Canada Compliance Report

Regulatory Overview

Regulatory Status

Dedicated crypto/VA legislation, licensing regime, active enforcement

Key Regulator(s)

Bank of Canada, Canada Border Services Agency, Ontario Securities Commission, Canada Revenue Agency

Risk Level

low

Primary Legislation

Proceeds of Crime (Money Laundering) and Terrorist Financing Act (2000)

Travel Rule

Adopted — Threshold: $10,000

Tax Reporting

Capital gains tax on dispositions; CRA treats crypto as commodity; 5-year record retention. Calculation: Proceeds of disposition minus adjusted cost base (ACB, using average cost method for identical assets). Example: Buy crypto for $3,500 CAD, sell for $4,000 CAD → $500 gain, $250 taxable.. For individuals, all capital gains (including gains over $250,000) have a 50% inclusion rate. The proposed two-thirds inclusion rate for gains over $250,000 was cancelled and never enacted.. Losses: 50% allowable capital losses offset taxable capital gains (not other income); excess carried back three years or forward indefinitely.. Distinguish via CRA factors: intent, frequency, knowledge, financing, advertising.

Key Facts

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