Lost when it comes to calculating and reporting Bitbuy taxes? We've got everything you need to know about how to calculate capital gains and losses from your Bitbuy cryptocurrencies, how to find your Bitbuy trading history and how to report your Bitbuy taxes to the Canada Revenue Agency.
How to prepare Bitbuy taxes
Canadian crypto investors need to report their crypto taxes for the financial year to the Canada Revenue Agency (CRA) by the 30th of April. If you've been using Bitbuy for your crypto investments, the CRA will want to know about your Bitbuy transaction history - including your capital gains and losses, as well as any crypto income. Bitbuy doesn't have a dedicated crypto tax report, so to do your Bitbuy taxes, you'll need to export your complete Bitbuy transaction history. Don't worry, this is easy to do and we've got everything you need to know in our Bitbuy tax guide.
How to download & export Bitbuy trading & transaction history
You can download your Bitbuy trading and transaction history in your Bitbuy account. There's a couple of ways to do this - so we'll cover both.
- Use the Bitbuy API with crypto tax software. Using the Bitbuy API alongside crypto tax software lets you import your Bitbuy transaction history automatically to your chosen crypto tax app. See full instructions on how to integrate Bitbuy and Koinly.
- Export Bitbuy transaction history in a CSV file. If you're doing your taxes manually (or just don't like APIs) don't worry, you can download a CSV file of your complete Bitbuy transaction history from your Bitbuy account.
Here's how to get your Bitbuy trade history export.
Log in to your Bitbuy account and click on profile in the top right corner, then select settings from the drop down menu. Scroll down to 'end of year reports' and download the CSV file for the financial year you're reporting on. Remember, if you're uploading your CSV files to a crypto tax app - you'll want to download your entire transaction history from Bitbuy - so download all the reports available.
Does Bitbuy provide a Canada tax report?
Bitbuy doesn't provide a specific Bitbuy tax report. But as one of the biggest crypto exchanges in Canada - Bitbuy has teamed up with a variety of great crypto tax apps, so you can use your Bitbuy end of year report to generate a tax report for Bitbuy.
The easiest way to do this is using the Bitbuy API. The Bitbuy API will automatically import your Bitbuy transaction data into your chosen crypto tax app. Don't worry about another app having access to your Bitbuy account, the Bitbuy API is read only.
If you prefer to use CSV files, you can download the CSV file of your Bitbuy transaction history using the steps above. You can then use your Bitbuy CSV file to manually calculate your crypto taxes (good luck!) or use a crypto tax app to generate your Bitbuy tax report instead..
Does Bitbuy supply a financial statement?
Yes - your Bitbuy end of year report is your complete Bitbuy transaction history for the financial year. This functions as an account statement that you can use to report your crypto taxes. It includes your complete Bitbuy trading history, so you can use it to generate a Bitbuy tax statement for the CRA.
Use the steps above to learn how to get a tax statement from Bitbuy. Remember, if you're uploading your CSV files to a crypto tax app - you'll need to cover all the financial years you've been trading on Bitbuy, not just the current financial year. This is so your cost basis can be calculated correctly.
Once you've got your Bitbuy account statement - calculate your crypto taxes yourself or upload your Bitbuy financial statement to a crypto tax app to fetch a Bitbuy tax statement in minutes.
How to generate a Bitbuy tax form
There's two ways to generate a Bitbuy tax form - manually or through a crypto tax app.
If you're doing your crypto taxes manually - the Canada Revenue Agency needs to know about all your taxable transactions on Bitbuy. So any time you've made a capital gain or loss by selling, trading, spending or gifting crypto - the CRA need to know about it. You'll also need to include any income you've made from crypto - like if you were paid in crypto. Take all this information and tally up your net capital gains and losses and include it in your individual tax return by the 30th of April, alongside the Schedule 3 form for capital gains. For those with a lot of trades on Bitbuy, this is a lot of work - which is why we recommend using crypto tax software.
Crypto tax software does all of the above for you and generates your Bitbuy tax forms. Just use the Bitbuy API or your Bitbuy transaction history export and upload it to your chosen tax app, which will then generate a custom Bitbuy tax form for you, including a Complete Tax Report and the Schedule 3 form for Canadian crypto investors.
Bitbuy CSV exports
Need to get your Bitbuy CSV export? No worries.
Log into your Bitbuy account and select profile, then settings. Scroll down to end of year reports and download the CSV file(s) you need.
Remember - you'll need your complete transaction history in your Bitbuy CSV file to calculate your cost basis, so make sure you download all CSV files to include the entire period you've been using Bitbuy.
If you're using crypto tax software - it's much easier to use the Bitbuy API. Log in to your Bitbuy account on desktop, scroll all the way down from your home page to the footer. Under products and services, select API. You'll need to email Bitbuy to get your API access, so drop an email to API@bitbuy.ca. The Bitbuy team will then contact you directly to ask you the purpose of your API and then generate one up for you. You'll then be able to get your API key and API secret from your Bitbuy account- just copy and paste this into your chosen crypto tax app.
Does Bitbuy provide an end of year statement?
Yes! You can download your end of year report from Bitbuy. This includes your complete Bitbuy transaction history for a given financial year. You'll be able to see multiple reports if you have been using Bitbuy for multiple years.
Does Bitbuy report to the CRA?
Bitbuy is registered with FINTRAC (the Financial Transactions and Reports Analysis Center of Canada). FINTRAC are an agency of the Government of Canada responsible for detecting, preventing and deterring money laundering and other tax evasion. They work closely with the Canada Revenue Agency - so in short, yes the CRA will know about crypto transactions on Bitbuy.
The best way to remain tax compliant with the CRA is to report your crypto taxes accurately.
If you’ve been wondering is a Bitbuy tax calculator tool, the answer is, yes! Not only can Koinly import Bitbuy transaction history, but Koinly can also calculate your Bitbuy taxes in a format that makes sense for your country’s tax office. As a Bitbuy tax calculator, Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much taxes.
- Koinly will import all your Bitbuy trades including purchases, sales, swaps, income and more!
- Koinly will then convert your Bitbuy transactions into CAD at fair market value. This in itself is a massive time saver.
- Finally, Koinly works out which of your Bitbuy trades are taxable, and which are not - calculating your Bitbuy gains/losses, crypto income and more. All of this is really important for being able to submit an accurate Bitbuy tax return to your tax office.