Canada Pursues Unpaid Crypto Taxes & Trudeau's Proposed Capital Gains Increase
Tuesday, 14 May 2024, 13:30
Unpaid Crypto Taxes and Proposed Tax Hike:
Canada is focusing on recovering $40 million in unpaid cryptocurrency taxes while Prime Minister Justin Trudeau seeks a 66% increase in capital gains taxes.
Efforts by Canada Revenue Agency:
Canada Revenue Agency is running audits and investigations related to crypto assets to ensure tax compliance, addressing obligations associated with cryptocurrency transactions.
Comparison with the U.S. Internal Revenue Service:
The CRA is aligning its tax tracking methods with the IRS by implementing audit requirements for brokered crypto asset transactions, causing concerns among traders.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.