Canada's Crypto Reporting Framework: Bill C-31 Status

17 October 2026 · en-CA · Educational information · No affiliate links

Proposed, not law. Bill C-31 is not in force. Passage, Royal Assent and any 2027 reporting dates stay expected until the bill becomes law.

Educational information only. Not tax, legal or investment advice. We are not the CRA and are not affiliated with it. Check canada.ca and consider a qualified Canadian tax professional. Sources read October 17, 2026. Anything marked expected should be re-checked (re-check planned December 1, 2026). Examples use made-up numbers. This page contains no affiliate links.

Short answer: Canada's crypto-asset reporting framework (CARF) is a bill, not law. Parliament's LEGISinfo page shows Bill C-31 (Budget 2025 Implementation Act, No. 2), introduced 6 May 2026, passed second reading and was referred to committee on 3 June 2026; as of our reading on 17 October 2026 its status is "at consideration in committee in the House of Commons" (meetings on 6 and 8 October 2026), with report stage and third reading "not reached". The Senate has held a pre-study (June 10 motion; committee meetings 6 and 7 October 2026).

What the bill would do (Library of Parliament summary, 29 May 2026, first-reading version)

• Add sections 296 to 303 to the Income Tax Act implementing CARF.
• Require reporting crypto-asset service providers (RCASPs) to run due diligence to identify reportable users (usually by obtaining a valid self-certification) and to report annually by 2 May information on clients and certain transactions for the preceding year.
• Apply to the calendar years 2027 and thereafter; due diligence for relationships existing at 31 December 2026 would have to be done by 2028.
• Provide that an RCASP generally need not comply if it fulfils equivalent obligations in a "partner jurisdiction" designated by the Minister.
• Apply a $500 penalty for failing to provide a tax identification number required by an RCASP.
• Reporting would also cover clients paying a merchant through the RCASP for goods or services valued above US$50,000, where the RCASP must verify identity.

The summary says it covers only the bill as tabled at first reading and isn't revised for amendments.

What this means for you (not advice)

If the bill passes as tabled, exchanges serving Canadians would be collecting self-certifications and reporting from 2027. Nothing in the bill replaces your own duty to report gains and losses (losses). Until it is law, the details can change.

Dates marked expected

Passage, Royal Assent and first reports (the summary indicates a report by 2 May 2028 for 2027, our reading) are not confirmed.

FAQ

Is CARF in force in Canada today? Not per LEGISinfo: the bill hasn't passed third reading.

Does it change the superficial loss rule? No: the pages read concern reporting, not the loss rules.

What we could not verify

• The text of the bill itself and any amendments made in committee (only the first-reading summary and LEGISinfo status were read).
• When or whether the bill will pass third reading, receive Royal Assent and come into force (expected to be 2027 reporting only if passed).
• Which Canadian platforms are expected to be RCASPs and how they are expected to behave.
• The list of partner jurisdictions (to be designated by the Minister).

Sources (official)

• Parliament of Canada, C-31 (45-1) - LEGISinfo — https://www.parl.ca/legisinfo/en/bill/45-1/c-31 (read in full October 17, 2026)
• Library of Parliament, Legislative Summary of Bill C-31 (45-1-C31-E, 29 May 2026), section 2.1.6 — https://lop.parl.ca/staticfiles/PublicWebsite/Home/ResearchPublications/LegislativeSummaries/PDF/45-1/45-1-C31-E.pdf (read; the section on CARF in full, the rest of the document not needed)