04/25/2026
The CRA Just Got a Lot More Visibility Into Crypto. Here's What Canadian Taxpayers Need to Know.
If you held, traded, or earned cryptocurrency in 2025, the rules of engagement with the CRA changed on January 1, 2026.
Canada has implemented the OECD's Crypto-Asset Reporting Framework (CARF). Under CARF, every Canadian crypto service provider is legally compelled to track user details and transaction data and report it to the CRA annually, and share it with foreign tax authorities in participating countries. Using an offshore exchange is not a workaround - international information-sharing agreements mean data from foreign exchanges in participating countries will also be exchanged.
This isn't theoretical enforcement. The CRA's crypto audit team has grown to 35 people, has more than 230 active files, and has recovered over $100 million in unpaid crypto tax in three years.
In September 2025, the CRA used a Federal Court "unnamed persons" order to compel Dapper Labs - the NFT platform behind NBA Top Shot - to disclose 2,500 user accounts.
It almost certainly won't be the last.
What this means for your 2025 return:
1. Reconcile every exchange and wallet. Crypto-to-crypto swaps, staking rewards at the moment of receipt, and using crypto to buy goods are all taxable events. These are the items most often missed.
2. Check your T1135 exposure. If the cost base of crypto held on foreign exchanges (Binance, KuCoin, the non-Canadian Kraken entity, and similar) ever crossed $100,000 CAD at any point in the year, you likely owe a T1135 filing alongside your return.
https://plisio.net/tax/canada-crypto-tax)
3. Address past gaps before the CRA contacts you. The Voluntary Disclosures Program can provide relief from penalties - but only if you come forward proactively. Once CARF data begins flowing, that window narrows quickly.
The downside of waiting is significant: gross negligence assessments of 50% of the understated tax, compound daily interest, and in serious cases criminal exposure up to 200% of the tax evaded and up to five years in prison.
If you're uncertain about your crypto reporting position for 2025 or prior years, please reach out before filing. A proactive review now is materially less costly than responding to a CRA inquiry later.
Ph: (780) 643-6661