Final Report
Supplier: EKOS RESEARCH ASSOCIATES INC.
Contract Number:
CW2281975
Contract Value: $113,251.43 (including HST)
Award Date: February
21, 2023
Delivery Date: December 2023
Registration Number: POR 137-22
For more information on this report, please contact the CRA at cra-arc.media@cra-arc.gc.ca.
Ce rapport est aussi disponible en français
Final Report
Prepared for Canada Revenue Agency
Supplier name: EKOS RESEARCH ASSOCIATES
INC.
Date: December 2023
This public opinion research report presents the results of an online survey conducted by EKOS Research Associates Inc.on behalf of Canada Revenue Agency. The research study was conducted with 810 Canadians 18 or older who had acquired, received or sold crypto-assets, in a survey conducted between April 18 and May 3, 2023. A second survey was conducted with 565 Canadian tax intermediaries supporting businesses and individuals inquiring about or reporting crypto-activities between July 10 and 22, 2023.
Cette publication est aussi disponible en français sous le titre : Étude auprès des contribuables sur les connaissances et les obligations en matière de cryptoactifs.
This publication may be reproduced for non-commercial purposes only. Prior written permission must be obtained from the Canada Revenue Agency. For more information on this report, please contact the Canada Revenue Agency at cra-arc.media@cra-arc.gc.ca.
Catalogue Number: Rv4-199/2024E-PDF
International Standard Book Number
(ISBN): 978-0-660-69434-4
Related publications (registration number: POR
137-22)
Catalogue Number: Rv4-199/2024F-PDF (French
Report)
International Standard Book Number (ISBN): 978-0-660-69435-1
© His Majesty the King in Right of Canada, as represented by the Minister of the Canada Revenue Agency, 2023
Table 1: Client Characteristics (Tax Intermediaries)
Table 2: Types of Crypto-asset Exchanges Used (Crypto-asset
Users in the General public)
Table 3: Record Keeping
Table 4: Client Record Keeping (Views of Tax
Intermediaries)
Table 5: Crypto-asset Users' Information on Tax Requirements Related to Crypto-Assets
Table 6:
Tax Intermediaries' Sources of Information on Taxation Related to Crypto-Assets
Table 7: Performance of the CRA
Website (Tax Intermediaries)
Table 8: Performance of the CRA Website (II) (Tax Intermediaries)
Table 9:
Usefulness of Key Types of Information to be Used by Tax Intermediaries
Table 10: Helpful Information Tools to
Inform Crypto-Asset Taxation (Tax Intermediaries)
Table 11: Best Methods for Clients Obtaining Information about
Tax Obligations
Table 12: Sample Characteristics (Crypto-asset Users)
Table13: Sample Characteristics (Tax
Intermediaries)
Chart 1: Extent of Client Base with Involvement in Crypto-asset Activity
Chart 2: Incidence of Clients with Recent
Involvement in Crypto-asset Activity
Chart 3: Types of Crypto-assets Used
Chart 4: Types of
Activities
Chart 5: Types of Transactions
Chart 6: Types of Exchanges Used
Chart 7: Sales Platforms
Used
Chart 8: Reasons for Purchasing Crypto-asset
Chart 9: Greatest Appeal of Crypto-assets
Chart 10: Use
of Crypto-asset Exchange
Chart 11: Years of Experience
Chart 12: Incidence of 12+ Months of Retention
Chart
13: Trend in Level of Activity
Chart 14: Perceived Client Experience with Crypto-asset Activities
Chart 15:
Portrayal of Crypto-Assets in the Media
Chart 16: Trend in Confidence in Crypto-assets
Chart 17: Influence of
Celebrity Endorsements
Chart 18: Sources of Information Among Crypto-asset Users
Chart 19: Record
Keeping
Chart 20: Crypto-asset Users' Understanding of Their Tax Obligations
Chart 21: Perceived Client
Knowledge of Tax Obligations
Chart 22: Crypto-asset Users' Knowledge of Taxation Requirements
Chart 23:
Confidence in Knowledge about Tax Obligations
Chart 24: Tax Intermediaries' Knowledge of Tax Obligations
Chart
25: Advertising Services or Expertise in Reporting Crypto-asset Income
Chart 26: Crypto-asset Users' Confidence
in Ability to Find Information
Chart 27: Tax Intermediaries' Confidence in Ability to Locate Taxation
Information
Chart 28: Trusted Sources of Information
Chart 29: Preferred Method for Obtaining
Information
Chart 30: Level of Trust in CRA to Provide Information
Chart 31: Confidence in the CRA
Chart
32: Perceived Accessibility to CRA Information
Chart 33: Tax Intermediaries' Perceived Accessibility of the
CRA
Chart 34: Crypto-asset Users' Awareness of CRA Access Points
Chart 35: Tax Intermediaries' Awareness of
Access Points Information
Chart 36: Tax Intermediaries' Use of the CRA Toll-Free Number
Chart 37: Tax
Intermediaries' Awareness of CRA Tools
Chart 38: Incidence of Visiting the CRA Website
Chart 39: Crypto-asset
Users' Impressions of CRA Website
Chart 40: Tax Intermediaries' Future Use of CRA Website
Chart 41: Referral
to the CRA Website
Chart 42: Referral to Other Sources
Chart 43: Reasons for Client Referral to the CRA
Website
Chart 44: Most Helpful Types of Information to be Used by General Public
Chart 45: Preferred Method
for Receiving CRA Notifications
Crypto-assets have become increasingly popular in the Canadian economy.As crypto-asset activities have tax implications for Canadian taxpayers and registrants, the CRA began to gain insights into the crypto-asset market by establishing a dedicated crypto-asset unit in 2018. The Agency continues to gather intelligence and perform compliance actions on crypto-related activities.
Based on the high level of ambiguity surrounding crypto-assets among the general public, the CRA decided to conduct public opinion research. Two separate surveys were designed, collected, and analyzed. The first, conducted between April 18 and May 3, 2023, was a national baseline survey comprised of the general population who have been involved in crypto-assets, sampling 810 Canadians aged 18 and over who have bought, owned, and/or invested in any type of crypto-asset, and/or those who intend to buy or invest in crypto-assets. The second survey, conducted between July 10 and 22, 2023, collected a sample of 565 tax intermediaries who work or have worked with individual and small business clients on tax-related or payroll matters and who have had experience with at least one client who has transacted with crypto-assets.
Specific objectives for the survey were to measure:
This research was designed to help the CRA better understand Canadians who have invested in crypto-assets and their level of knowledge on their tax obligations. It will assist in refining the CRA's communication strategy regarding crypto-assets by re-evaluating its existing guidance and publications in an effort to provide better services for Canadians involved in this space.
Crypto-asset users in the general public encompass a diverse range of individuals (though they tend to be younger and male) and their motivations are multifaceted. Nearly half of the crypto-asset users surveyed cite the need for diversification as a driving factor in their initial decision to get into crypto-asset trading, while opportunities to learn about markets, personal enjoyment, and the decentralized nature of crypto-assets are also identified as key motivators. Nearly half of crypto-asset users have at least two years of experience trading in crypto-assets.
According to tax intermediaries, crypto-assets make up a notable volume of the business they receive, underscoring the growing prominence of crypto-related matters in the taxation landscape and the need for accurate and accessible information to navigate this complex terrain effectively. Indeed, 73% of professionals surveyed indicated that at least some of their clients have transacted in crypto-assets in the past 12 months, with an average of 32% of their clients reporting crypto-asset income. Clients come with a diverse range of knowledge and experience in matters related to crypto-assets, with larger-scale clients (i.e., large corporations and small to medium-sized businesses) typically boasting a broader understanding of their tax obligations. Results from both surveys suggest clients tend to be male and under 40.
Crypto-asset exchanges are, by a wide margin, the dominant avenue for selling crypto-assets; half of crypto-asset users in the general public (50%) have made an acquisition through a custodial crypto-asset exchange in the past 12 months, while 21% have used a non-custodial crypto-asset exchange. The bulk of these users exchanged their assets for fiat and other coins. Nearly half of crypto-asset users have used a crypto-asset exchange platform, with Coinbase, Binance, and Wealthsimple ranking as the most popular options.
Results, however, suggest growing skepticism among crypto-asset users regarding the value of crypto-assets as viable investments tools, particularly following the crypto-asset downturn in late 2022. Negative media coverage has significantly influenced public perception, with half of those who recall hearing or seeing news on crypto-assets reporting a decline in their confidence of transacting in crypto-assets. Indeed, when asked to identify the single greatest appeal of crypto-assets, nearly one-third of respondents declined to provide an answer. Perhaps consequently, more than half of respondents reported a decrease in their crypto-asset activities in the past year.
Results from the survey of crypto-asset users in the general public highlight varying levels of comprehension when it comes to tax obligations with respect to crypto-assets; indeed, with one-third of respondents admitting they do not have a firm grasp of their responsibilities. When tested on their knowledge of tax regulations, crypto-asset users responding to the survey achieved an average score of 2.7 out of 5, with a majority of respondents incorrectly believing that the CRA universally categorizes cryptocurrency mining as a business activity.
Most tax intermediaries who participated in the survey appear confident in their understanding of tax obligations when it comes to crypto-assets and the vast majority are confident they can locate the taxation information they need. However, results vary by type of clientele. Those who service large corporations and small to medium-sized businesses are highly confident in their knowledge, while those who cater to smaller-scale clients are more apt to report gaps in their knowledge. Curiously, those with at least 10 years' experience in the industry are less secure in their knowledge, highlighting the rapidly evolving nature of crypto-assets.
Results of the survey of crypto-asset users suggest broad public trust in the CRA. The CRA consistently emerges as the most trusted and preferred source of information on tax obligations and, among those who have sought tax information with respect to crypto-assets, the vast majority relied on the CRA website. The website, however, received mixed reviews in terms of accessibility, ease of understanding, comprehensiveness, and organization.
Among tax intermediaries, the CRA is a critical source for information and assistance. Tax professionals are heavily reliant on the CRA for accurate and comprehensive information, and this reliance is particularly pronounced among those with clients actively involved in crypto-asset trading. Likewise, the CRA website is generally rated well across all of the tested criteria – accessibility, usefulness, comprehensiveness, and navigability.
Survey findings also illustrate the need for tailored resources for tax intermediaries. Respondents dealing with different types of clientele reported varying levels of satisfaction. Those who cater primarily to members of the general public consistently provide lower ratings and are less likely to indicate they trust and rely on the CRA. In particular, just half of these respondents feel the CRA is accessible.
Among those tax intermediaries who deal with smaller-scale clients, information on how to determine the dollar value of crypto-assets, the types of records to keep for tax purposes, and how to declare gains or losses in crypto-assets on tax returns ranked as the most valuable types of information. Step-by-step guides emerged as the single most helpful tool for understanding clients' crypto-asset taxation needs, underlining the importance of user-friendly resources.
Detailed findings are presented in the sections that follow. Overall results are presented in the main portion of the narrative and are typically supported by graphics or tables. Bulleted text is also used to point out any statistically and substantively significant differences between sub-groups of respondents. If differences are not noted in the report, it can be assumed that they are either not statistically significant in their variation from the overall result or that the difference was deemed to be substantively too small to be noteworthy. The programmed survey instrument can be found in Appendix A.
It should be noted that the survey asks a number of questions about behaviours that may have a tendency to exert pressure to respond in a socially desirable way for respondents to under-report some attitudes or behaviours related to crypto-assets. Results for the proportion of respondents in the sample who either said "don't know" or did not provide a response are not indicated in the graphic representation of the results in all cases, particularly where they are not sizable (e.g., 10% or less). Results may also not total 100% due to rounding, and totals of two added response categories may appear off by 1% for the same reason.
The contract value for the POR project is $113,251.43 (including HST).
I hereby certify as Senior Officer of EKOS Research Associates Inc. that the deliverables fully comply with the Government of Canada political neutrality requirements outlined in the Communications Policy of the Government of Canada and Procedures for Planning and Contracting Public Opinion Research. Specifically, the deliverables do not include information on electoral voting intentions, political party preferences, standings with the electorate, or ratings of the performance of a political party or its leaders.
Signed by:
Susan Galley (Vice President)
The demographic profile of those who bought, sold, or invested in crypto-assets last year is as follows:
See full details in Appendix A (Table 12– Sample Characteristics).
Among tax professionals responding to the survey:
See full details in Appendix B (Table 13– Sample Characteristics).
When asked to indicate the proportion of their clients that have inquired about crypto-asset income and tax obligations in the previous 12 months, the average proportion of clients reported was 35%, including 18% indicating that less than 10% of their clients inquired, and 15% indicating that more than half of their clients inquired. When asked about the proportion of their clients who reported income from crypto-asset activities, the average was 32% of clients, including 23% of professionals indicating that less than 10% of their clients reported income and 13% indicating that more than half of their clients reported crypto-asset income.
