The federal budget formalizes the Canada Revenue Agency's oversight of the implementation of crypto reporting standards agreed to by OECD nations in 2022 called the Crypto-Asset Reporting Framework (CARF). Canada is one of 48 signatories who have committed to implementing CARF by 2027.
- Who’s on the hook? Crypto exchanges, custodians, and wallet providers.
- What needs to be reported?
- Identity: User details like name, address, and tax identification number.
- Account information: Account numbers, types of crypto-assets held, and balances.
- Transaction details: Dates, types, and values of crypto purchases, sales, transfers, and even income earned through staking or lending crypto assets.
- KYC procedures. To ensure the accuracy of reported data, DAC8 emphasizes robust KYC procedures. CASPs will need to verify user identities and determine their tax residency status.
- Deadlines. EU member states are required to implement DAC8 into their national laws by December 31, 2025, and crypto asset service providers must comply with its reporting obligations starting January 1, 2026.
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