The Canadian tax office has requested the data of all clients of the crypto exchange Coinsquare for 7 years
Tax authorities have become interested in the personalities of cryptocurrency traders in the fight against tax fraud and the shadow economy. CRA notified the court of Tom, that he wants to make sure of “compliance commitments ”by Coinsquare customers. Others in words, department wishes verify, everything whether users paid taxes and did not use whether cryptocurrencies for concealment of assets. Make this will be based tax declarations for past the years, suggests National Post.
CRA Representative refused comment on the case, only noting that cryptocurrencies are associated with increased risks of tax fraud, tax evasion and other tax crimes.
Tax attorney David Piccolo explained that in case of discrepancies in relation to the trader can be initiated more large-scale check. is he considers CRA’s appeal to the court as an important event, since it is active action by the department aimed at obtaining such a large volume information about clients of the cryptocurrency platform. He also admits, what tax authorities want to test in this way opportunities for further collection of information of a similar plan.