De Grandpré Chait navigates crypto tax challenges for clients
Another thing that Chainalysis helped us a lot with is to make our clients understand the importance of doing a voluntary disclosure. Knowing that the tax authorities started sending John Doe summonses to these exchanges, and the equivalent here in Canada, it’s clear that at one point it will be audited, and the consequences will be far greater than if they had done a voluntary disclosure at first.”
-David Coutu
Partner, De Grandpré Chait
Challenge
De Grandpré Chait, a highly specialized law firm in Canada, has a mission of putting clients first and fostering trust through attentive listening. Challenges arose when dealing with clients’ cryptocurrency-related cases, especially when faced with complex transactions outside of common exchanges, poor record-keeping, and a lack of transparency. These challenges required the assistance of a specialized software solution, which led them to discover Chainalysis.
Solution
- Chainalysis proved to be the ideal solution, offering high data quality, reliability, and the ability to streamline their processes.
- The user-friendly nature of Chainalysis allowed the firm to adapt quickly. Exceptional customer support from Chainalysis provided essential assistance. Chainalysis played a vital role in empowering the De Grandpré Chait team to educate clients about the importance of voluntary disclosure, given the increasing scrutiny by tax authorities.
- As the firm’s tax department expands, Chainalysis is expected to support its growth and success.
