Canadian Tax Authority CRA Flags 40% of Crypto Users for Tax Evasion Risk

The Canada Revenue Agency (CRA) has identified a significant tax compliance risk within the cryptocurrency sector. Recent data reveals that approximately 40% of Canadian crypto users have been flagged for potential tax evasion. The CRA is intensifying its scrutiny of digital asset transactions, focusing on unreported capital gains and income from trading, mining, and staking activities. This crackdown is part of a broader global trend of regulatory bodies increasing oversight on crypto markets to ensure proper tax reporting and compliance. Investors are urged to maintain accurate records and report all crypto-related earnings to avoid penalties, audits, and legal action.