According to Canadian media reports on December 7, the Canada Revenue Agency (CRA) revealed that 40% of taxpayers using crypto-asset platforms are evading crypto taxes or are at high risk of non-compliance.
The news outlet said it received an emailed statement from the CRA stating that its crypto-asset program had 35 auditors working on more than 230 files, which resulted in “significant tax revenue earned from audits,” including $100 million over the past three years.
The CRA acknowledged Canada’s legal limitations and said it believed there was “no way to reliably identify taxpayers operating in the cryptocurrency space and assess their compliance with their income tax reporting obligations.” These challenges have prompted the CRA’s efforts to force disclosures from platforms like Dapper Labs.
The Canadian Press said the government is particularly concerned about taxpayers using the Vancouver-based company to evade taxes, but the company has not assumed full responsibility due to the lack of clear CRA regulations.
According to The Canadian Press, Dapper Labs has not denied the investigation, but it has not fully complied; authorities sought information about Dapper’s first 18,000 users, but negotiations between company officials, lawyers and officials found that number reduced to just 2,500. CoinDesk reached out to Dapper Labs and CRA for comment but did not immediately receive a response.
In light of these restrictions, the country’s Ministry of Finance announced in late October that new legislation would be introduced by spring 2026.
“Fraud and financial crime are evolving rapidly, and so must our response,” Finance Minister François-Philippe Champagne said on October 20 when announcing the new law. “Whether it’s launching a new federal anti-fraud strategy, establishing a dedicated financial crime unit to combat financial crime, or addressing financial abuse, our government is committed to keeping every Canadian financially safe.”
Meanwhile, Canada’s financial intelligence unit FINTRAC has been aggressively enforcing anti-money laundering laws, fining Seychelles-based cryptocurrency exchange Peken Global Ltd. (operating as KuCoin) more than $19.5 million for failing to register as a foreign money services business in the country.
