An amount equivalent to $54 million in cryptocurrency transactions that were not officially declared was collected by the Canadian Revenue Agency (CRA) for the fiscal year 2023-2024. The Director General of the CRA's compliance division, Sahil Behal, indicated that around 400 audits involving cryptocurrency are currently being processed.

David Rotfleisch, a tax lawyer, mentioned that the CRA's efforts to recover undeclared amounts are only a small part of the total value of cryptocurrency transactions. He believes that the sums reassessed so far are substantially lower considering the scale of cryptocurrency trading. Consequently, the CRA has taken steps to improve taxpayer education, notably focusing on popular digital currencies such as Bitcoin and Ethereum.

Following a study that revealed many Canadians are unaware of cryptocurrency tax laws, the CRA has started sending intent to audit letters. This initiative targets individuals who may have earned undisclosed income from trading on the Coinsquare platform. Taxpayers who receive these letters have 45 days to come forward and disclose any undisclosed income voluntarily to avoid penalties and interests charges.