CRA Targets Crypto Users In Canada!
Canadian Tax Authority seems to have targeted cryptocurrency and Bitcoin users in Canada with a list of questions that is just short of asking them their private keys and direct wallet access. I think these questions are quite invasive but that's the government for you.
You can find the entire list of questions here.
This is similar to what happened in India in late-2017 when India's Income Tax Department asked a crazy set of questions to HNWI investors using cryptocurrencies in India. You can find that in my post here. It was a summons to answer all these questions but eventually the issue died down.
However, CRA feels that Bitcoin and cryptocurrencies are used for money laundering even as 1.3 Million leaked transactions link major banks to $8.8 Billion money launder scheme done by way of using banks.
Ofcourse there's no dearth of scammers in any part of the world and the government wants to curb activities that cause problem to citizens. However, this feels a bit too harsh. Take a look at the report linked above and see for yourselves.
According to CRA statement to Forbes - “The Canada Revenue Agency (CRA) understands 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. As a world-class tax administration, the CRA is also committed to adapting its administration to keep pace with evolving global services and products, and making key investments to effectively address the new ways of doing business in the global economy.
One can only hope that government don't continue to get too invasive about cryptocurrency holdings. That would be terrible for all the users of this disruptive tech.
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Money laundering.... hmmmm .... banks and government lend money out also ...and a larger portion of their money go out free to them.
So it is 100 % abuse of power what they do, here's the question how far people let it go when they start say .." NO "
That third question is insanely invasive. Maybe they're just chancing their arm and you wouldn't have any legal obligation to answer these questions.
This will ruin the interest of the individuals to holding assets.
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Non sensible governments
I can't understand why the government's are always at back of crypto users as money laundering betting and scams are taking place in bank, cricket or anything you may consider and Blockchain being such a blessing to the society still they try to intervene, one thing need to be understood that Bitcoin and Blockchain will both go together letting one go and capturing the other is not going to be the solution.
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Just because it's decentralised currency and the Goverment have no control over it so they are unable to define incomes or tax over it.
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We have to be prepared for the same from any Government in future.
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That's quite an extensive list of questions. The crazy part is, who covers the time lost to find the answers to all those? It would take me hours and hours and hours to find that information and frankly, I wouldn't morally be able to do it knowing I'm being extorted.
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Monkey sees, monkey does. Be rest assured that our Government will do the same in the coming months. ://
Get some bitcoin off of a decentralized exchange like bisq. One day they’ll try to crack down on decentralized exchanges but they can’t yet and don’t know enough about them yet.
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