"40% of cryptocurrency users in Canada are at risk of tax evasion."

Canada Revenue Agency Warns

The Canada Revenue Agency has announced that 40% of users on cryptocurrency platforms are engaged in tax evasion or carry a high risk of non-compliance. This situation has become a significant issue with the increase in cryptocurrency investments in the country.

Audit Activities and Collected Taxes

The Canada Revenue Agency is working on over 230 cases with 35 auditors as part of its cryptocurrency program. As a result of these audits, 100 million Canadian Dollars in taxes have been collected over the past three years.

New Laws Coming

Canada's Finance Minister has announced that new laws will be introduced by Spring 2026 to combat financial crimes, particularly to prevent cryptocurrency tax evasion.