Chart 1: Extent of Client Base with Involvement in Crypto-asset Activity
| - | Inquired about crypto-assets past 12 months (AQ8) | Reported crypto-assets past 12 months (AQ9) |
| Under 10% | 18% | 23% |
| 11%-30% | 21% | 17% |
| 31%-50% | 21% | 20% |
| 50% or more | 15% | 13% |
| Unsure | 25% | 28% |
AQ8. Approximately what proportion of your clients has inquired about crypto income and tax filing obligations in the past 12 months?
AQ9. Approximately what proportion of your clients reported income from their crypto-asset
activities for the most recent tax year?
Base: Tax intermediaries, n=565
Tax professionals typically indicated that their clients who are involved in crypto-assets are more concentrated in certain age groups (64%); most often those who are under 40 years of age (75%). The concentration of clients is also reported to be much heavier among men (58%). While 31% of professionals reported no gender pattern, this is most often reported by professionals with clients with no recent crypto-asset income or who are not sure about the proportion of their clients with crypto-asset income.
Table 1: Client Characteristics (Tax Intermediaries)
| - | Total |
| Q6. Would you say that your clients with crypto-assets are more concentrated in a certain age groups? | n=229 |
| Yes | 64% |
| No | 32% |
| Unsure | 4% |
| Q6b. What age group are they more likely to fall into? | n=146 |
| 18-29 years old | 28% |
| 30-39 years old | 47% |
| 40-49 years old | 18% |
| 50-59 years old | 6% |
| 60-69 years old | 0% |
| 70 years or older | 1% |
| Q7. Would you say that your clientele with crypto-assets is more concentrated among men or women, or is there no concentration in terms of gender? | n=229 |
| Men | 58% |
| Women | 8% |
| Other gender identity | 1% |
| No pattern in terms of gender | 31% |
| Unsure | 2% |
Just over seven in ten (73%) tax professionals in the survey indicated that at least some of their clients have transacted in crypto-assets in the previous 12 months. This is highest among professionals with large corporate clients (85%) and lowest among those whose clients are members of the general public (71%).
Chart 2: Incidence of Clients with Recent Involvement in Crypto-asset Activity
| - | Those saying "Yes" |
| Total | 73% |
| Large corporations | 85% |
| Small to medium- sized businesses | 77% |
| Self-employed individuals | 77% |
| Other members of the general public | 71% |
Q11. Have any of your clients transacted in crypto-assets during the last 12 months?
Base: Tax intermediaries, n=565
Crypto-asset users in the survey were asked to identify the types of crypto-assets they have acquired, received, or sold. The two most frequently traded assets are Bitcoin (69%) and Ethereum (57%). Just under half of respondents (46%) reported trading in other altcoins such as Cardano, XRP, Polygon, or Solana. One in six (16%) have bought or sold stablecoins, while fewer than one in ten have handled privacy coins (9%) or non-fungible tokens (8%). One in seven (14%) have used other forms of crypto-assets.
| Chart 3: Type of Crypto-Currencies | |
| Bitcoin | 69% |
| Ethereum | 57% |
| Other Altcoins such as Cardano, XRP, Polygon, or Solana | 46% |
| Stablecoins such as Tether or USDC | 16% |
| Privacy Coins such as Zcash or Monero | 9% |
| Non-Fungible Tokens (NFTs) | 8% |
| Other | 14% |
| None of the above | 3% |
| Don't recall / Prefer not to say | 2% |
Q10. Which of the following assets have you acquired, received, or sold?
Base:
Crypto-asset users in the general public, n=810
When presented with a list of crypto-asset related activities in which they had participated, 12% of crypto-asset users reported interacting with a decentralized finance (DeFi) protocol and 10% reported having used the Bitcoin Lightning Network. A smaller proportion (5%) reported participating in metaverses such as Decentraland and the Sandbox. Just 2% have used mixers, tumblers, or Coinjoins. Notably, a majority of the participants (66%) did not engage in any of the activities tested. Furthermore, 14% indicated that they do not recall or preferred not to indicate an activity.
Chart 4: Type of Activities
| Interacting with aDeFi protocol | 12% |
| Bitcoin Lightning Network | 10% |
| Participating in metaverses such as Decentraland and The Sandbox | 5% |
| Mixers, tumblers and/or Coinjoins | 2% |
| None of the above | 66% |
| Don't recall / Prefer not to say | 14% |
Q11. Which of the following crypto- or blockchain related activities have you participated in?
Base: Crypto-asset users in the general public, n=810
In terms of the types of crypto-asset transactions they have made in the past 12 months, half of respondents (50%) indicated acquisition through a custodial crypto-asset exchange, while 21% have gone through a non-custodial crypto-asset exchange. One in five (20%) have participated in mining or staking activities. Other types of transactions noted include peer-to-peer platforms (11%), airdrops or hard forks (6%), NFT platforms (6%), or a DeFi protocol (5%). Fifteen per cent did not offer a response.
Chart 5: Types of Transactions
| Through a custodial crypto exchange | 50% |
| Through a non-custodial crypto exchange | 21% |
| Through mining or staking activities | 20% |
| Through a peer-to-peer platform | 11% |
| Through an airdrop or hard fork | 6% |
| Through an NFT platform | 6% |
| Through a DeFi Protocol | 5% |
| Through a rewards program on a credit card | 4% |
| ATM Kiosks | 3% |
| Through an initial offering, be it an ICO, IEO, IDO, or ISO | 3% |
| OTC trading desks | 2% |
| ETF – Exchange-Traded Fund | 2% |
| Other | 5% |
| None in the last 12 months | 7% |
| Don't recall / Prefer not to say | 15% |
Q12A. We are now going to ask you what kind of transactions in crypto-assets – either acquisitions, exchanges, or sales – you have had over the last twelve months. Please select all the types of acquisitions you have made. Base: Crypto-asset users in the general public, n=810
Among the types of crypto-asset exchanges, close to half (46%) have exchanged their crypto-assets for fiat, while more than one-third (37%) have traded their assets for other coins. One in four (24%) have exchanged assets for stablecoins, while one in seven (14%) exchanged their assets for goods and services. Ten per cent indicated exchanging for NFTs. Just over one in five (18%) did not provide a response.
Chart 6: Types of Exchanges Used
| For fiat | 46% |
| For other coins | 37% |
| For stablecoins | 24% |
| For goods or services | 14% |
| For another crypto-asset, including NFTs | 10% |
| Other | 3% |
| Have not exchanged to date | 5% |
| Don't recall / Prefer not to say | 18% |
Q12B. Please select all the kinds of crypto-asset exchanges you have made. Base: Crypto-asset users in the general public, n=810
Results reveal that crypto-asset exchanges are, by a considerable margin, the most popular platform for selling crypto-assets, according to 63% of crypto-asset users who indicated using these channels. One in ten (12%) have used peer-to-peer platforms to offload crypto-assets, while 6% have turned to a DeFi protocol. One in six (17%) offered no response.
Chart 7: Sales Platforms Used
| Through a crypto exchange | 63% |
| Through a peer-to-peer platform | 12% |
| Through a DeFi protocol | 6% |
| Through a crypto ATM | 4% |
| Through an OTC trading desk | 3% |
| Through an ICO | 1% |
| Other | 3% |
| Have not sold any | 10% |
| Don't recall / Prefer not to say | 17% |
Q12C. Please select all the platforms that you have sold your crypto-assets on. Base: Crypto-asset users in the general public, n=810
Crypto-asset users were asked why they decided to purchase crypto-assets or engage in blockchain-related activities. The need for diversification from traditional financial assets ranks as the most often noted reason, according to 45% of respondents. About one-third attribute their purchases to a desire to learn about emerging technologies and the market (35%), an inherent enjoyment from pursuing what they consider to be a hobby (32%), and the decentralized nature of crypto-assets (31%).
One in four indicated they were guided by recommendations by friends and family (25%) or driven by a perception of crypto-assets as a hedge against inflation (24%). Other common motivators include ease of access (20%), a belief that crypto-assets represent the future of currency (20%), a belief that crypto-assets are a good investment (17%), and the allure of making transactions anonymously (16%). One in ten (10%) did not provide a response.
Chart 8: Reasons for Purchasing Crypto-assets
| Crypto-assets offer diversification from traditional financial assets | 45% |
| Crypto-assets allow me to learn more (technologies/market) | 35% |
| I enjoy crypto-assets as a hobby | 32% |
| The decentralized aspect of crypto-assets | 31% |
| Recommended by friend/family/colleague | 25% |
| Crypto-assets may be a hedge against inflation | 24% |
| Crypto-assets are the future of currency | 20% |
| Crypto-assets are easy to access and have low barriers of entry | 20% |
| Crypto-assets are a good investment | 17% |
| The ability to transact anonymously | 16% |
| Recommended by social media influencer/celebrity | 3% |
| Recommended by a financial advisor | 1% |
| Don't recall / Prefer not to say | 10% |
Q13. What were the main reasons why you decided to purchase crypto-assets and/or participate in blockchain-related activities? Base: Crypto-asset users in the general public, n=810
In terms of the single greatest appeal of crypto-assets when it comes to saving and investment, a sense of control ranks as the leading factor, according to 25% of respondents. Sixteen per cent highlight the privacy afforded by crypto-assets, while 12% emphasize the comparatively lower cost of transaction costs relative to other financial services. Notably, three in ten (31%) opted not to provide a response, suggesting a prevailing skepticism regarding the value of crypto-assets as an investment tool following the crypto-asset downturn in late 2022.
Chart 9: Greatest Appeal of Crypto-assets
| Allows me to retain control, ownership over assets | 25% |
| Privacy of crypto-asset ownership and transactions | 16% |
| Lower cost of transactions compared to other financial services | 12% |
| Speed by which transactions are completed compared to stocks and bonds | 8% |
| Less fraud because all transactions take place on a publicly distributed blockchain ledger | 4% |
| Security of private keys surpasses that of banks and other providers of financial services | 3% |
| Crypto-assets are more accessible because fewer ID checks are required | 1% |
| Don't recall / Prefer not to say | 31% |
Q14. What in your opinion is the greatest appeal of crypto-assets as a mechanism for saving and investing? Base: Crypto-asset users in the general public, n=810
More than four in ten crypto-asset users (44%) have used a crypto-asset exchange platform.
Chart 10: Use of Crypto-Asset Exchange
| Yes | 44% |
| No | 43% |
| Don't recall / Prefer not to say | 12% |
Q15. Do you use the services of a crypto-asset exchange to transact in the space? Base: Crypto-asset users in the general public, n=810
Among those who have used an exchange, one in three have used Coinbase (35%), Binance (32%), and Wealthsimple (32%). One in five (22%) used Shakepay, while roughly one in ten have employed the services of crypto.com (13%), Kraken (13%), and Coinsquare (11%).
Table 2: Types of Crypto-asset Exchanges Used (Crypto-Users in the General Public)
| Q16 | Total |
| Which crypto-asset exchanges do you use or have you used in the past? | n=351 |
| Coinbase | 35% |
| Binance | 32% |
| Wealthsimple | 32% |
| Shakepay | 22% |
| Crypto.com | 13% |
| Kraken | 13% |
| Coinsquare | 11% |
| KuCoin | 8% |
| Newton | 5% |
| Bitfinex | 3% |
| Cash App | 3% |
| Ndax | 3% |
| Netcoins | 2% |
| Bitbuy | 2% |
| Quadriga | 2% |
| Gemini | 1% |
| Coinsmart | 1% |
| Bitstamp | 1% |
| Another | 8% |
| Don't recall / Prefer not to say | 5% |
Respondents report a relatively long involvement with crypto-assets and blockchain activities. Three in four (74%) report involvement for a year or more, with just under half (46%) saying that they have been involved for longer than two years. Seventeen per cent said that their involvement has been longer than five years.
Chart 11: Years of Experience
Less than six months |
7% |
-- |
Between six months and one year |
8% |
-- |
Between one year and two years |
28% |
74% |
Between two years and five years |
29% |
|
Over five years |
17% |
|
Don't recall / Prefer not to say |
10% |
-- |
Q17. How long have you been transacting with crypto-assets and/or blockchain related activities? Base: Crypto-asset users in the general public, n=810
Two-thirds of respondents (65%) report having held crypto–assets for a period of 12 months or longer.
Chart 12: Incidence of 12+ Months of Retention
| Yes | 65% |
| No | 33% |
| Don't recall / Prefer not to say | 2% |
Q18. Have you held any crypto–assets and/or participated in blockchain related activities for longer than a period of 12 months? Base: Crypto-asset users in the general public, n=810
Results highlight the recent shift away from crypto-assets. More than half of respondents (55%) reported a decrease in their activities with crypto-assets over the past 12 months. Only 12% reported an increase and 29% indicated that their level of activities has remained the same.
