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Submission: On May 14 via manual from US — Scanned from US
Submission: On May 14 via manual from US — Scanned from US
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Skip to content All Markets News Reviews Guides News Finance news Crypto news Stock news Technology news Startup news Regulation news Banking news Investing news Press Releases Interviews Sponsored Leader Insights Markets Stocks Cryptocurrencies ETFs Reviews Crypto Exchanges DeFi Projects Stock Brokers Trading Bots Guides Investing Finance Cryptocurrency Technology Banking Tools Percentage Calculator Stock Avg. Calculator Upgrade Sign In CANADA HUNTS $40M IN UNPAID CRYPTO TAXES AS TRUDEAU SEEKS 66% CAPITAL GAINS HIKE Elmaz Sabovic Cryptocurrency May 14, 2024 Share Prime Minister Justin Trudeau proposed a hike in capital gains tax of up to 66% earlier in 2024 to alleviate the financial pressure the housing market is putting on Canada’s citizens. This hike would include capital gains on stock trades and cryptocurrency sales, with an aim to bring in as much tax revenue as possible. However, citizens and companies alike are protesting the increase, and they are facing backlash. Even gains that weren’t previously taxed, such as approximately CAD 54 million ($39 million) in cryptocurrency taxes, might be targeted under the proposed hike. PICKS FOR YOU Short squeeze alert for two cryptocurrencies this week 11 mins ago Price prediction for PEPE amid new all-time high 21 mins ago How much is a kilo of silver worth? 2 hours ago Gold or Silver? We asked ChatGPT which asset is a better buy for summer 2024 2 hours ago UNDISCLOSED GAINS FROM CRYPTO AMOUNT TO $40 MILLION The Canada Revenue Agency (CRA) is chasing after CAD 54 million (approximately $39.5 million) tied to undisclosed cryptocurrency transactions and profits. Sahil Behal, director general of the CRA’s compliance branch, disclosed that approximately 400 audits and investigations related to crypto assets are underway, as reported by the National Post on May 6. Behal noted that these inquiries stem from the tax period of 2023-2024, highlighting the agency’s ongoing efforts to address tax obligations related to cryptocurrency. However, Behal also acknowledged significant challenges in educating the public about their tax responsibilities regarding crypto assets. FOLLOWING SUIT FROM AMERICAN COUNTERPARTS The CRA is closely tracking the U.S. Internal Revenue Service (IRS), though slightly behind its American counterpart. The IRS recently issued a draft of tax Form 1099-DA, designed to detail proceeds from brokered crypto asset transactions and noted for its comprehensive audit requirements. Traders blame CRA for the lack of guidelines over the past year and deem this move unfair as it targets gains retrospectively. The lack of information has caused many traders to refrain from disclosing their gains from crypto trades. Like (146) Share Best Crypto Exchange for Intermediate Traders and Investors * Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals. * 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees. * Copy top-performing traders in real time, automatically. * eToro USA is registered with FINRA for securities trading. 30+ million Users Get Started eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest. READ NEXT: Cryptocurrency IS THE MEME COIN MANIA BACK TO CRYPTO? WEEKLY FINANCE DIGEST Subscribe By subscribing you agree with Finbold T&C’s & Privacy Policy RELATED POSTS Stocks SHORT SQUEEZE ALERT FOR LUCID STOCK Stocks SHORT SQUEEZE ALERT FOR BLACKBERRY STOCK Stocks MONSTER INSIDER TRADING ALERT FOR AMD STOCK Stocks ANALYSTS REVISE AMC STOCK PRICE TARGET AMID SHORT SQUEEZE Elmaz Sabovic Cryptocurrency May 14, 2024 Like (146) Share SHARE ON SOCIAL MEDIA Or copy link https://finbold.com/canada-hunts-40m-in-unpaid-crypto-taxes-as-trudeau-seeks-66-capital-gains-hike Copy Alerts News Search Account Menu Close Copyright © 2024 Finbold.com. All rights reserved. Use of this site constitutes acceptance of our Terms of Service. 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