According to a report from the National Post, Canada’s Revenue Agency (CRA) is actively seeking uncollected taxes on cryptocurrencies, estimating nearly $40 million in undeclared taxes related to digital currencies. Meanwhile, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for Canadian taxpayers whose gains exceed $183,000 annually.

The CRA is targeting approximately CAD 54 million ($39.5 million) linked to undisclosed crypto transactions and profits, with around 400 audits and investigations underway. Sahil Behal, director general of the CRA’s compliance branch, highlighted the challenges in educating the public about tax responsibilities regarding crypto assets.

The CRA is monitoring the U.S. Internal Revenue Service (IRS) closely but is slightly behind in its efforts. The IRS recently issued a draft of tax Form 1099-DA for brokered crypto asset transactions, known for its comprehensive audit requirements. However, the CRA has been less forthcoming in providing guidance on reporting crypto assets, according to a tax attorney.

Prime Minister Trudeau and his party are aiming to raise capital gains taxes in Canada, with the proposed increase impacting anyone with annual gains exceeding CAD 250,000 ($183,000). The plan is to raise the capital gains tax rate from 50% to 66% in the upcoming budget. However, this move has sparked concerns among Canadians about its potential negative impact on the economy and innovation.

As Trudeau pushes for higher capital gains taxes, the Biden administration in the United States is also considering doubling the rate, potentially increasing it to 39.6%.

What are your thoughts on the CRA’s investigations and Trudeau’s proposal to hike capital gains taxes? Share your opinions in the comments sectAccording to a report from the National Post, Canada’s Revenue Agency (CRA) is actively seeking uncollected taxes on cryptocurrencies, estimating nearly $40 million in undeclared taxes related to digital currencies. Meanwhile, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for Canadian taxpayers whose gains exceed $183,000 annually.

The CRA is targeting approximately CAD 54 million ($39.5 million) linked to undisclosed crypto transactions and profits, with around 400 audits and investigations underway. Sahil Behal, director general of the CRA’s compliance branch, highlighted the challenges in educating the public about tax responsibilities regarding crypto assets.

The CRA is monitoring the U.S. Internal Revenue Service (IRS) closely but is slightly behind in its efforts. The IRS recently issued a draft of tax Form 1099-DA for brokered crypto asset transactions, known for its comprehensive audit requirements. However, the CRA has been less forthcoming in providing guidance on reporting crypto assets, according to a tax attorney.

Prime Minister Trudeau and his party are aiming to raise capital gains taxes in Canada, with the proposed increase impacting anyone with annual gains exceeding CAD 250,000 ($183,000). The plan is to raise the capital gains tax rate from 50% to 66% in the upcoming budget. However, this move has sparked concerns among Canadians about its potential negative impact on the economy and innovation.

As Trudeau pushes for higher capital gains taxes, the Biden administration in the United States is also considering doubling the rate, potentially increasing it to 39.6%.

What are your thoughts on the CRA’s investigations and Trudeau’s proposal to hike capital gains taxes? Share your opinions in the comments section below.ion below.