Chart 13: Trend in Level of Activity
| Decreased | 55% |
| Stayed the same | 29% |
| Increased | 12% |
| Don't recall / Prefer not to say | 4% |
Q19. Would you say that your activities with crypto-assets over the past twelve months have increased, decreased, or stayed the same? Base: Crypto-asset users in the general public, n=810
Perceived Client Experience with Crypto-asset Activities (Tax Intermediaries)
Tax intermediaries were asked to indicate the level of experience their clients typically possess when it comes to crypto-asset activities and assets. Among those whose deal primarily with large corporations, nearly nine in ten (87%) said their clients usually have a high degree of experience. Similarly, among those who engage mainly with small to medium-sized businesses, seven in ten (70%) indicated their clients typically have a considerable level of experience.
In contrast, among those whose client base consists largely of business owners and self-employed individuals, just 43% consider their average client highly experienced, compared to 26% who indicated their clients typically come with limited prior experience. Among those who support predominantly members of the public, just three in ten (31%) said their clientele generally has a lot of experience, compared to 37% who said their clients generally have minimal experience.
Chart 14: Perceived Client Experience with Crypto-asset Activities
| - | Little experience (1-2) | Some experience (3) | Lots of experience (4-5) |
| Your "average" large corporate clients (n=151) | 4% | 9% | 87% |
| Your "average" small and medium-sized clients (n=269) | 13% | 17% | 70% |
| Your "average" individual business owner/self-employed clients (n=176) | 26% | 31% | 43% |
| Your "average" clients who are members of the public (n=89) | 37% | 30% | 31% |
Q12a-d. Recognizing that there is a range of experience, when it comes to crypto-activities and
assets, how would you describe the experience of...?
Base: Tax intermediaries, n=565
Crypto-asset users responding to the survey were asked, unprompted, to describe what they had recently heard, read, or seen about crypto-assets in the media. Notably, half of respondents (50%) did not provide a response, suggesting a lack of immediate recall of or attention to any media coverage. Among those who indicated a theme, portrayals lean overwhelmingly negative. In particular, 16% recalled content about frauds, scams, and theft reports related to crypto, while 8% recalled hearing about crypto-asset downturns and the depreciation of value. Other common responses include rebounds in the value of crypto-assets following downturns, general volatility in the crypto-asset market, and bankruptcies among crypto-asset companies.
Chart 15: Portrayal of Crypto-assets in the Media
| Fraud/scams/theft reports | 16% |
| Loss of value/declining value, crypto crashes | 8% |
| Value rising/starting to go back up after crashes, bitcoin increasing in value | 6% |
| Instability/volatility of the crypto market | 6% |
| Crypto companies going bankrupt/insolvent, people not able to retrieve investment | 6% |
| Government (U.S/Canada) starting to look at regulations/wanting to regulate the crypto market | 3% |
| Distrust/unreliance of media to report on crypto currencies, biased media sources/inaccurate | 3% |
| Other | 4% |
| Don't recall / Prefer not to say | 50% |
Q20. What have you most recently heard, read, or seen about crypto-assets in the media?
Base: Crypto-asset users in the general public, n=810
Results suggest media portrayals of cryptocurrencies have led to an erosion of consumer confidence in crypto-assets. Among those crypto-asset users who recall hearing of crypto-assets in the news, close to half of respondents (48%) say their faith in crypt-assets as a viable currency alternative has decreased, while just 12% say their confidence has increased. Four in ten (38%) say their confidence has remained the same.
Chart 16: Trend in Confidence in Crypto-assets
| Decreased | 48% |
| Stayed the same | 38% |
| Increased | 12% |
| Don't recall / Prefer not to say | 1% |
Q21. Based on this information, has your confidence in cryptocurrency as being a viable alternative
currency decreased, stayed the same, or increased?
Base: Crypto-asset users in the general
public, n=406
Celebrity endorsements seem to have had very little impact on public receptivity to crypto-assets, according to survey results. Nine in ten respondents (89%) reported that celebrity endorsements had little or no influence on their decision to get involved with crypto-assets. Four per cent said that celebrity endorsements had a moderate impact on their decision and only 5% say celebrity endorsements had a significant impact on their decision.
Chart 17: Influence of Celebrity Endorsements
| Not much (1-2) | 89% |
| Somewhat (3) | 4% |
| A lot (4-5) | 5% |
Q22. How much would say celebrity endorsements influenced your decision in getting involved with
crypto-assets?
Base: Crypto-asset users in the general public, n=810
In terms of sources for finding out about crypto-assets, six in ten heard about crypto-assets through social circles (61%) and traditional news outlets such as newspapers, radio, and television (60%). Slightly fewer (55%) cited social media such as YouTube, Instagram, Facebook, and TikTok as a source. Just under one in four (23%) pointed to television and radio commercials (23%), social media platforms other than Instagram, Facebook, TikTok, or YouTube (23%), and social media influencers and celebrities (20%).
Chart 18: Sources of Information Among Crypto-asset Users
| Friends or family | 61% |
| News reports in newspapers, radio, or television | 60% |
| Social media platform: Instagram, Facebook, TikTok, YouTube | 55% |
| Commercials on TV or radio | 23% |
| Another social media platform not listed here | 23% |
| Social media influencer/celebrity | 20% |
| Financial advisor | 7% |
| Government of Canada website | 6% |
| NGO or an association website | 4% |
| Other | 16% |
| Don't Know/Don't Remember | 4% |
Q23. In which of the following ways have you heard about crypto-assets?
Base:
Crypto-asset users in the general public, n=810
Just under half of crypto-users responding to the survey (45%) indicated that they keep records of their crypto-asset transactions. Among those keeping records, 69% keep transaction ledgers, while 39% keep wallet addresses.
Among those who keep transaction records, four in ten (41%) say they use spreadsheets to maintain their records, while slightly fewer (38%) use third-party mobile applications such as portfolio trackers (38%). Eleven per cent use third-party tax software, while 4% have used their accountant or bookkeeper. Fourteen per cent do not recall how they kept their records.
Table 3: Record Keeping
| Q24, 25, 26 | Total |
| Do you keep records of your transactions with crypto-assets? | n=810 |
| Yes | 45% |
| No | 45% |
| Prefer not to say | 10% |
| What types of records do you maintain? | n=400 |
| Transaction ledgers | 69% |
| Wallet Addresses | 39% |
| Their own written records/spreadsheet | 4% |
| Other | 2% |
| Do not recall/Prefer not to say | 13% |
| What tools do you use to maintain your records? | n=400 |
| Spreadsheets | 41% |
| 3rd party mobile applications such as portfolio trackers | 38% |
| 3rd party tax software | 11% |
| Accountant or bookkeeper | 4% |
| Transaction ledgers (includes from banks/Crypto-asset companies/brokerage statements) | 4% |
| Pen and paper | 3% |
| Other | 5% |
| Do not recall/Prefer not to say | 14% |
Similarly, 40% of tax professionals report that their clients typically volunteer information about their crypto-asset income, although one in three (34%) indicated that they usually have to prompt their clients for this information. One in four (23%) said they have an equal mix of clients.
Chart 19: Record Keeping
| They typically volunteer this information | 40% |
| I typically have to ask | 34% |
| Both equally | 23% |
| Don't recall | 4% |
Q10. When it comes to learning that your clients have crypto-asset income, do you find they tend to volunteer this information or do you typically have to ask? Base: Tax intermediaries, n=565
Four in ten tax professionals (38%) said they typically receive records from most or all of their clients regarding their crypto-asset activities, while just under half (47%) said they receive records from just some of their clients. One in eight (13%) generally do not receive records at all. Among those who do not receive records, just under half (45%) explicitly ask their clients to keep records of their crypto-asset activities, while roughly the same proportion (48%) do not.
Among those who do receive records, the most common types of documents are exchange records (59%) and the client's own working papers (57%), followed by records produced by a crypto-asset tax software (44%).
A clear majority of tax professionals (76%) agreed that it is helpful when their clients keep records of their crypto-asset activities, compared to just one in five (19%) who said it makes no difference.
Table 4: Client Record Keeping (Views of Tax Intermediaries)
| - | Total |
| Q13. Do you typically receive records from clients of their crypto-activities? | n=565 |
| Yes, from all or most | 38% |
| Yes, from some | 47% |
| No | 13% |
| No response | 2% |
| Q14. Do you ask your clients to keep records of their crypto-activities? | n=75 |
| Yes | 45% |
| No | 48% |
| No response | 7% |
| Q15. What kind of records do your clients usually provide to you? | n=480 |
| Exchange records | 59% |
| The client's own working papers | 57% |
| Records produced by crypto tax software | 44% |
| Don't recall | 1% |
| Q16. Is it helpful to you when your clients keep records of their crypto-activities? | n=565 |
| Yes | 76% |
| No, it doesn't make a difference | 19% |
| Unsure | 5% |
Results highlight a wide range of comprehension levels when it comes to crypto-asset users' understanding of their tax obligations with respect to buying, selling, and trading crypto-assets. Four in ten (40%) rated themselves as having a strong understanding of their tax obligations, while one in five (19%) say they understand their obligations only somewhat. One in three (35%) feel they do not have a firm grasp of their responsibilities.
Chart 20: Crypto-asset Users' Understanding of Their Tax Obligations
| Not much (1-2) | 35% |
| Somewhat (3) | 19% |
| A lot (4-5) | 40% |
Q27. To what extent do you feel that you understand your tax obligations with respect to buying,
selling, and trading of crypto-assets?
Base: Crypto-asset users in the general public, n=810
Client Knowledge of Tax Obligations (Perceptions of Tax Intermediaries)
Two-thirds of tax intermediaries (67%) feel that most of their clients have an understanding of their tax obligations with respect to dealing in crypto-assets, though results vary heavily by the nature of their client base. Among those who service primarily large corporations, nine in ten (88%) said their clientele are typically quite knowledgeable on the subject. Similarly, three-quarters of tax professionals who deal primarily with small to medium-sized businesses (77%) said their clients are generally well-informed. Among tax professionals whose clientele consists mainly of self-employed individuals, just over half (55%) feel their clients are generally well-versed about their tax obligations, though a sizeable minority (26%) feel their clients often possess limited to no understanding of the matter. Among those who specialize with members of the general public, just 35% feel their clients are typically highly knowledgeable, compared to 38% who believe their clients are generally unfamiliar with their obligations.
Chart 21: Perceived Client Knowledge of Tax Obligations
| - | Low extent (1-2) | Moderate (3) | High extent (4-5) |
| Total | 16% | 16% | 67% |
| Large corporations | 3% | 7% | 88% |
| Small to medium-sized businesses | 8% | 14% | 77% |
| Self-employed individuals | 26% | 19% | 55% |
| Other members of the general public | 38% | 25% | 35% |
Q17. To what extent do you feel that your clients typically understand their tax obligations with
respect to buying, selling, and trading of crypto-assets?
Base: Tax intermediaries, n=565
In order to further gauge their understanding of their tax obligations, crypto-asset users in the survey were presented with five statements pertaining to taxation requirements related to crypto-assets and asked to indicate each one as either true or false. Although clear majorities accurately assessed four of the five statements tested, results highlight confusion in some areas, with respondents earning an average score of 2.7 correct responses (out of a maximum score of five).
Just under nine in ten crypto-asset users (87%) correctly dismiss the assertion that converting cryptocurrency to government-issued currency is exempt from taxation (although 13% believe this to be true). Eight in ten (83%) correctly understand that the CRA considers multiple types of cryptocurrencies to be separate assets, although 17% believe this to be false. Likewise, seven in ten (72%) recognize that trading one form of cryptocurrency for another is considered by the CRA to be a barter transaction, although 28% believe this is not the case. A similar proportion (71%) also understand that the CRA treats cryptocurrency as a commodity, although 29% believe this is not the case.
However, results also reveal a considerable degree of confusion over when cryptocurrency mining constitutes a business activity. Just four in ten respondents (39%) understand that the CRA does not universally categorize cryptocurrency mining as a business activity by default, while 61% mistakenly believe this to be the case.
Chart 22: Crypto-asset Users Knowledge of Taxation Requirements
| - | FALSE | TRUE |
| If you hold more than one type of cryptocurrency in a digital wallet, each type of cryptocurrency is considered by the CRA to be a separate digital asset and must be valued separately | 17% | 83% |
| Trading one type of cryptocurrency for another is considered a barter transaction by the CRA, and you should report it if it is gain or a loss | 28% | 72% |
| The CRA always views cryptocurrency mining as a business activity | 39% | 61% |
| The CRA does not generally treat cryptocurrency like a commodity for purposes of the Income Tax Act | 71% | 29% |
| Converting cryptocurrency to government-issued currency, such as Canadian dollars never has tax consequences | 87% | 13% |
Q28a-e. We would like to ask you some questions to gauge your knowledge of the main requirements
related to crypto-assets. Please indicate whether you believe the following statements are true or false.
Base: Crypto-asset users in the general public, n=810
Confidence in Knowledge about Tax Obligations (General Public)
There is also a wide range in confidence of one's knowledge of taxation requirements when it comes to the buying, selling, and trading of crypto-assets. Four in ten (38%) crypto-asset users responding to the survey said they are quite confident that they have all the information they need, while a similar proportion (36%) indicated little confidence in their knowledge of their tax obligations. One in five (21%) feel somewhat confident.
