In 2023, Binance announced that it was leaving Canada due to regulatory pressures. As a result, it’s unlikely that Binance will report to the CRA in the future.
Cryptocurrency is subject to capital gains tax and income tax.
Even though Binance is pulling out of Canada, you’ll need to keep accurate records of your past Binance transactions to accurately report your taxes.
For more information, check out our complete Canada guide to cryptocurrency tax.
Remember, there is no way to legally evade your taxes in Canada. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally.
For more information, check out our guide on how to avoid crypto tax in Canada.