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Canada's Federal Budget 2024 & Crypto

All Cryptocurrencies

by COINS NEWS 36 Views

Here's a summary of all impacts for yesterday's annual federal budget, from the following link:

https://acgca.ca/publication/federal-budget-commentary-2024/

Crypto-Asset Reporting Framework Budget 2024 proposed to impose a new annual reporting requirement on crypto-asset service providers that deliver business services effectuating exchange transactions in cryptoassets (e.g. crypto exchanges, crypto-asset brokers and dealers, and operators of crypto-asset automated teller machines). Crypto-asset service providers would be required to report to CRA, in respect of each customer and in respect of each crypto-asset, the annual value of:

• exchanges between the crypto-asset and fiat currencies;

• exchanges for other crypto-assets; and

• transfers of the crypto-asset, including the requirement to report information in respect of a customer of a merchant where the crypto-asset service provider processes payments on behalf of the merchant and the customer has transferred crypto-assets to the merchant in exchange for goods or services with a value exceeding US$50,000.

Reportable crypto-assets would exclude central bank digital currencies and specified electronic money products (e.g., digital representations of fiat currencies), which would be reportable under proposed amendments to the Common Reporting Standard included in Budget 2024. In addition to information on crypto-asset transactions, cryptoasset service providers would be required to obtain and report information on each of their customers, including name, address, date of birth, jurisdiction(s) of residence and taxpayer identification numbers for each jurisdiction of residence. If a customer is a corporation or other legal entity, the same information would need to be collected and reported in respect of the natural persons who exercise control over the entity. Reporting would be required with respect to both Canadian resident and non-resident customers. Withholding for Non-Resident Service Providers Budget 2024 proposed to provide CRA with the legislative authority to waive the 15% withholding requirement on payments to non-residents for services provided, over a specified period, if either of the following conditions are met:

• the non-resident would not be subject to Canadian income tax in respect of the payments because of a tax treaty between its country of residence and Canada; or

• the income from providing the services is exempt income from international shipping or from operating an aircraft in international traffic.

submitted by /u/Cptn_BenjaminWillard
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