#Bitcoin Canada Auditing Cryptocurrency Investors Published 2 weeks ago on March 7, 2019 By Bhaagyasree Kalpit Share Tweet According to a recent report, the tax collection service of Canada, CRA i.e. the Canada Revenue Agency has started auditing the cryptocurrencies’ investors. The report states that the tax collection agency has sent extensive questionnaires to the crypto investors in perspective of the activities done by them in crypto space for the last few years. This extensive questionnaires has around 54 questions as well as sub-questions and is of 14 pages. When asked about the criteria of selecting the files for this audit, the officials of the Canada Revenue Agency declined to answer by saying that they couldn’t disclose the criteria as this might violate the integrity of their risk assessment systems. The questionnaires aim to clarify many important facts about the crypto investments of crypto investors. It has several questions like how they bought the digital assets, what was the medium of this purchase, do they use services/tumbers like mixing of the digital coins etc. It also includes queries like have they purchased/sold the cryptocurrencies on the exchanges like ShapeShift or Changelly. It must be noted that the two mentioned crypto exchanges allow the investors to buy/sell the cryptocurrencies with no disclosure of the identity of the customer. Canada Revenue Agency started imposing taxes on the cryptocurrencies six years ago in 2013. It further established a unit for cryptocurrency taxation in 2017. The main idea behind the establishment of this separate unit was to collect intelligence and conduct audits related to crypto market risks. This organization closely monitors crypto related activities in the country. As per some sources, the organization view the digital currencies as a commodity, hence it is liable to be taxable as other business income or capital profits, Canada Revenue Agency directs all the crypto investors of the country to file their tax returns before April 30. For self-employed can file it till June 15. There has been a lot of software which allows the crypto investors to calculate the taxes on their crypto assets. TurboTax is one of the popular such software. It allows the user to calculate tax from their assets from exchanges like Coinbase, Gemini, and Poloniex. Recently, Ernst & Young launched a similar tool named, EY Crypto-Asset Accounting and Tax for calculating taxes of crypto investors. Related Topics:BitcoinCanadaCanada bitcoin taxCanada cryptocurrency taxCanada Revenue AgencyCanada Revenue Agency bitcoin taxCanada Revenue Agency cryptocurrencycryptocryptocurrencyCryptocurrency Investorscryptocurrency tax Up Next TRON: OKEx launches TRON in C2C Market, TRX Giveaway and Airdrop. Don't Miss Ripple Price Analysis: XRP above to break major resistance? Continue Reading Advertisement You may like Mt Gox: Has the time come when Mt.Gox Creditors will be paid? Cryptocurrency Price Analysis: Great Week for the top 10 Bitcoin Price to $4500 soon? BTC Price Analysis Tom Lee: Bitcoin Bull Market Coming Soon Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. Six Banks to launch Stablecoins with IBM: Bull Market Coming? 9 Comments 9 Comments Pingback: Canada Auditing Cryptocurrency Investors - Satoshiuncle Pingback: Canada Revenue Agency Starts Auditing Crypto Investors - Crypto-News India Pingback: Canada Auditing Cryptocurrency Investors – Coinnounce | Bitcoin & Cryptocurrency Pingback: Canada Auditing Cryptocurrency Investors – BTC.com.ph News Pingback: Canada Auditing Cryptocurrency Investors – BitcoinInfo.com News Pingback: Canada Auditing Cryptocurrency Investors – BitcoinGuide.com News Pingback: Canada Auditing Cryptocurrency Investors – BitcoinLifestyle.com News Pingback: Canada Revenue Agency Starts Auditing Crypto Investors - CoinGetty Pingback: Canada’s tax agency asks cryptocurrency investors for 10 year trading history – The Next Web | Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Cryptocurrency Price Analysis: Great Week for the top 10 Published 24 hours ago on March 21, 2019 By Layla Harding The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100. Bitcoin: BTC/USD Weekly Price Chart Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600. Altcoins: ETH/USD Weekly Chart Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards. Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish. LTCUSD Weekly Chart Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart). The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon. Continue Reading #Bitcoin Tom Lee: Bitcoin Bull Market Coming Soon Published 2 days ago on March 20, 2019 By Layla Harding Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish. During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run. Tom Lee on JP Morgan Coin: In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature. Continue Reading #Bitcoin Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. Published 2 days ago on March 20, 2019 By Janet F. Sanchez The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November. The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com. Bitcoin Hash Rate: Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level. Bitcoin hash rate 19th March 2019 The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time. The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC. During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000. Continue Reading Advertisement Advertisement Latest Crypto News #Ethereum Price Analysis5 hours ago ETH Price Analysis: Has Ethereum turned bearish? #Exchange21 hours ago Mt Gox: Has the time come when Mt.Gox Creditors will be paid? #Bitcoin24 hours ago Cryptocurrency Price Analysis: Great Week for the top 10 #Ripple Price Analysis1 day ago Ripple Price Analysis: XRP going to fall or rise? #Bitcoin Price Analysis2 days ago Bitcoin Price to $4500 soon? BTC Price Analysis #Bitcoin2 days ago Tom Lee: Bitcoin Bull Market Coming Soon #Bitcoin2 days ago Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. Adoption3 days ago The Amazon of Switzerland: Digitec Galaxus now accepts Bitcoin. Banking3 days ago Six Banks to launch Stablecoins with IBM: Bull Market Coming? Adoption3 days ago VISA getting into Cryptocurreny Space #Bitcoin Price Analysis3 days ago Bitcoin Price Analysis: BTC at a crucial point #SEC4 days ago SEC: Some Stablecoins raise issues under securities laws #Bitcoin Price Analysis4 days ago Bitcoin Price Analysis: Is BTC ready for the next bull run? #Ripple Price Analysis4 days ago Ripple Price Analysis: Will XRP break through the resistance? #Ethereum Price Analysis4 days ago ETH Price Analysis: Ethereum off to $150?