Canada Revenue Agency Audits QuadrigaCX’s Corporate Tax Returns

The Canadian trade was generating headlines since Gerald Cotten, its CEO, was announced dead in India. "The Trustee intends to talk about the request for advice using CRA Audit and their counselor and will go back to Court to get further direction, if necessary." The market was engaged in a protracted court case together with the market's creditors, a number of whom have supposed wildly as to the fate of the lost cryptocurrency, with a few wondering if Cotten is even dead. "Accordingly, the Trustee is focused on conducting its record collection, business, review and production efforts in as cost effective a manner as possible [...] that it isn't anticipated that the Trustee will be in a position to react to this CRA Audit request at this time." The bankruptcy statute added that responding from authorities and various law enforcement agencies will have an immediate affect on how much cash is available to repay the 115,000 creditors of QuadrigaCX. But, EY adds and admits that there Isn't Any legal basis for it to refuse to react to such requests: According to a post by the Globe and Mail on Sept. 16, QuadrigaCX is currently being audited by the CRA that has requested the taxation returns by Oct. 1, 2015, to Sept. 30, 2018. Bankruptcy trustee EY, that oversees the insolvency proceedings of the exchange, said that the CRA's request for files and information is significant, stating:

The Canada Revenue Agency (CRA), the country's tax authority, is auditing the corporate tax returns filed by QuadrigaCX, the now-defunct Canadian cryptocurrency trade. 

CRA's request for documents and information is significant

Released at Mon, 16 Sep 2019 23:55:36 +0000