The CRA Is Coming After Crypto Profits

By  External Author |   | Posted in " Business Succession, Family Succession, International Tax "

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After a lengthy court battle, the agency won the right to demand customer data from Coinsquare, a cryptocurrency exchange. As a result, 5-10% of the exchange’s largest Canadian customers will have their account data handed over to the CRA. And they won’t be the last to have the CRA scrutinizing their accounts. With this ruling, the precedent has been established that the CRA can pull data on Canadians’ crypto transactions — not just from Coinsquare, but from all exchanges. The result will be more crypto traders having to pay up their share of taxes.

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Original Article Source Credits:   Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By:  Andrew Button

Original Article Posted on:  May 15, 2021

Link to Original Article:  https://ca.finance.yahoo.com/news/cra-coming-crypto-profits-130037262.html