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

Canada Revenue Agency Alerts

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

Audit Efforts and Collected Taxes

The Canada Revenue Agency is working on over 230 cases with 35 auditors under 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

The Canadian Finance Minister announced that new laws will be introduced by Spring 2026 to combat financial crimes, particularly to prevent cryptocurrency tax evasion.