Canada plans to adopt the international Crypto-Asset Reporting Framework (CARF) for taxation, which could potentially impact the cryptocurrency industry and its users.
According to a supplement to the country’s 2024 annual budget, Canada expects to apply the CARF by 2026, well ahead of most other countries that have pledged to implement the new standard by 2027.
CARF, created by the OECD, introduces new reporting standards for crypto asset service providers (CASPs), including exchanges, brokers, dealers, and ATM operators, whether individuals or businesses.
Reporting Guidelines and Extent
Transactions between different types of crypto assets and exchanges of crypto assets for fiat currency must be reported by CASPs to the Canada Revenue Agency (CRA) by the CARF.
Furthermore, any transfers of cryptocurrency assets handled by CASPs—including payment processing—that have a value more excellent than USD 50,000 must be recorded.
The reporting requirements will apply to
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