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Coinsquare Finalizes Agreement With CRA: Protects Majority of Client Data

Coinsquare | March 23, 2021

Coinsquare - Coinsquare Finalizes Agreement With CRA: Protects Majority of Client Data

Coinsquare has today announced the outcome of proceedings resulting from the Canada Revenue Agency’s (CRA) September 2020 application in Federal Court seeking an order to compel Coinsquare to provide information pertaining to all of Coinsquare clients’ account history and trading data.

Coinsquare negotiated to protect its clients’ privacy, and limit any disclosure to only what was absolutely required by the CRA under Canadian tax law. Instead of providing the CRA with all client data dating back to 2013 as was initially requested, Coinsquare and the CRA have agreed that information relating to 90-95% of Coinsquare’s clients will not be disclosed.

See:  CRA goes after client details of major Canadian cryptocurrency marketplace in battle against ‘underground economy’

This agreement is a partial but significant victory for Coinsquare and the digital asset industry in Canada.

The full announcement can be found here.

 

How do I report cryptocurrency transactions to the CRA?

For your reference, the CRA has published a Guide for Cryptocurrency Users and Tax Professionals to assist Canadians with cryptocurrency tax filings.

There are a variety of cryptocurrency tax softwares available (Koinly, TokenTax, CoinTracker) to help calculate your potential gains and losses. We would also encourage you to read our summary on filing cryptocurrency taxes in Canada and to consult with a professional tax advisor.

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