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Canadian Tax Authority Flags 40% of Crypto Traders for Potential Tax Fraud
Canadian Tax Authority Flags 40% of Crypto Traders for Potential Tax Fraud
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BTCCSquare news:
Canada's tax enforcement division has identified significant compliance gaps among cryptocurrency users, with 40% of platform participants suspected of underreporting or evading taxes. The Canada Revenue Agency's specialized crypto unit, staffed by 35 auditors, has initiated over 230 audits resulting in C$72-100 million in recovered tax payments.
Recent court orders targeting Dapper Labs users demonstrate the agency's escalating scrutiny. While criminal prosecutions remain uncommon, the CRA's data-driven approach signals a structural shift in crypto taxation oversight. Approximately 15% of flagged traders failed to file returns entirely, while 30% submitted filings deemed high-risk for inaccuracies.
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