Canada tax collection service checks crypto investors

Posted 07 March, 2019

The Canada Revenue Agency (CRA) is reportedly carrying out the audit of various crypto investors.

According to the news reports, Canada’s tax collection service CRA requires investors to answer its questionnaires as for their activities in the crypto industry in recent years. The questionnaires reportedly account for 14 pages and include 54 different questions with sub-questions in some of them.

It is worth noting that specific information, as well as criteria used for the audit, were not disclosed in order not to affect the process in general.

Investors are allegedly asked to clarify some aspects of their investments in various cryptos, namely the ways they purchase digital assets or whether they resorted to using crypto mixing services or tumblers.

The Agency also wants to know whether investors have ever cooperated with ShapeShift or Changelly. Those exchanges enable its customers not to disclose their real ID while conducting operations with digital assets.

Notably, the CRA started taxing cryptos back in 2013. In 2017, it established a separate division with the aim to collect and audit the risks the crypto industry possesses.

The Agency recognizes cryptos as commodities so that operations with them are taxed as business income or capital gains. People in Canada have to file tax returns until April 30, while self-employed ones have time up to June 15.

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