Unreported crypto?
It's time to act.
If you have unreported or misreported cryptocurrency income, the CRA's Voluntary Disclosures Program may allow you to correct past tax filings and obtain significant penalty and interest relief.
But timing matters.
Canadian crypto-asset reporting requirements are expanding, giving the CRA access to more information about taxpayers' crypto activity.
If you're considering a voluntary disclosure, don't wait until the CRA contacts you. Contact us today to discuss your options.
Voluntary Disclosures by Crypto-Native CPAs
Metrics has been working with cryptocurrency and digital assets since 2016. Our team understands the tax issues created by complex crypto activity and can handle the complex underlying calculations required to support a VDP application.
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Voluntary Disclosure Application Filing
Starting in January 2026, Canadian crypto-asset service providers and exchanges are collecting CARF-compliant information on customer activity, with the first reporting to the CRA expected in early 2027.
If the CRA receives information about your crypto activity before you file a Voluntary Disclosures Program application, your disclosure may be considered “prompted,” which can reduce the relief available under the VDP.
An eligible unprompted disclosure can receive 100% penalty relief and 75% interest relief.
Book a call today to find out how Metrics can help prepare your Voluntary Disclosures Program application.
Voluntary Disclosures FAQ
A Crypto Voluntary Disclosures Program (VDP) application allows you to voluntarily disclose previously unreported crypto-related tax issues to the CRA. Metrics prepares VDP applications for Canadian taxpayers with unreported crypto income, capital gains, DeFi, staking, mining, and other digital asset activity.
A VDP may be appropriate if you have unreported crypto transactions or previously filed incorrect tax returns. Metrics reviews your tax history and crypto activity to determine whether a VDP may be appropriate and compares it with other options, such as filing tax adjustments.
An eligible unprompted VDP can provide significant relief from penalties and interest, including up to 100% penalty relief and 75% interest relief. Metrics analyzes your specific tax situation and calculates the potential savings from filing a VDP compared with correcting your returns through ordinary tax adjustments.
The potential savings depend on your tax balance, penalties, interest, assessment dates, and whether the disclosure qualifies as unprompted or prompted. Metrics calculates the potential penalties and interest under a VDP and compares them with the cost of correcting your returns through tax adjustments, so you can understand the potential financial benefit of filing a VDP.
A VDP may be considered prompted if the CRA has already taken action or received information from a third party relating to your potential tax non-compliance. A prompted VDP application typically receives reduced relief compared to an unprompted application (for example 25% interest relief instead of 75%). Metrics reviews relevant CRA correspondence, filing history, and assessment dates to help determine whether your disclosure may be considered prompted or unprompted.
Yes. Metrics reconstructs your crypto transactions and calculates adjusted cost base (ACB), capital gains, capital losses, and taxable crypto income as part of the VDP process.
Yes. Metrics can prepare your Voluntary Disclosures Program application, supporting tax calculations, tax returns and required documentation and assist with submission to the CRA.
Metrics recommends speaking with a CPA before contacting the CRA if you have unreported crypto. Contacting the CRA before understanding your position can have serious tax consequences, including potentially affecting whether your disclosure qualifies for VDP relief. Metrics can review your tax history, crypto activity, and potential VDP eligibility before you communicate with the CRA.
Start by booking a free 15-minute consultation with Metrics. During the initial consultation, we discuss your crypto activity and tax history, explain the VDP process, and determine what information is needed to assess your situation.
"I've been a happy client of Metrics for 4 years now, and I couldn't be more pleased with their service. I doubt any other Canadian firm could have navigated the complex nature of reconciling years of crypto activity against the CRA. They are professional, experts in their field, and their grasp of crypto-related tax policies in Canada are second to none."
"Leading edge business. Lean, professional, and personal service. This is where you want to be."
"First time user. After compiling my information and answering a few question Metrics took over my tax information for completion. I am very satisfied."
"The most professional and skilled accounting firm I've dealt with. The team were absolute legends and worked through the night to hit deadlines on time. Metrics is the best. Will be using them again."
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