The Canada Revenue Agency is a contemporary name of the federal agency administering tax laws in Canadian as well as some other provinces government. It also caters to some International trade laws and handles social and economic incentive programs designed with the Tax system. It also controls the Canadian charities, along with the tax programs like the Scientific Research and Experimental Development.
The organization ensures compliance with various policies and standards of organizations across Canada and actively contributes to the economic and social health of its people.
No wonder it keeps its people first, but in case of breach or infraction of laws, it has stringent rules laid down to protect the welfare of each.
The legislation has recently joined the task force that has been trusted for the investigation of QuadrigaCX, and it's associated with an alleged scam in cryptocurrencies.
After plunging of cryptocurrency prices, the company had paid off its investors in spite of an indicated loss of over $800. This made all eyes roll as the account credentials of the company’s funds were only known to the CEO, Gerald Cotten, who died before the company’s bankruptcy happened. This marked the rise of the investigations.
CRA has now joined 4 government regulators with the investigation of QuadrigaCX. According to NameCoinNews, CRA is to exercise an audit for the operations in the company's finance department on September 16th. It requested for the company’s tax from October 01, 2015 to September 30, 2018.
Also, CRA has complete authority to partner with other government legislations, territories, and bodies if it needs to ensure a justified closing of the case. The CRA will thoroughly check the company’s compliance with the legislation of Canada's tax and regulations and will take pertinent actions against the authorities of the company in case infringement on any of its policies is found. It looks like CRA is uptight to closely investigate the case with stakeholders, ensuring responsible legislation enforcement.
The incident is an eye-opener for all other crypto giants who are flourishing in crypto business. It seems like CRA has been trying to clamor, “As long as you obey all rules of the game, you need not flinch.”
