| | | April 2021 | Unreported cryptocurrency: Is voluntary disclosure the right option?
John F. Oakey, CPA, CA, TEP, is national director of Tax Services at Baker Tilly Canada
Riccardo Zerbino, CPA, CA, LL.M Fisc., is a tax principal at Baker Tilly Montreal | As most cryptocurrency holders are now aware, Coinsquare Ltd. and the Minister of National Revenue have come to an agreement regarding the disclosure of Coinsquare customer account information to the Canada Revenue Agency (CRA). The formal agreement was reached pursuant to a court order released on March 19, 2021, by the Federal Court of Canada. The order gave Coinsquare 15 days to provide the customer information, from the date of receipt of the CRA’s formal requirement under subsection 231.2(1) of the Income Tax Act and subsection 289(1) of the Excise Tax Act.
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Baker Tilly Canada periodically publishes Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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