Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: What are CRA’s plans around providing further guidance.
Position: further tax and reporting guidance.
2022 CTF Annual Tax Conference
CRA Roundtable
Question 6 - Guidance on Crypto-assets Taxation and Reporting
The number of jurisdictions with crypto tax guidance has continued to rise as tax authorities around the world realize that individuals and businesses alike need guidelines to be aware of how to meet their tax obligations regarding crypto-assets.
Does the CRA plan on providing additional guidance with respect to the taxation of crypto-asset related transactions and associated reporting obligations in the near future?
CRA Response
Given the unique nature of crypto-assets transactions, the CRA is aware of the potential uncertainty associated with applying existing tax rules to those transactions, and the importance of providing contemporaneous guidance to the tax community to facilitate compliance in this area.
As such, the CRA has recently created the Speciality Tax Division within the Income Tax Rulings Directorate (“the Division”) to deal with specialty areas, such as crypto-assets transactions. The Division is responsible for, among other things, providing income tax guidance relating specifically to crypto-assets. The Division works closely with existing teams responsible for crypto-asset related audits within the CRA’s Compliance Programs Branch.
Also, in order to facilitate the reporting of crypto-related transactions, the CRA is currently in the process of updating a number of its forms, schedules and guides. Specifically, the CRA is working on providing further guidance on preparing tax returns for crypto-asset dispositions by updating the T1 Federal Income Tax and Benefit Guide, the T1 Schedule 3 and the T4037 Capital Gains Guide for the 2022 tax year.
Charles Dumas
2022-095067
November 29, 2022
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