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If you’ve received an audit notice from the Canada Revenue Agency (CRA) about your crypto transactions, you’re not alone. Over the past few years, the CRA has ramped up enforcement in the digital asset space—requesting records from exchanges, flagging suspicious activity, and digging into years of transaction histories. A crypto audit can feel intimidating, especially when the rules around crypto taxation haven’t always been clear. But here’s the key: how you respond matters just as much as what you report.
First things first: the CRA doesn’t consider “I didn’t know I had to report that” a valid excuse. If they’ve contacted you, it’s likely because something on your return raised a flag—missing capital gains, undeclared income, or inconsistencies with third-party data. Trying to fix things on your own or ignoring the audit altogether can escalate your situation. This is where a strong cryptocurrency tax audit defence becomes essential. Having a team of specialized lawyers who understand both blockchain and tax law can make the difference between a manageable resolution and a pessimistic financial future.
Image by DC Studio via freepik
So, what should your first move be? Get organized.
The CRA may ask for detailed records of every wallet, exchange, and transaction you’ve touched, sometimes going back years. That includes not just trades and cash-outs, but also mining rewards, airdrops, staking income, and even NFTs if they’ve been sold. Start pulling everything together before they ask for it, and make sure your information lines up with what’s already on your filed returns. Gaps or inconsistencies can trigger more scrutiny.
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