Chart 23: Confidence in Knowledge about Tax Obligations
| Not very (1-2) | 36% |
| Somewhat (3) | 21% |
| Quite (4-5) | 38% |
Q36. How confident are you that you have the information you need about your tax obligations with respect to buying, selling, and trading of crypto-assets? Base: Crypto-asset users in the generalpublic, n=810
Seven in ten tax intermediaries (72%) feel that they are personally well-informed when it comes to taxation related to crypto-assets. Self-assessed knowledge is comparably higher among those engaged mainly with large corporations (87% see themselves as well informed) and small to medium-sized businesses (81%). Among those whose clientele is primarily self-employed individuals, two-thirds (68%) said they are highly informed, while 23% see themselves as somewhat informed. Those who cater to other members of the public are notably less confident in their knowledge of taxation in this area; just 52% rated themselves as well informed, while one in three (35%) see themselves as somewhat informed. Very few respondents (2% to 12%) rated their knowledge as poor.
Chart 24: Tax Intermediaries' Knowledge of Tax Obligations
| - | Not that informed (1-2) | Somewhat (3) | Quite informed (4-5) |
| Total | 8% | 18% | 72% |
| Large corporations | 2% | 10% | 87% |
| Small to medium-sized businesses | 6% | 12% | 81% |
| Self-employed individuals | 10% | 23% | 68% |
| Other members of the general public | 12% | 35% | 52% |
Q30E. How well informed do you personally feel about taxation related to crypto-assets?
Base: Tax intermediaries, n=565
Just over half (54%) of tax intermediaries said they advertise their services or expertise in the area of crypto-asset income reporting to their clients.
Chart 25: Advertising Services or Expertise in Reporting Crypto-asset Income
| Yes | 54% |
| No | 41% |
| No response | 5% |
Q33. Do you generally advertise your services or expertise to existing or new clientele when it
comes to crypto-asset income reporting?
Base: Tax intermediaries, n=565
Just over one in three crypto-asset users (36%) reported that they have searched for information on their personal or business tax requirements.
Among this 36% who have sought out information regarding their tax obligations, three-quarters (75%) consulted the CRA website for this information. One-third (35%) turned to an accountant, while one in five (22%) have relied on Reddit. Seventeen per cent said that they consulted YouTube videos, and 16% asked friends and family for information. Fifteen per cent said that they looked for information on social media platforms.
When asked which of these sources was the most helpful, three in ten (29%) pointed to the CRA website as their most useful resource, while 26% indicated their accountant as having the most useful information.
Table 5: Crypto-asset Users' Information on Tax Requirements Related to Cryptocurrency
| - | Total | Total |
| Have you ever looked for information on your personal tax requirements, or that of your business, related to your activity with crypto-assets? | n=810 | -- |
| Yes | 36% | -- |
| No | 64% | -- |
| Which of the following sources did you seek this information from? | n=279 | -- |
| Which of these did you find the most helpful? | n=148 | |
| The CRA website | 75% | 29% |
| My accountant | 35& | 26% |
| 22% | 14% | |
| YouTube videos | 17% | 4% |
| Friends and family | 16% | 7% |
| Social media platforms | 15% | 1% |
| Podcasts | 9% | 2% |
| CRA social media | 5% | 0% |
| Internet search engine | 3% | - |
| Tax advice/services websites | 2% | - |
| CRA toll free numbers | 1% | 1% |
| Crypto-asset companies | 1% | - |
| Wealth simple | 1% | 3% |
| Turbo tax | 1% | - |
| Other online forums | 0% | 1% |
| Tax software | - | 2% |
| Other source | 2% | 4% |
| Don't recall | 3% | 4% |
Two-thirds of tax intermediaries (65%) indicated that they use CRA websites to obtain information on taxation related to crypto-assets. Three in ten use communication documents their clients received from the CRA (32%), Tax Community Forums (30%), CRA policy documents (29%), and professional columns (28%). Roughly one in five turn to CPA courses (21%), YouTube (20%), news (17%), webinars (16%), a CRA auditor (16%), and the CRA's social media channels (16%). Other common sources of information include fellow accountants (12%), the CRA's toll-free numbers (12%), and social media platforms (12%).
When asked to identify the best sources of information on the taxation of crypto-assets, half of tax intermediaries (49%) indicated the CRA websites. Other common responses include CRA communications documents received by their clients (16%), Tax Community Forums (15%), columns written by professionals (14%), CRA policy documents (13%), and CPA courses (12%).
Table 6: Tax Intermediaries' Sources of Information on Taxation Related to Crypto-Assets
| - | Q31. What sources have you used to become informed about taxation related to crypto-assets? (n=565) | Q32. Which have you found to be the best source(s)? (n=565) |
| CRA (Canada.ca) websites | 65% | 49% |
| CRA's communication documents to your client | 32% | 16% |
| Tax Community Forums | 30% | 15% |
| CRA policy documents (GST/HST notices, etc.) | 29% | 13% |
| Professional's columns | 28% | 14% |
| Courses offered through CPA Canada | 21% | 12% |
| YouTube videos | 20% | 8% |
| News | 17% | 6% |
| Webinars | 16% | 7% |
| CRA auditor | 16% | 6% |
| CRA social media | 16% | 6% |
| Another accountant | 12% | 5% |
| CRA toll-free numbers | 12% | 5% |
| Social media platforms | 12% | 4% |
| Friends and family | 7% | 3% |
| Celebrities and social media influencers | 6% | 2% |
| Podcasts | 4% | 2% |
| Other | 1% | 1% |
| Don't recall | 2% | 2% |
Crypto-asset users in the survey are fairly confident that they can find taxation information they need with respect to buying, selling, and trading of crypto-assets. Just over half (55%) feel quite confident in their capabilities, while one in five (21%) expressed a moderate degree of confidence. Twenty-two per cent said they are not particularly confident.
Chart 26: Crypto-asset Users' Confidence in Ability to Find Information
Not confident at all |
11% |
22% |
Not confident |
10% |
|
Somewhat confident |
21% |
- |
Confident |
24% |
53% |
Very confident |
29% |
Q37. How confident are you that you can find the information you need about your tax obligations with respect to buying, selling, and trading of crypto-assets? Base: Crypto-asset users in the general public, n=810
Tax Intermediaries' Confidence in Ability to Locate Taxation Information
Results suggest that regardless of their level of knowledge of crypto-asset taxation, most tax intermediaries are confident they can find the information they need to support their clients. Fully eight in ten (80%) expressed a high degree of confidence in their ability to find the information they need. Confidence is relatively higher among those who work with mostly large corporations (91%), small to medium-sized businesses (86%), and self-employed individuals (81%). Those who cater to other members of the public are comparatively less confident (65%).
Chart 27: Tax Intermediaries' Confidence in Ability to Locate Taxation Information
| - | Not confident (1-2) | Moderate (3) | Quite confident (4-5) |
| Total | 4% | 14% | 80% |
| Large corporations | 2% | 5% | 91% |
| Small to medium-sized businesses | 3% | 11% | 86% |
| Self-employed individuals | 5% | 15% | 81% |
| Other members of the general public | 7% | 25% | 65% |
Q20. How confident are you that you can find the information you need to support your clients with
regard to their tax obligations related to buying, selling, and trading of crypto-assets?
Base:
Tax intermediaries, n=565
When presented with a list of potential sources of information about tax obligations related to crypto-asset activity, the most trusted source of information indicated is the CRA (selected by 57% of crypto-asset users). One-quarter (25%) of crypto-asset users pointed to their accountant as their most trusted source. Very few selected YouTube (3%), Reddit (3%), social media or other online forums (1% each).
Chart 28: Trusted Sources of Information
| The CRA | 57% |
| My accountant | 25% |
| YouTube videos | 3% |
| 3% | |
| Social media | 1% |
| Other online forums | 1% |
| Don't know/don't remember | 9% |
Q38. Which of the following is your most trusted source if you had a question about your tax
obligations regarding your crypto-activity?
Base: Crypto-asset users in the general public,
n=810
When crypto-asset users were asked how they prefer to receive information about tax requirements, again the CRA is by far the favoured medium, with 60% indicating they would prefer to turn to the CRA website for this information. Other popular avenues for acquiring tax-related information include in-person advice (10%) and fact sheets (7%).
Chart 29: Preferred Method for Obtaining Information
| CRA website | 60% |
| In-person advice | 10% |
| Fact sheets | 7% |
| Other websites | 4% |
| YouTube videos | 3% |
| Telephone call | 3% |
| 2% | |
| Reddit posts | 2% |
| Other online forums | 2% |
| Don't recall/prefer not to say | 7% |
Q39. What is your preferred method of obtaining information about your tax requirements in general?
Base: Crypto-asset users in the general public, n=810
With the CRA consistently ranked as their preferred means of obtaining tax-related information, it is perhaps not surprising that crypto-asset users also indicated a significant level of trust in the agency. Nearly two-thirds (64%) place a lot of trust in the CRA, compared to just one in five (19%) expressing wariness. Fourteen per cent indicated a moderate degree of trust.
Chart 30: Level of Trust in CRA to Provide Information
Very little |
11% |
19% |
Little |
8% |
|
Neither |
14% |
- |
Some |
26% |
64% |
A great deal |
38% |
Q40. To what extent do you trust the CRA to provide you the information and help you need to
understand your tax obligations?
Base: Crypto-asset users in the general public, n=810
An even higher proportion of tax professionals (81%) said they rely heavily on the CRA for information and assistance when it comes to understanding their clients' crypto-related tax obligations, compared to just six percent who say they seldom do so. A similar proportion (78%) said they have a great deal of trust in the CRA to provide them with accurate information, compared to just five percent who expressed little to no faith in the organization.
Chart 31: Confidence in the CRA
| - | Rely on CRA | Trust CRA |
| Little (1-2) | 6% | 5% |
| Some (3) | 12% | 14% |
| Large (4-5) | 81% | 78% |
Q23. To what extent do you typically rely on the CRA for the information and help you need to understand your clients' tax obligations when it comes to crypto-assets?
Q24. To what extent do you trust the CRA to provide you with information you need to understand your clients' tax obligations when it comes to crypto-assets?Base: Tax intermediaries, n=565
Despite broad trust in the CRA, crypto-asset users reported mixed views about the CRA in terms of accessibility of the information it provides. More respondents (40%) think that the CRA is accessible, while 30% do not believe this to be the case. One in four (26%) find the CRA to be somewhat accessible.
Chart 32: Perceived Accessibility to CRA Information
Not accessible at all |
11% |
30% |
Not accessible |
19% |
|
Somewhat accessible |
26% |
- |
Accessible |
24% |
40% |
Very accessible |
16% |
Q41. Generally speaking, how accessible do you think the CRA is in providing you the information and
help you need to understand your tax obligations?
Base: Crypto-asset users in the general
public, n=810
Men are more likely than women to find the CRA accessible in terms of providing information needed to understand tax obligations (43% versus 30%).
The CRA is viewed more positively among tax intermediaries in terms of accessibility. Three-quarters (73%) rated the CRA as accessible or very accessible in terms of its capacity for providing the information they need to understand their clients' crypto-related tax obligations, compared to just 7% who feel the CRA is not accessible. Those who deal primarily with large corporations, small to medium-sized businesses, and self-employed individuals were more likely to rate the CRA as accessible (85%, 79%, and 74%, respectively). Among those whose clientele is primarily other members of the public, just half (51%) feel the organization is accessible, while one in five (19%) provided a low rating.
Chart 33: Tax Intermediaries' Perceived Accessibility of the CRA
| - | Not accessible (1-2) | Somewhat (3) | Quite accessible (4-5) |
| Total | 7% | 18% | 73% |
| Large corporations | 1% | 11% | 85% |
| Small to medium-sized businesses | 4% | 15% | 79% |
| Self-employed individuals | 7% | 19% | 74% |
| Other members of the general public | 19% | 28% | 51% |
Q25. Generally speaking, how accessible do you think the CRA is in providing you with the
information and help you need to understand your clients' tax obligations when it comes to crypto-assets?
Base: Tax intermediaries, n=565
Awareness among crypto-asset users is moderately high in the area of CRA providing information about potential tax situations arising from crypto-asset activities. Six in ten (60%) respondents said they knew they could get information from the CRA website, and half (51%) were aware that they could call the CRA toll-free number for information.
Chart 34: Crypto-asset Users' Awareness of CRA Access Points
| - | Yes |
| CRA's website provides information about your potential tax situations arising from your crypto-activities | 60% |
| Call CRA's toll-free number to get information about your potential tax situations arising from your crypto-activities | 51% |
Q42. Are you aware that the CRA's website provides information about your potential tax situations arising from your crypto-activities?
