CRA: Collects $54 Million of Crypto Transactions Without Declaration

CRA has collected $54 million of cryptocurrency financial transactions made without a declaration up to the fiscal year 2023-2024.

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The compliance branch director general, Sahil Behal, said that about 400 audits regarding cryptocurrency have been entered into the process.

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The CRA introduced new methods to educate taxpayers, especially regarding popular digital currencies like Bitcoin and Ethereum.

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This strategy aims at individuals who are likely to have obtained an undeclared income from trades on the Coinsquare exchange.

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Declarants have 45 days to voluntarily disclose undisclosed income to avoid penalties and interest charges.

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