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ARTICLE · 09 APRIL 2021

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CRA's Agreement With Coinsquare In Disclosing Crypto User Information

Rotfleisch & Samulovitch P.C.
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On September 18, 2020, the CRA filed a Federal Court application against Coinsquare in order to compell the Toronto-based cryptocurrency platform to disclose tax information related to its customers.

CanadaTax
David Rotfleisch
David Rotfleisch
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Introduction - CRA's Court Order against Coinsquare

On September 18, 2020, the CRA filed a Federal Court application against Coinsquare in order to compell the Toronto-based cryptocurrency platform to disclose tax information related to its customers. We covered this issue in depth here (https://taxpage.com/articles-and-tips/cra-wants-coinsquare-to-disclose-confidential-client-info/)

Following a Federal Court ruling on March 19, 2021, the Canadian tax litigation lawyers for CRA and Coinsquare have reached an agreement on the scope of the disclosure. Coinsquare is a Canada-based cryptocurrency exchange platform that was founded in 2014. It enables its users to trade cryptocurrency using both digital assets and fiat currency This article will first breakdown the ruling and then analyze what it means for Canadian taxpayers who have cryptocurrency holdings.

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