News

On December 8, according to reports, court documents obtained by the Canadian Press show that over the past three years, the Canada Revenue Agency has collected more than 100 million Canadian dollars (approximately 72 million US dollars) in taxes through cryptocurrency-related audits. However, since 2020, no criminal charges have been filed, revealing structural limitations in the country's law enforcement capabilities. The audit team of the Canada Revenue Agency has processed more than 230 files and estimates that among taxpayers using cryptocurrency platforms, 40% have either failed to declare taxes or are at high risk of non-compliance. However, the agency believes it is "unable to reliably identify taxpayers in the cryptocurrency sector and assess their income tax compliance." In addition, the report states that the Canada Revenue Agency has obtained data on 2,500 users from Dapper Labs through a court order. The agency initially sought information on Dapper's top 18,000 users, but after negotiations with the company's executives and lawyers, the final number was set at 2,500. The application submitted by the Canada Revenue Agency to the Federal Court in September was the second time the court ordered a Canadian cryptocurrency company to disclose such information, following a similar order issued to the Toronto exchange Coinsquare in 2020.