Canada Cryptocurrency Crackdown Honing in on Sales Tax Evasion

April 9, 2021, 6:34 PM

Canada is turning its attention to sales taxes in its hunt for cryptocurrency tax cheats, a mission that will bring serious practical hurdles as it gets more complex.

The Canada Revenue Agency is preparing to collect an unprecedented amount of information on cryptocurrency users through a court order that will provide the agency with a deeper understanding of the digital asset market, tax practitioners said.

“This is their first rodeo,” David Piccolo, partner at Tax Chambers LLP, said of the agency’s order that Toronto-based cryptocurrency exchange Coinsquare Inc. turn over client data. The order was approved March 19 by ...

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