The Canada Revenue Agency (CRA), will be auditing the corporate tax returns filed by the inactive crypto exchange, QuadrigaCX. CRA is an agency that administers tax laws for the Government of Canada and most provinces and territories.

According to the <a href="https://www.theglobeandmail.com/business/article-canada-revenue-agency-now-auditing-quadrigas-corporate-tax-returns/">report</a> by the Globe and Mail, CRA had requested documents and information for auditing. This also includes the tax returns from October 1, 2015, to September 30, 2018.

While commenting on how significant the CRA's request was, QuadrigaCX bankruptcy trustee EY that manages the exchange's insolvency proceedings said:

"The Trustee intends to discuss the request for information with CRA Audit and their counsel and will return to Court for further direction, if necessary."
<h2>Requests from agencies to the exchange, QuadrigaCX</h2>
According to the bankruptcy trustee, he noted that responding to every information requests from several <a href="https://www.cryptoknowmics.com/crypto/enforcement-of-updated-crypto-guidelines-from-fatf-has-far-reaching-implications/">law enforcement agencies</a> and regulators is quite tensed. 

It will have a direct effect to determine how much amount is available to pay back, 115,000 creditors of the exchange, QuadrigaCX's. 

EY, however, said there is no legal basis for it to refute to responding to the agencies and their requests. He further said:

"Accordingly, the Trustee is focused on conducting its document collection, organization, review, and production efforts in as cost-effective a manner as possible." Adding that "it is not expected that the Trustee will be in a position to respond to the CRA Audit request at this time."

The Canadian exchange, QuadrigaCX has been on the news spot after the strange death of Gerald Cotten, CEO QuadrigaCX. According to reports, he died in India without disclosing passwords to access the QuadrigaCX cryptocurrency reserves.

Right from 2018, QuadrigaCX has been engaged in different court cases as well as panels with the exchange's creditors. 

While most of QuadrigaCX's creditors speculated wildly following the fate in the loss of their cryptocurrency, Few others were wondering if, at all the CEO of QuadrigaCX, Cotten is dead.

Canada Revenue Agency (CRA) to Audit the Now-defunct QuadrigaCX Corporate Tax

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Canada Revenue Agency (CRA) to Audit the Now-defunct QuadrigaCX Corporate Tax

Top Picks