CRA Flags 40% of Crypto Users for Tax Evasion Risks
- 40% of Canadian taxpayers using cryptoasset platforms are at high risk of non-compliance with tax obligations.
- The Canadian Revenue Agency (CRA) has deployed 35 auditors to handle over 230 cases, yielding $100 million in taxes over three years.
- Negotiations with Dapper Labs reduced the number of users from whom the CRA sought information from 18,000 to just 2,500.
- New legislation aimed at improving tax compliance is expected by Spring 2026.
- FINTRAC fined Peken Global Ltd., operating as KuCoin, over $19.5 million for failing to register as a foreign money services business.
The CRA’s findings highlight significant challenges in identifying and enforcing tax compliance among crypto users, prompting new legislative efforts to address these issues. The agency’s actions reflect ongoing concerns about financial crime and fraud in the evolving cryptocurrency landscape.
With $100 million collected through audits, the CRA is actively addressing tax evasion risks among crypto users while preparing for new regulations by Spring 2026.Source
