Canada To Exercise Audits To Curtail Bitcoin Tax Evaders

The Canada Revenue Agency (CRA) eyes Bitcoin and cryptocurrency users with federal tax audits. Though at present most exchanges are KYC-enabled, the audits plans to uncover all past trading activity. The CRA commented on its latest initiative. “We understand that a vast majority of middle-class Canadians pay their fair share, but it remains committed to ensuring that without exception, every taxpayer abides by the same tax laws.”

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Canada To Exercise Audits To Curtail Bitcoin Tax Evaders

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

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