Q43. Are you aware that you can call CRA's toll-free number to get information about your potential tax situations arising from your crypto-activities?
Base: Crypto-asset users in the general public, n=810
Most tax intermediaries in the sample are familiar with the avenues available to acquire supplementary information regarding tax situations related to crypto-asset activities, though a sizeable minority are not. Three-quarters (75%) are aware they can call a CRA's toll-free number to get the information they need, yet one in five (20%) are not familiar with this service. Just over six in ten (63%) are aware the CRA provides these resources, though one in four (26%) are not aware of this resource.
Chart 35: Tax Intermediaries' Awareness of Access Points Information
| - | CRA website | CRA toll-free number |
| Yes | 63% | 75% |
| No | 26% | 20% |
| Unsure | 12% | 6% |
Q21. Are you aware that the CRA's (or Canada.ca) website provides information about
potential tax situations arising from crypto-activities?
Base: Tax intermediaries, n=200 (Did
not indicate use of CRA website unprompted)
Q22. Are you aware that you can call the CRA's toll-free number to get information
about potential tax situations arising from your clients' crypto-activities?
Base: Tax
intermediaries, n=496 (Did not indicate use of CRA toll-free number unprompted)
Seven in ten tax professionals (72%) also indicated that they have used the CRA toll-free number or spoken with someone at the CRA in the past to gather information.
Chart 36: Tax Intermediaries' Use of the CRA Toll-Free Number
| Yes | 72% |
| No | 22% |
| Don't recall | 6% |
Q36. Have you ever called the toll-free number or spoken with someone at the CRA to gain information/ask questions? Base: Tax intermediaries, n=439
Three in four tax professionals in the sample (76%) said they are aware of the information on tax tips available on the CRA website. Seven in ten (69%) also said they are aware of the crypto-asset guide on the site.
Chart 37: Tax Intermediaries' Awareness of CRA Tools
| - | Guide for users | Tax tips |
| Yes | 69% | 76% |
| No | 23% | 16% |
| Unsure | 8% | 7% |
Q26. Are you aware of the crypto guide called the Guide for cryptocurrency users and tax professionals available on the CRA website (Canada.ca)?
Q27. Are you aware of the information on tax tips available on the CRA website (Tax tips – 2023 –
Canada.ca)?
Base: Tax intermediaries, n=565
One in three (32%) Crypto-asset users reported that they have visited the CRA website to get guidance about potential tax situations arising from crypto-asset activities.
Chart 38: Incidence of Visiting the CRA Website
| Yes | 32% |
| No | 60% |
| Don't Know/Don't Remember | 8% |
Q45. Have you ever visited the CRA website to get guidance about your potential tax situations
arising from your crypto-activities?
Base: Crypto-asset users in the general public, n=810
Although causality cannot be established through this survey, those who have visited the website are more likely than those who have not:
Based on crypto-asset users who have visited the CRA website, three in four (74%) said it was in a format that worked for them (38% rating is satisfactorily and 36% rating it higher). Two in three (71%) said the information was easy to understand (38% rating it as satisfactory and 33% rating it higher). The same proportion (68%) said it gave them the information that they needed (33% rating it as satisfactory and 35% rating it higher). Slightly fewer (64%) were positive in their rating of the ease of finding what they were looking for (32% rating it as satisfactory and the same proportion rating it higher). It is noteworthy, however, that between 26% and 35% provided a poor rating of the CRA website, with ease of finding the information showing the highest proportion (35%) who were not satisfied.
Chart 39: Crypto-asset Users' Impressions of CRA Website
| - | Poor (1-2) | Satisfactory (3) | Good(4-5) | Positive (3-4) |
| The format in which the information was provided worked for me | 26% | 38% | 36% | 74% |
| The information provided was easy to understand | 29% | 38% | 33% | 71% |
| The information answered all of my questions (or gave me all that I needed) | 32% | 33% | 35% | 68% |
| It was easy to find what I was looking for | 35% | 32% | 32% | 64% |
Q46a-d. How well did the CRA's website do in each of the following areas?
Base:
Crypto-asset users in the general public, n=524-533
Tax intermediaries indicated positive views about how well the CRA website supports them in their work. Fully seven in ten (70%) said the CRA does a good job in terms of the clarity of the information they provide, compared to just 8% who rated the organization poorly in this regard. An equal proportion (70%) said the CRA excels at providing accurate and comprehensive information that answers all questions, compared to just eight percent providing a negative rating. Just over six in ten (64%) rated the CRA highly in terms of navigability, while just 10% indicated a low rating in terms of the information being easy to find.
Those who work primarily with other members of the public consistently provided lower ratings across each of the dimensions tested.
Table 7: Performance of the CRA Website (Tax Intermediaries)
| Q29a-c. How well does the CRA's (Canada.ca) website support you in each of the following areas? | TOTAL | Large corporations | Small to medium- sized businesses | Self- employed individuals | Other members of the general public |
| Ease of finding what you are looking for | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 10% | 3% | 8% | 11% | 18% |
| Somewhat (3) | 24% | 14% | 20% | 27% | 39% |
| Good (4-5) | 64% | 81% | 72% | 62% | 40% |
| Ease of understanding the information provided | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 8% | 3% | 5% | 9% | 16% |
| Somewhat (3) | 22% | 12% | 21% | 21% | 30% |
| Good (4-5) | 70% | 83% | 73% | 70% | 52% |
| Comprehensiveness of the information (answers all questions, provides the right information) | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 8% | 7% | 7% | 7% | 15% |
| Somewhat (3) | 21% | 12% | 17% | 19% | 39% |
| Good (4-5) | 70% | 80% | 75% | 73% | 43% |
Likewise, the CRA website garners high ratings in terms of its performance. Fully seven in ten tax intermediaries indicated high ratings of the website in terms of ease of accessibility (71%), clarity (70%), and providing the type of information needed to answer specific questions (70%). Slightly fewer (66%) indicated a positive assessment of the website's efficiency in terms of the time it takes to locate the relevant information. Very few respondents (7% to 13%) provided low ratings of the CRA website in any of these areas.
Again, those whose primary focus is other members of the public consistently provided lower ratings across each of the assessed areas.
Table 8: Performance of the CRA Website (II) (Tax Intermediaries)
| Q34a-d. How would you rate the CRA website's performance in each of the following areas? | TOTAL | Large corporations | Small to medium- sized businesses | Self- employed individuals | Other members of the general public |
| Providing you with the type of information (topics and level of detail) you need to answer your specific questions | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 7% | 3% | 4% | 6% | 19% |
| Somewhat (3) | 19% | 12% | 16% | 20% | 31% |
| Good (4-5) | 70% | 81% | 77% | 72% | 48% |
| Providing you with clear information that is easy to interpret | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 8% | 3% | 4% | 9% | 21% |
| Somewhat (3) | 17% | 7% | 16% | 18% | 26% |
| Good (4-5) | 70% | 83% | 75% | 68% | 51% |
| Information that is easily accessible on the site | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 9% | 3% | 6% | 10% | 17% |
| Somewhat (3) | 17% | 11% | 13% | 21% | 29% |
| Good (4-5) | 71% | 79% | 78% | 66% | 53% |
| The time it takes you to find what you are looking for on the site | n=565 | n=151 | n=269 | n=176 | n=89 |
| Poor (1-2) | 13% | 4% | 7% | 15% | 31% |
| Somewhat (3) | 17% | 9% | 14% | 20% | 24% |
| Good (4-5) | 66% | 82% | 75% | 61% | 43% |
More than eight in ten tax professionals (83%) said they would be likely to use the CRA in the future for information on taxation of their clients' crypto-assets. Among the small proportion indicating that they would be unlikely to use it (n=12 individuals), about half said that they did not feel the CRA would be likely to have the information they would need.
Chart 40: Tax Intermediaries' Future Use of CRA Website
| - | Unlikely (1-2) | Somewhat (3) | Likely (4-5) |
| Total | 3% | 12% | 83% |
| Large corporations | -- | 9% | 89% |
| Small to medium-sized businesses | 1% | 10% | 88% |
| Self-employed individuals | 1% | 10% | 88% |
| Other members of the general public | 10% | 19% | 71% |
Q35. How likely are you to use the CRA in the future for information on taxation of your clients' crypto-assets? Base: Tax intermediaries, n=565
Three in four (73%) tax professionals said they refer clients to the CRA website or toll-free number to obtain information about their tax obligations with regard to crypto-asset activities. This is more often the case among professionals reporting large corporate (87%) or SME (80%) clients than it is among those with self-employed individuals (68%) or members of the general public (49%) as clients.
Chart 41: Referral to the CRA Website
| - | Rarely (1-2) | Sometimes (3) | Frequently (4-5) |
| Total | 8% | 18% | 73% |
| Large corporations | 3% | 9% | 87% |
| Small to medium-sized businesses | 4% | 14% | 80% |
| Self-employed individuals | 10% | 22% | 68% |
| Other members of the general public | 18% | 29% | 49% |
Q30. How often do you refer clients to the CRA (Canada.ca) website or toll-free number to obtain
information or answers to specific questions they have about their tax obligations when it comes to
crypto-activities?
Base: Tax intermediaries, n=565
Only 15% of tax professionals said they refer their clients to sources other than the CRA website. Among those doing so, tax accountants and preparers were noted with some frequency. Others referred to channels or methods (e.g., newsletters, articles, websites, social media platforms).
Chart 42: Referral to Other Sources
| Yes | 15% |
| No | 65% |
| Don't recall | 21% |
Q30b. Are there other key sources that you send your clients to for this type of information?
Base: Tax intermediaries, n=565
Tax professionals who send their clients to the CRA website and do not refer them to other sources, were asked to describe what it is that works well about the CRA site for their clients. Responses provided by respondents were subsequently categorized into half a dozen of the most commonly noted themes, among the half of respondents providing a response. The CRA website was noted most often to be comprehensive and detailed (16%), as well as reliable, trustworthy and accurate (11%). Smaller proportions described it as easy to access (8%), easy to navigate (7%), or clear and easy to understand (7%).
Chart 43: Reasons for Client Referral to the CRA Website
| Comprehensive, detailed | 16% |
| Reliable, trusted, accurate | 11% |
| Accessible/convenient | 8% |
| Easy to use/navigate | 7% |
| Clear, easy to understand | 7% |
| Positive (unspecified) | 5% |
| Irrelevant responses/not answering question | 2% |
| No response | 4% |
| Don't recall | 46% |
Q30c. What is it about <the CRA website / this/these source(s)> that you feel works best for
your clients? (Open response coded following data collection)
Base: Tax intermediaries, n=525
There is significant interest in a wide range of information from the CRA about tax obligations related to crypto-assets. Just over six out of ten (63%) crypto-asset users expressed an interest in information on how to declare losses or gains in crypto-assets on income tax returns and what kind of records should be kept for tax purposes, respectively.
Just under half (45%) of crypto-users want information on how to determine the dollar value of their crypto-assets. Slightly fewer (37%) would like guidance on which activities in crypto-asset count as a disposition, and how to determine which activities are business income or a capital gain (or loss), respectively.
One in four (27%) are interested in help on how to have their activity in the crypto-asset space recognized as business expenses, or information on GST/HST and Input Tax Credit eligibility for mining activities (25%).
Chart 44: Most Helpful Types of Information to be Used by General Public
| How to declare my losses or gains in crypto-assets on my income tax return | 63% |
| What kind of records should I be keeping for tax purposes | 63% |
| How to determine the dollar value of my crypto-assets | 45% |
| Guidance on which activities in crypto count as a disposition | 37% |
| How to determine which of my activities is business income or a capital gain (or loss) | 37% |
| How to have my activity in the crypto-space recognized as business expenses | 27% |
| GST/HST and Input Tax Credit eligibility for mining activities | 25% |
| Do not need/not interested in information from CRA | 6% |
| Something else | 3% |
Q44. What type of information would be most helpful to you from the CRA to your potential tax
situations arising from your crypto-activities?
Base: Crypto-asset users in the generalpublic,
n=810
Tax intermediaries in the survey were also asked to identify the categories of information they deem helpful in understanding potential tax situations arising from their clients' crypto-asset activities. Results highlight the considerable value of a wide range of information to support tax intermediaries in their work. Half said information related to declaring losses or gains on income tax returns (51%) and determining the dollar value of crypto-assets would be helpful (50%). Slightly fewer cited information on how to have crypto-asset activities recognized as business expenses (45%) and what kind of records should be kept for tax purposes (45%) as helpful. Other commonly sought-after types of information include guidance on which activities count as a disposition (37%), GST/HST and Input Tax Credit eligibility, and how to determine which activities are business income versus capital gain (27%).
Those who predominantly work with self-employed individuals and other members of the general public more consistently rated each of the forms of information as helpful compared with those who support mainly large corporations and SMEs.
