As digital assets grow in popularity, so does CRA scrutiny. Crypto activities can trigger significant tax obligations with complex reporting requirements and audit risk.
The CRA treats most cryptocurrency transactions as a disposition of property, giving rise to taxable capital gains or business income. Failing to report crypto-related income can lead to penalties and reassessments.
Correctly classifying transactions is critical for tax reporting.
Understanding T1135 obligations for foreign-held crypto.
Strategies for responding to the CRA and correcting non-compliance.
If you're involved in cryptocurrency and unsure about your tax obligations, seek legal advice before the CRA contacts you. Contact us for a confidential consultation.