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Cryptocurrency is a relatively new innovation that requires guidelines on taxation so that Canadians are aware of how to meet their tax obligations. The Senate reviewed the issue of taxation on cryptocurrency and recommended action to help Canadians understand how to comply with their taxes, which the Canada Revenue Agency (CRA) is doing by presenting this guide.

• Tax treatment of cryptocurrency for income tax purposes
• Reporting business income or capital gains from the disposition of cryptocurrency
• Reporting as either income or capital gain
• Trading cryptocurrency for another type of cryptocurrency
• Earning cryptocurrencies through mining
• Valuing cryptocurrencies either as capital property or inventory
• Keeping books and records
• How does the GST/HST apply to cryptocurrency?

Money laundering is a global issue which is illegal, unethical and harmful. In Canada, it poses threats to our national reputation, economy, and society. CPA Canada recognizes these threats and contributes to federal policy development. On behalf of the profession and in the public interest, we engage with the federal government in efforts to strengthen Canada’s anti-money laundering regime and present the Strategic Framework for AML.

Elements of such a strategic framework, in our view, include:

• Corporate transparency - increased corporate ownership transparency via improved access to beneficial ownership information, while maintaining the ease of doing business in Canada
• Whistleblowing framework - a national framework for the reporting by and protection of whistleblowers, instead of the current patchwork quilt of provisions at the federal and provincial government levels
• Organizational compliance programs - development of new, national standards outlining expectations for organizational integrity and compliance programs
• Enforcement - development of enhanced, transparent, and streamlined processes for law enforcement, prosecutors, and other parties to address allegations of misconduct