Table 9: Usefulness of Key Types of Information to be Used by Tax Intermediaries
| Q28. What type of information would be most helpful to you from the CRA in understanding potential tax situations arising from your clients' crypto-activities? | TOTALn=565 | Large corporations n=151 | Small to medium- sized businesses n=269 | Self- employed individuals n=176 | Other members of the general public n=89 |
| How to declare losses or gains in crypto-assets on income tax returns | 51% | 55% | 46% | 56% | 63% |
| How to determine the dollar value of crypto-assets | 50% | 52% | 48% | 61% | 70% |
| How to have activity in the crypto-space recognized as business expenses | 45% | 44% | 46% | 51% | 43% |
| What kind of records should be kept for tax purposes | 45% | 38% | 41% | 51% | 69% |
| Guidance on which activities in crypto count as a disposition | 37% | 38% | 36% | 43% | 52% |
| GST/HST and Input Tax Credit eligibility for mining activities | 36% | 40% | 38% | 43% | 44% |
| How to determine which activities are business income or a capital gain (or loss) | 27% | 24% | 20% | 39% | 45% |
When tax intermediaries were asked about the most helpful tools to help them understand their clients' crypto-asset taxation, step-by-step guides emerged as the most commonly noted tool (60%). About four in ten also indicated webinar training sessions (45%), videos (39%) and folios with case studies (39%) as helpful. Three in ten (29%) pointed to notifications of updates, training sessions and other relevant changes as being of value. Professionals with clients who are self-employed or members of the general public are more likely than those with businesses as clients to indicate step-by-step guides, webinars, and notifications of updated and training sessions as helpful.
Table 10: Helpful Information Tools to Inform Crypto-Asset Taxation (Tax Intermediaries)
| - | TOTAL | Large corporations | Small to medium- sized businesses | Self- employed individuals | Other members of the general public |
| Q37. Which of the following tools would you find helpful in better understanding your clients' crypto-asset taxation? | n=565 | n=151 | n=269 | n=176 | n=89 |
| Step by step guides | 60% | 48% | 59% | 72% | 71% |
| Webinar training sessions | 45% | 46% | 43% | 53% | 56% |
| Videos | 39% | 44% | 37% | 44% | 47% |
| Folios with specific case studies | 39% | 50% | 41% | 38% | 38% |
| Notifications of updates on web content, training sessions, etc. | 29% | 25% | 23% | 40% | 47% |
| Other | 1% | 0% | 0% | 1% | 1% |
| Unsure | 3% | 3% | 3% | 2% | 2% |
According to tax professionals, the best ways for clients to obtain information about their tax obligations related to crypto-assets are through websites (50%), fact sheets (40%), and email (40%). This is followed by YouTube videos (38%), in-person advice (37%) and telephone calls (35%). Fewer believe that social media (10%) or podcasts (7%) are useful.
Table 11: Best Methods for Clients Obtaining Information about Tax Obligations
| Q30d. Which of the following generally seem to be the best ways for your clients to obtain information about their tax obligations related to cryptocurrency? | Total (n=565) |
| Websites | 50% |
| Fact sheets | 40% |
| 40% | |
| YouTube videos | 38% |
| In-person advice | 37% |
| Telephone call | 35% |
| Social media | 10% |
| Podcasts | 7% |
| Other | 1% |
| Unsure | 2% |
Among those tax intermediaries indicating notifications as helpful, email (66%) was seen as the preferred method of obtaining these notifications. One in four said that they would prefer to receive the notifications through the CRA portal.
Chart 45: Preferred Method for Receiving CRA Notifications
| 66% | |
| Through the CRA portal | 25% |
| Through social media | 7% |
| Other | 1% |
| Unsure | 1% |
Q37b. How would you prefer to be notified?
Base: Tax intermediaries, n=164
The survey is comprised of 810 completed cases, among those who are 18 years of age or older and have acquired, received or sold crypto-assets. The sample source used was Probit, an in-house panel of randomly recruited Canadians. Sample respondents were found in our Probit panel at an incidence of 9%. This randomly recruited probability sample carries a margin of error of +/-3.4%.
Probit panellists were selected using a random-digit-dial (RDD) landline-cell phone hybrid sample frame. This is the same sample frame and sampling process used to conduct telephone surveys, which are considered representative of the population[4]. Once selected, they are contacted and recruited by telephone and asked to complete a basic profile (i.e., base survey instrument) including a range of demographic information about themselves. They are also asked if they would prefer to complete surveys online or by telephone. All sample members are eligible to participate, including those with cell phones only, those with no Internet access and those who simply prefer to respond by telephone rather than online. This panel represents a fully representative sample of Canadians, from which we can draw random samples and collect data in a more cost-conscious and timely manner than would otherwise be possible in a traditional telephone survey. This panel of more than 120,000 individuals can be considered representative of the general public in Canada (meaning that the incidence of a given target population within our panel very closely resembles the public at large), and margins of error can be applied.
Prior to conducting the survey, the instrument was tested with 54 cases (44 completed in English and 8 in French). Additional questions were placed on the pretest version of the questionnaire, asking about length, flow, clarity of wording and so on to elicit feedback from respondents. Minimal changes were made as a result of the testing.
The survey was administered online between April 18 and May 3, 2023, using a bilingual questionnaire installed on a secure web server controlled by EKOS. The email invitation included a description and purpose of the survey (in both languages) along with a link to the survey website. The survey database was mounted using a Personalized Identification Number (PIN), so only individuals with a PIN were allowed access to the survey (the PIN was included in the email invitation). The questionnaire was prefaced with a brief introduction to the study and rationale for the research. The voluntary and confidential nature of the survey was also emphasized. All invited panel members were informed of their rights under current Privacy legislation, as well as how to obtain a copy of their responses and results of the survey.
In this survey, an initial sample of 61,243 was drawn. Based on the sample attempted minus invalid records (355), out of completed interviews (810) combined with those found out of scope for the survey (7,778), the response rate was 14%. The average length of the interview was 11 minutes.
Respondents were informed in the invitation that all responses are completely confidential and no responses will be linked to individual names.
The database was reviewed following data collection for data quality, outliers, coding requirements, weighting and construction of independent variables. It was used to explore sub-group patterns (e.g., by age, gender and so on) in the analysis. The weighting of the sample was based on region of the country, age, gender and education, based on a check on those involved in crypto-assets across the full panel.
The following table presents the weighted distribution of the sample in terms of key characteristics. Variables used in the weighting of the sample are presented unweighted as noted in each relevant label.
Table 12: Sample Characteristics (Crypto-asset Users)
| Total | |
| Gender (unweighted) | n=810 |
| Male | 76% |
| Female | 22% |
| Prefer not to say | 1% |
| Age (unweighted) | n=810 |
| 18-29 years old | 17% |
| 30-39 years old | 39% |
| 40-49 years old | 22% |
| 50-59 years old | 11% |
| 60-69 years old | 7% |
| 70 years or older | 4% |
| Province/Territory of Residence (unweighted) | n=810 |
| British Columbia | 14% |
| Alberta | 16% |
| Saskatchewan | 4% |
| Manitoba | 5% |
| Ontario | 34% |
| Quebec | 21% |
| New Brunswick | 2% |
| Nova Scotia | 4% |
| Newfoundland and Labrador | 1% |
| Employment Status | n=810 |
| Employed | 71% |
| Self-employed | 13% |
| Unemployed | 3% |
| Student | 5% |
| Retired | 8% |
| Other | 2% |
| Prefer not to answer | 1% |
| Marital Status | n=810 |
| Married | 45% |
| Single, never married | 28% |
| Divorced | 4% |
| In a common-law relationship | 18% |
| Separated | 2% |
| Widowed | 1% |
| Prefer not to answer | 1% |
| Children under the age of 18 currently living in the household | n=810 |
| Yes | 39% |
| No | 61% |
| Education | n=810 |
| Grade 8 or less | 1% |
| Some high school | 1% |
| High School diploma or equivalent | 16% |
| Registered Apprenticeship or other trades certificate or diploma | 5% |
| College, CEGEP or other non-university certificate or diploma | 14% |
| University certificate or diploma below bachelor's level | 5% |
| Bachelor's degree | 44% |
| Post graduate degree above bachelor's level | 12% |
| Prefer not to say | 1% |
| Total household income | n=810 |
| Less than $10,000 | 1% |
| $10,000-$19,999 | 2% |
| $20,000-$29,999 | 2% |
| $30,000-$39,999 | 3% |
| $40,000-$49,999 | 3% |
| $50,000-$59,999 | 5% |
| $60,000-$79,999 | 11% |
| $80,000-$99,999 | 11% |
| $100,000-$119,999 | 13% |
| $120,000-$149,999 | 14% |
| $150,000-$199,999 | 13% |
| $200,000 or more | 14% |
| Prefer not to answer / No response | 7% |
As described earlier the sample is weighted based on region, age, gender and education of the panel based on a previous screening of panel members for involvement in crypto, as there are no known population statistics provided by Statistics Canada or other sources.
The survey is comprised of 565 completed cases, among Canadian tax professionals with clients who have either inquired about taxation related to or reported income from crypto-asset activities in the previous 12 months. Three separate panels were accessed to gather the sample of 565 tax professionals: the EKOS Probit panel, the SAGO business panel and the Dynta business panel. Since the sample sources used are non-probability panels, no margin of error can be calculated.
Prior to conducting the survey, the instrument was tested with 12 cases. Additional questions were placed on the pretest version of the questionnaire, asking about length, flow, clarity of wording and so on to elicit feedback from respondents. Minimal changes were made as a result of the testing.
The survey was administered online between July 10 and 22, 2023, using a bilingual questionnaire installed on a secure web server controlled by EKOS. The email invitation included a description and purpose of the survey (in both languages) along with a link to the survey website. The survey database was mounted using a Personalized Identification Number (PIN), so only individuals with a PIN were allowed access to the survey (the PIN was included in the email invitation). The questionnaire was prefaced with a brief introduction to the study and rationale for the research. The voluntary and confidential nature of the survey was also emphasized. All invited panel members were informed of their rights under current Privacy legislation, as well as how to obtain a copy of their responses and results of the survey.
In this survey, a total of 209 potential respondents clicked the link, 39 started the survey but did not complete it, 2,112 were screened out based on eligibility criteria and 565 completed the survey. No participation rate can be calculated for the survey, however, since one supplier used an auto-router to invite panel members to the survey, there is no record of the number of invitations sent. The average length of the interview was 9 minutes.
Respondents were informed in the invitation that all responses are completely confidential and no responses will be linked to individual names.
The database was reviewed following data collection for data quality, outliers, coding requirements, weighting and construction of independent variables. It was used to explore sub-group patterns (e.g., by age, gender and so on) in the analysis. No weighting was applied to the data since no population figures exist for this group of professionals.
Table13: Sample Characteristics (Tax Intermediaries)
| - | Total | |
| Q2. In which province/territory do most of your clients reside? | n=565 | |
| British Columbia | 16% | |
| Alberta | 11% | |
| Saskatchewan & Manitoba | 7% | |
| Ontario | 52% | |
| Quebec | 13% | |
| Atlantic | 6% | |
| Q3. How long have you been working as a tax intermediary, that is, a paid professional offering financial advice or planning to clients, or preparing tax returns to be submitted to CRA? | n=565 | |
| Less than a year | 9% | |
| More than a year but less than three years | 23% | |
| More than three but less than five years | 26% | |
| More than five but less than ten years | 22% | |
| Ten years or more | 18% | |
| No response | 2% | |
| Q4. Do you provide services that are concentrated to clientele in a specific sector or industry? | n=565 | |
| No | 61% | |
| Finance, accounting/taxes, real estate, insurance | 8% | |
| Commerce/e-commerce, retail, hospitality, manufacturing | 5% | |
| Government/social services: health care, education, law | 3% | |
| IT/TECH | 4% | |
| Construction/trades, transport, automotive, oil & gas, agriculture | 3% | |
| Other | 4% | |
| Unsure | 12% | |
| Q5b. Are the clients you work with who have crypto-assets typically? | n=565 | |
| Large corporations | 27% | |
| Small to medium-sized businesses | 48% | |
| Self-employed individuals | 31% | |
| Other members of the general public | 16% | |
| No response | 2% | |
| Large corporations | 27% | |
WEB INTRO
INSTRUCTIONS
Thank you in advance for your participation.
Yes 1
No 2
QSCRN
Have you ever acquired, received or sold crypto-assets?
Yes 1
No 2
Not sure 9
QGENDR
What gender do you identify as?
Male 1
Female 2
Other 77
Prefer not to answer 99
QAGE
How old are you?
18-29 years old 1
30-39 years old 2
40-49 years old 3
50-59 years old 4
60-69 years old 5
70 years or older 6
QPROV
In which province/territory do you reside?
Alberta 2
British Columbia 1
Manitoba 4
New Brunswick 7
Newfoundland and Labrador 10
Northwest Territories 12
Nova Scotia 8
Nunavut 13
Ontario 5
Prince Edward Island 9
Quebec 6
Saskatchewan 3
Yukon 11
QEMP [1,6]
What is your employment status?
