Canada imposes audit to prevent crypto tax evasion

TL;DR Breakdown • The crypto platform Coinsquare is to be audited by the Canada revenue agency.• The Canadian regulatory bodies have to cross opinions about the crypto tax system. The Canada revenue agency is after crypto investors who continue to default in reporting their earnings to tax authorities. Recently, the CRA plans to regulate crypto tax evasion within the national territory. This regulation was signaled by the head of tax litigation, Norman MacDonald. The project aims to create a crypto tax for all enthusiasts of this new financial market. CRA rushes to activate crypto tax system The CRA is doing everything possible to ensure crypto fans pay taxes in Canada. The agency obtained a search warrant against the crypto platform Coinsquare. The CRA is searching for the names of people who have traded cryptocurrencies without paying tax. The inspection will cover the period from January 1, 2013, to March 19, 2021. Although, this audit will not ignore offenders who traded cryptocurrencies before January 1, 2013. The compensation agency does not have a limit to analyze these reports, so they have as much time as they want to search for violators. The lawyer clarifies that the CRA can call the offender, either this year or in 2022. MacDonald says the CRA has the power to analyze whether users on Coinsquare reported required taxes, GST-HST returns, and payroll charges. The agency will also determine if the crypto tax amount ...