Written By: Felesky Flynn | Tax Notes | April 01, 2021

The proliferation of Bitcoin and other cryptocurrency investments has led to a multitude of tax-related questions. Clients frequently ask how gains or losses on cryptocurrency should be reported, what audit tools the Canada Revenue Agency (“CRA”) is using to detect cryptocurrency transactions and whether there are any remedies for taxpayers who have inadvertently failed to comply with their obligations under the Income Tax Act (the “Act”).