Employed 1
Self-employed 2
Unemployed 3
Student 4
Retired 5
Other 6
Prefer not to answer 9
QMART
What is your marital status?
Married 1
Single, never married 2
Divorced 3
In a common-law relationship 4
Separated 5
Widowed 6
Prefer not to answer 9
QCHILD
Do you have any children under the age of 18 currently living in the household?
Yes 1
No 2
Prefer not to answer 9
QEDUC
What is the highest level of schooling that you have completed?
Grade 8 or less 1
Some high school 2
High School diploma or equivalent 3
Registered Apprenticeship or other trades certificate or diploma 4
College, CEGEP or other non-university certificate or diploma 5
University certificate or diploma below bachelor's level 6
Bachelor's degree 7
Post graduate degree above bachelor's level 8
Prefer not to answer 9
QINC
What is your annual household income from all sources before taxes?
Less than $10,000 1
$10,000-$19,999 2
$20,000-$29,999 3
$30,000-$39,999 4
$40,000-$49,999 5
$50,000-$59,999 6
$60,000-$79,999 7
$80,000-$99,999 8
$100,000-$119,999 9
$120,000-$149,999 10
$150,000-$199,999 11
$200,000 or more 12
Prefer not to answer / No response 99
Q10 [1,7]
Which of the following assets have you acquired, received, or sold?
Please select all that apply.
Bitcoin 1
Ethereum 2
Other Altcoins such as Cardano, XRP, Polygon, or Solana 3
Privacy Coins such as Zcash or Monero 4
Non-Fungible Tokens (NFTs) 5
Stablecoins such as Tether or USDC 6
Other 77
None of the above 98
Don't recall / Prefer not to say 99
Q11 [1,4]
Which of the following crypto- or blockchain related activities have you participated in?
Please select all that apply.
Bitcoin Lightning Network 1
Interacting with a DeFi protocol 2
Participating in metaverses such as Decentraland and The Sandbox 3
Mixers, tumblers and/or Coinjoins 4
None of the above 98
Don't recall / Prefer not to say 99
Q12A [1,12]
We are now going to ask you what kind of transactions in crypto-assets – either acquisitions, exchanges, or sales – you have had over the last twelve months.
Please select all the types of acquisitions you have made.
Through a custodial crypto exchange 1
Through a non-custodial crypto exchange 2
Through a peer-to-peer platform 3
ATM Kiosks 4
OTC trading desks 5
Through mining or staking activities 6
Through an initial offering, be it an ICO, IEO, IDO, or ISO 7
Through an airdrop or hard fork 8
Through a rewards program on a credit card 9
Through an NFT platform 10
Through a DeFi Protocol 11
Other, please describe: 77
Don't recall / Prefer not to say 99
Q12B [1,6]
Please select all the kinds of crypto-asset exchanges you have made.
For fiat 1
For stablecoins 2
For other coins 3
For another crypto-asset, including NFTs 4
For goods or services 5
Other, please describe: 77
Don't recall / Prefer not to say 99
Q12C [1,7]
Please select all the platforms that you have sold your crypto-assets on.
Through a crypto exchange 1
Through a peer-to-peer platform 2
Through a crypto ATM 3
Through an OTC trading desk 4
Through an ICO 5
Through a DeFi protocol 6
Other, please describe: 77
Don't recall / Prefer not to say 99
Q13 [1,12]
What were the main reasons why you decided to purchase crypto-assets and/or participate in blockchain-related activities?
Please select all that apply.
Crypto-assets may be a hedge against inflation 1
Crypto-assets offer diversification from traditional financial assets such as stocks and bonds 2
I enjoy crypto-assets as a hobby 3
Crypto-assets are the future of currency 4
Crypto-assets are a good investment 5
Crypto-assets allow me to learn more about emergent technologies and/or the market 6
The ability to transact anonymously when dealing with crypto-assets 7
The decentralized aspect of crypto-assets 8
Crypto-assets are easy to access and have low barriers of entry 9
Recommended by a financial advisor 10
Recommended by social media influencer/celebrity 11
Recommended by friend/family/colleague 12
Don't recall / Prefer not to say 99
Q14
What in your opinion is the greatest appeal of crypto-assets as a mechanism for saving and investing?
The privacy of crypto-asset ownership and transactions 1
The lower cost of transaction costs in relation to other financial services 2
The speed by which transactions are completed compared to stocks and bonds 3
The security of private keys surpasses that of banks and other providers of financial services 4
There is less fraud because all cryptocurrency transactions take place on a publicly distributed blockchain ledger 5
Crypto-assets are more accessible because fewer ID checks are required 6
Crypto-assets allow me to retain control and ownership over my financial assets 7
Don't recall / Prefer not to say 99
Q15
Do you use the services of a crypto-asset exchange to transact in the space?
Yes 1
No 2
Don't recall / Prefer not to say 9
Q16 [1,13]
Which crypto-asset exchanges do you use or have you used in the past?
Binance 1
Shakepay 2
Bitfinex 3
Cash App 4
Coinbase 5
Coinsquare 6
Crypto.com 7
Gemini 8
Kraken 9
KuCoin 10
Netcoins 11
Wealthsimple 12
Another, please list: 77
Don't recall / Prefer not to say 99
Q17
How long have you been transacting with crypto-assets and/or blockchain related activities?
Less than six months 1
Between six months and one year 2
Between one year and two years 3
Between two years and five years 4
Over five years 5
Don't recall / Prefer not to say 99
Q18
Have you held any crypto–assets and/or participated in blockchain related activities for longer than a period of 12 months?
Yes 1
No 2
Prefer not to say 9
Q19
Would you say that your activities with crypto-assets over the past twelve months have increased, decreased, or stayed the same?
Increased 1
Stayed the same 2
Decreased 3
Don't recall / Prefer not to say 9
Q20
What have you most recently heard, read, or seen about crypto-assets in the media?
77 77
Don't recall / Prefer not to say 99
Q21
Based on this information, has your confidence in cryptocurrency as being a viable alternative currency decreased, stayed the same, or increased ?
Increased 1
Stayed the same 2
Decreased 3
Don't recall / Prefer not to say 9
Q22
How much would say celebrity endorsements influenced your decision in getting involved with crypto-assets?
Very little 1 1
2 2
3 3
4 4
A great deal 5 5
No response 99
Q23 [1,10]
In which of the following ways have you heard about crypto-assets?
Please select all that apply.
News reports in newspapers, radio, or television 1
Commercials on TV or radio 2
Friends or family 3
Financial advisor 4
Social media platform: Instagram, Facebook, TikTok, YouTube 5
Social media influencer/celebrity 6
Another social media platform not listed here 7
Government of Canada website 8
NGO or an association website 9
Other 77
Don't Know/Don't Remember 99
Q24
Do you keep records of your transactions with crypto-assets?
Yes 1
No 2
Prefer not to say 9
Q25 [1,3]
What types of records do you maintain?
Transaction ledgers 1
Wallet Addresses 2
Other (specify) 77
Do not recall/Prefer not to say 99
Q26 [1,5]
What tools do you use to maintain your records?
Spreadsheets 1
3rd party mobile applications such as portfolio trackers 2
3rd party tax software 3
Accountant or bookkeeper 4
Other (specify) 77
Do not recall/Prefer not to say 99
Q27
To what extent do you feel that you understand your tax obligations with respect to buying, selling, and trading of crypto-assets?
Very little 1 1
2 2
3 3
4 4
A great deal 5 5
No response 99
PQ28
We would like to ask you some questions to gauge your knowledge of the main requirements related to crypto-assets. Please indicate whether you believe the following statements are true or false:
Q28A
The CRA does not generally treat cryptocurrency like a commodity for purposes of the Income Tax Act
True 1
False 2
Q28B
If you hold more than one type of cryptocurrency in a digital wallet, each type of cryptocurrency is considered by the CRA to be a separate digital asset and must be valued separately.
True 1
False 2
Q28C
Trading one type of cryptocurrency for another is considered a barter transaction by the CRA, and you should report it if it is gain or a loss.
True 1
False 2
Q28D
The CRA always views cryptocurrency mining as a business activity.
True 1
False 2
Q28E
Converting cryptocurrency to government-issued currency, such as Canadian dollars never has tax consequences.
True 1
False 2
Q33
Have you ever looked for information on your personal tax requirements, or that of your business, related to your activity with crypto-assets?
Yes 1
No 2
Q34 [1,12]
Which of the following sources did you seek this information from?
Please select all that apply.
My accountant 1
The CRA website 2
CRA social media 3
CRA toll free numbers 4
YouTube videos 5
Social media platforms 6
Celebrities and social media influencers 7
Podcasts 8
Friends and family 9
Reddit 10
Other online forums, please specify 11
Other source, please specify 77
Don't recall 99
Q35
Which of these did you find the most helpful?
My accountant 1
The CRA website 2
CRA social media 3
CRA toll free numbers 4
YouTube videos 5
Social media platforms 6
Celebrities and social media influencers 7
Podcasts 8
Friends and family 9
Reddit 10
Other online forums, please specify 11
Other source, please specify 77
None of the above 98
Don't recall 99
Q36
How confident are you that you have the information you need about your tax obligations with respect to buying, selling, and trading of crypto-assets?
Not confident at all 1 1
2 2
3 3
4 4
Very confident 5 5
No response 99
Q37
How confident are you that you can find the information you need about your tax obligations with respect to buying, selling, and trading of crypto-assets?
Not confident at all 1 1
2 2
3 3
4 4
Very confident 5 5
No response 99
Q38
Which of the following is your most trusted source if you had a question about your tax obligations regarding your crypto-activity?
My accountant 1
The CRA 2
Social media 3
YouTube videos 4
Podcasts 5
Reddit 6
Other online forums, please specify 77
Don't Know/Don't Remember 99
Q39
What is your preferred method of obtaining information about your tax requirements in general?
Fact sheets 1
YouTube videos 2
CRA website 3
Other websites 4
Telephone call 5
Email 6
In-person advice 7
Podcasts 8
Social media 9
Reddit posts 10
Other online forums, please specify 77
Don't recall/prefer not to say 99
Q40
To what extent do you trust the CRA to provide you the information and help you need to understand your tax obligations?
Very little 1 1
2 2
3 3
4 4
A great deal 5 5
No response 99
Q41
Generally speaking, how accessible do you think the CRA is in providing you the information and help you need to understand your tax obligations?
Not accessible at all 1 1
2 2
3 3
4 4
Very accessible 5 5
No response 99
Q42
Are you aware that the CRA's website provides information about your potential tax situations arising from your crypto-activities?
Yes 1
No 2
Q43
Are you aware that you can call CRA's toll-free number to get information about your potential tax situations arising from your crypto-activities?
Yes 1
No 2
Q44 [1,8]
What type of information would be most helpful to you from the CRA to your potential tax situations arising from your crypto-activities?
Please select all that apply.
How to determine the dollar value of my crypto-assets 1
How to have my activity in the crypto-space recognized as business expenses 2
How to declare my losses or gains in crypto-assets on my income tax return 3
What kind of records should I be keeping for tax purposes 4
Guidance on which activities in crypto count as a disposition 5
GST/HST and Input Tax Credit eligibility for mining activities 6
How to determine which of my activities is business income or a capital gain (or loss) 7
Something else, please describe: 77
Q45
Have you ever visited the CRA website to get guidance about your potential tax situations arising from your crypto-activities?
Yes 1
No 2
Don't Know/Don't Remember 9
PQ46
How well did the CRA's website do in each of the following areas:
Q46A
It was easy to find what I was looking for
Very poor 1 1
2 2
Satisfactory 3 3
4 4
Excellent 5 5
Don't know 99
Q46B
The information provided was easy to understand
Very poor 1 1
2 2
Satisfactory 3 3
4 4
Excellent 5 5
Don't know 99
Q46C
The information answered all of my questions (or gave me all that I needed)
Very poor 1 1
2 2
Satisfactory 3 3
4 4
Excellent 5 5
Don't know 99
Q46D
The format in which the information was provided worked for me
Very poor 1 1
2 2
Satisfactory 3 3
4 4
Excellent 5 5
Don't know 99
QCOMMENT
Do you have any other comments about the survey?
Yes (please specify) 1
No 2
THNK
Those are all the questions we have for you. Thank you very much for taking the time to complete this survey, it is greatly appreciated. Your answers have been saved and you may now close your browser window.
THNK2
Unfortunately, based on your responses you are ineligible to participate in this survey. Thank you for your time!
WINTRO
This survey of taxation professionals is being conducted to gather information on their information needs and experiences with clients in financial planning and advice, as well as preparing tax returns in consideration of crypto-assets. The results will be used to assist the Canada Revenue Agency (CRA) in the development of additional communication products to support consumers and tax professionals in the area of taxation of crypto-asset activities.
