Binance fees canada1/3/2024 Reported trades are not necessarily restricted to those above $10,000. The CRA is also registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) which regulates financial institutions and investigates money laundering and tax evasion. So if you send $10,000 to a crypto exchange, it will be reported to the CRA. They're using this information to track Canadian crypto investors to ensure they're reporting their crypto investments accurately and paying their fair share of crypto tax.Īs of January 1 2022, all money services businesses in Canada have to notify the CRA of transactions greater than $10,000. The CRA announced they're working with crypto exchanges to share customer information. In fact, we have a whole article on the penalties you'll face for crypto tax evasion in Canada. So if you're thinking you just won't declare your crypto income or gains. The Canada Revenue Agency can track your crypto investments.
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