyle Torpey revealed that the CRA is cracking down on Bitcoin (BTC) and other crypto-asset users in Canada. Torpey says that “multiple sources” have confirmed the crackdown from the Canadian equivalent of the US Internal Revenue Service (IRS). Those users currently in the eye of the CRA have received a 13-page questionnaire with no less than 54 questions and sub-questions.

A media representative at the CRA commented on the clampdown, stating:

The Canada Revenue Agency (CRA) understands that a vast majority of middle-class Canadians pay their fair share, but it remains committed to ensuring that without exception, every taxpayer abides by the same tax laws.

The contact also assured that the CRA was “keeping pace” with…

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Source: https://thebitcoinnews.com/cra-warns-digital-currency-does-not-exempt-canadians-from-their-tax-obligations/