The survey will take approximately 10 minutes to complete. The information you provide will be administered in accordance with the Privacy Act of Canada regarding the protection of personal information, both for yourself and your clientele. Your answers are completely voluntary and confidential (this means that no individual will be associated with the survey's results – rather, they will be rolled up into large categories to protect the confidentiality of each respondent).
Q1
Do you provide paid services to businesses or individuals for the purposes of financial planning, advising or preparing tax filing for submission to Canada Revenue Agency (CRA)?
Yes 1
No 2
Q1B
Have you worked with at least one client in the last 12 months who has asked for information or advice, or prepared at least one tax return that relates to crypto-asset activities?
Yes 1
No 2
Q2 [1,13]
In which province/territory do most of your clients reside?
Alberta 2
British Columbia 1
Manitoba 4
New Brunswick 7
Newfoundland and Labrador 10
Northwest Territories 12
Nova Scotia 8
Nunavut 13
Ontario 5
Prince Edward Island 9
Quebec 6
Saskatchewan 3
Yukon 11
No specific province 98
No response 99
Q3
How long have you been working as a tax intermediary, that is, a paid professional offering financial advice or planning to clients, or preparing tax returns to be submitted to CRA?
Less than a year 1
More than a year but less than three years 2
More than three but less than five years 3
More than five but less than ten years 4
Ten years or more 5
No response 99
Q4
Do you provide services that are concentrated to clientele in a specific sector or industry?
Yes (specify which sector or industry) 1
No 2
Unsure 3
Q5 [1,4]
Which of the following best describe your clientele?
Select all that apply
Large corporations 1
Small to medium-sized businesses 2
Self-employed individuals 3
Other members of the general public 4
No response 99
Q5B [1,4]
SELECTED MORE THAN ONE ITEM AT Q5
Are the clients you work with who have crypto-assets typically:
Select all that apply
Q5 = 1
Large corporations 1
Q5 = 2
Small to medium-sized businesses 2
Q5 = 3
Self-employed individuals 3
Q5 = 4
Other members of the general public 4
No response 99
Q6
If self-employed or other members of public in Q5B:
Would you say that your clients with crypto-assets are more concentrated in a certain age groups?
Yes 1
No 2
Unsure 9
Q6B
YES
What age group are they more likely to fall into?
18-29 years old 1
30-39 years old 2
40-49 years old 3
50-59 years old 4
60-69 years old 5
70 years or older 6
Unsure 9
Q7
If self-employed or other members of public in Q5B:
Would you say that your clientele with crypto-assets is more concentrated among men or women, or is there no concentration in terms of gender?
Men 1
Women 2
Other gender identity 3
No pattern in terms of gender 4
Unsure 9
Q8
Approximately what proportion of your clients has inquired about crypto income and tax filing obligations in the past 12 months?
Indicate % 1
Unsure 9
Q9
Approximately what proportion of your clients reported income from their crypto-asset activities for the most recent tax year?
Indicate % 1
Unsure 9
Q10
When it comes to learning that your clients have crypto-asset income, do you find they tend to volunteer this information or do you typically have to ask?
They typically volunteer this information 1
I typically have to ask 2
Both equally 3
Don't recall 9
Q11
Have any of your clients transacted in crypto-assets during the last 12 months?
Yes 1
No 2
Unsure 9
PQ12
Recognizing that there is a range of experience, when it comes to crypto-activities and assets, how would you describe the experience of...
Q12A
Your "average" large corporate clients
Almost no experience 1 1
2 2
3 3
4 4
Strong experience 5 5
No response 9
Q12B
Your "average" small and medium-sized clients
Almost no experience 1 1
2 2
3 3
4 4
Strong experience 5 5
No response 9
Q12C
Your "average" individual business owner/self-employed clients
Almost no experience 1 1
2 2
3 3
4 4
Strong experience 5 5
No response 9
Q12D
Your "average" clients who are members of the public
Almost no experience 1 1
2 2
3 3
4 4
Strong experience 5 5
No response 9
Q13
Do you typically receive records from clients of their crypto-activities?
Yes, from all or most 1
Yes, from some 2
No 3
No response 9
Q14
IF NOT
Do you ask your clients to keep records of their crypto-activities?
Yes 1
No 2
No response 9
Q15 [1,4]
IF RECEIVE RECORDS
What kind of records do your clients usually provide to you?
Select all that apply
Exchange records 1
The client's own working papers 2
Records produced by crypto tax software 3
Other (specify) 77
Don't recall 99
Q16
Is it helpful to you when your clients keep records of their crypto-activities?
Yes 1
No, it doesn't make a difference 2
Unsure 9
Q17
To what extent do you feel that your clients typically understand their tax obligations with respect to buying, selling, and trading of crypto-assets?
Very little 1 1
2 2
3 3
4 4
A great deal 5 5
Unsure 99
Q30E
How well informed do you personally feel about taxation related to crypto-assets?
Not very informed 1 1
2 2
3 3
4 4
Very well informed 5 5
Unsure 99
Q31 [1,18]
What sources have you used to become informed about taxation related to crypto-assets?
CRA (Canada.ca) websites 1
Tax Community Forums 2
News 3
Professional's columns 4
CRA's communication documents to your client 5
Webinars 6
Courses offered through CPA Canada 7
CRA policy documents (GST/HST notices, etc.) 8
Another accountant 9
CRA auditor 10
CRA social media 11
CRA toll-free numbers 12
YouTube videos 13
Social media platforms 14
Celebrities and social media influencers 15
Podcasts 16
Friends and family 17
Other (specify) 77
Don't recall 99
Q32 [1,18]
Which have you found to be the best source(s)?
Q31 = 1
CRA (Canada.ca) websites 1
Q31 = 2
Tax Community Forums 2
Q31 = 3
News 3
Q31 = 4
Professional's columns 4
Q31 = 5
CRA's communication documents to your client 5
Q31 = 6
Webinars 6
Q31 = 7
Courses offered through CPA Canada 7
Q31 = 8
CRA policy documents (GST/HST notices, etc.) 8
Q31 = 9
Another accountant 9
Q31 = 10
CRA auditor 10
Q31 = 11
CRA social media 11
Q31 = 12
CRA toll-free numbers 12
Q31 = 13
YouTube videos 13
Q31 = 14
Social media platforms 14
Q31 = 15
Celebrities and social media influencers 15
Q31 = 16
Podcasts 16
Q31 = 17
Friends and family 17
Q31 = 77
______ 77
Don't recall 99
Q20
How confident are you that you can find the information you need to support your clients with regard to their tax obligations related to buying, selling, and trading of crypto-assets?
Not confident at all 1 1
2 2
3 3
4 4
Very confident 5 5
Unsure 99
Q21
Are you aware that the CRA's (or Canada.ca) website provides information about potential tax situations arising from crypto-activities?
Yes 1
No 2
Unsure 9
Q22
Are you aware that you can call the CRA's toll-free number to get information about potential tax situations arising from your clients' crypto-activities?
Yes 1
No 2
Unsure 9
Q23
To what extent do you typically rely on the CRA for the information and help you need to understand your clients' tax obligations when it comes to crypto-assets?
Not at all 1 1
2 2
3 3
4 4
Completely 5 5
No response 99
Q24
To what extent do you trust the CRA to provide you with information you need to understand your clients' tax obligations when it comes to crypto-assets?
Not at all 1 1
2 2
3 3
4 4
Completely 5 5
Unsure 99
Q25
Generally speaking, how accessible do you think the CRA is in providing you with the information and help you need to understand your clients' tax obligations when it comes to crypto-assets?
Not at all accessible 1 1
2 2
3 3
4 4
Very accessible 5 5
Unsure 99
Q26
Are you aware of the crypto guide called the Guide for cryptocurrency users and tax professionals available on the CRA website (Canada.ca)?
Yes 1
No 2
Unsure 9
Q27
Are you aware of the information on tax tips available on the CRA website (Tax tips – 2023 – Canada.ca)?
Yes 1
No 2
Unsure 9
Q28 [1,8]
What type of information would be most helpful to you from the CRA in understanding potential tax situations arising from your clients' crypto-activities?
Select all that apply
How to determine the dollar value of crypto-assets 1
How to have activity in the crypto-space recognized as business expenses 2
How to declare losses or gains in crypto-assets on income tax returns 3
What kind of records should be kept for tax purposes 4
Guidance on which activities in crypto-asset count as a disposition 5
GST/HST and Input Tax Credit eligibility for mining activities 6
How to determine which activities are business income or a capital gain (or loss) 7
Something else, please describe: 77
Unsure 99
PQ29
How well does the CRA's (Canada.ca) website support you in each of the following areas:
Q29A
Ease of finding what you are looking for
Very poor 1 1
2 2
3 3
4 4
Excellent 5 5
Unsure 99
Q29B
Ease of understanding the information provided
Very poor 1 1
2 2
3 3
4 4
Excellent 5 5
Unsure 99
Q29C
Comprehensiveness of the information (answers all questions, provides the right information)
Very poor 1 1
2 2
3 3
4 4
Excellent 5 5
Unsure 99
PQ34
How would you rate the CRA website's performance in each of the following areas?
Q34A
Providing you with the type of information (topics and level of detail) you need to answer your specific questions
Very poor 1 1
2 2
3 3
4 4
Very good 5 5
Not applicable- do not use the CRA website 98
Unsure 99
Q34B
Providing you with clear information that is easy to interpret
Very poor 1 1
2 2
3 3
4 4
Very good 5 5
Not applicable- do not use the CRA website 98
Unsure 99
Q34C
Information that is easily accessible on the site
Very poor 1 1
2 2
3 3
4 4
Very good 5 5
Not applicable- do not use the CRA website 98
Unsure 99
Q34D
The time it takes you to find what you are looking for on the site
Very poor 1 1
2 2
3 3
4 4
Very good 5 5
Not applicable- do not use the CRA website 98
Unsure 99
Q35
How likely are you to use the CRA in the future for information on taxation of your clients' crypto-assets?
Not at all likely 1 1
2 2
3 3
4 4
Very likely 5 5
Unsure 99
Q35B [1,6]
Do not/ unlikely to use
Why is it that you <[Q34A = 98 and Q34B = 98 and Q34C = 98 and Q34D = 98 and Q35 = 3,4,5,99]have not used[ELSE]are unlikely to use> the CRA website for this purpose?
Select all that apply
Do not typically have clients with crypto-assets 1
Have all of the information I need 2
Do not feel that the CRA website will have the information I would be looking for 3
I have other sources that I rely on more for this type of information (specify sources used) ________ 4
Was not aware there is crypto-asset related information on the CRA website 5
Other (specify) 77
No response 99
Q36
Have you ever called the toll-free number or spoken with someone at the CRA to gain information/ask questions?
Yes 1
No 2
Don't recall 9
Q37 [1,6]
Which of the following tools would you find helpful in better understanding your clients' crypto-asset taxation?
Select all that apply
Videos 1
Folios with specific case studies 2
Step by step guides 3
Webinar training sessions 4
Notifications of updates on web content, training sessions, etc. 5
Other (specify) 77
Unsure 99
Q37B
if yes to updates
How would you prefer to be notified?
Email 1
Through the CRA portal 2
Through social media (e.g., LinkedIn) 3
Other 77
Unsure 99
Q30
How often do you refer clients to the CRA (Canada.ca) website or toll-free number to obtain information or answers to specific questions they have about their tax obligations when it comes to crypto-activities?
Never 1 1
2 2
3 3
4 4
All the time 5 5
Unsure 99
Q30B
Are there other key sources that you send your clients to for this type of information?
Yes (specify sources) 1
No 2
Don't recall 9
Q30C
What is it about <[Q30 = 3,4,5 and Q30B = 2,9]the CRA website[ELSE]this/these source(s)> that you feel works best for your clients?
Response 77
Don't recall 99
Q30D [1,9]
Which of the following generally seem to be the best ways for your clients to obtain information about their tax obligations related to cryptocurrency?
Select all that apply
Fact sheets 1
YouTube videos 2
Websites 3
Telephone call 4
Email 5
In-person advice 6
Podcasts 7
Social media 8
Other (please specify) 77
Unsure 99
Q33
Do you generally advertise your services or expertise to existing or new clientele when it comes to crypto-asset income reporting?
Yes 1
No 2
No response 9
Q40
Are there other areas where you feel the CRA could improve the assistance it provides to either tax intermediaries?
Response 77
Unsure 99
Q41
Do you have any other (anonymous) comments that you would like the CRA to consider in their planning of information to support tax professionals such as yourself?
Response 77
No other comments 99
Chi-square and standard t-tests were applied as applicable. Differences noted were significant at the 95% level.
Ivar Krumpal, "Determinants of Social Desirability Bias in Sensitive Surveys: A Literature Review", Quality and Quantity, June 2013, Volume 47, Issue 4, pp. 2025-2047.
For the purposes of analysis, the Prairies incudes Saskatchewan and Manitoba, however, Alberta was examined as a separate region.
Canadian Internet Use, Statistics Canada.
For this accessible version of the report all charts have been converted to tables.