Bitcoin Tax Calculator for Canada
Koinly is the only cryptocurrency tax calculator that is fully compliant with CRA's crypto guidance
Schedule 3 Form
Adjusted Cost Basis
Superficial Loss Rule
Do you need to file crypto taxes?
If you have traded between cryptocurrencies ex. BTC → ETH or sold crypto then you need to declare that on your tax return.
But... calculating your crypto taxes is very time consuming if you have anything more than a handful of trades.
Here's the problem...
Say you bought 1 Bitcoin on Coinbase and transferred it to Binance where you sold it in several transactions. How long would it take you to calculate your gains?
Well, it took our accountant 45 minutes - for 10 trades!! Now imagine if you have a lot more trades, like Mr. Dunkers perhaps...
How Koinly simplifies your taxes...
Easily import your trading history
Koinly can pull data automatically using your public addresses and exchange API keys or using CSV files.
- DeFi, Margin trades & Futures. Whether you are staking on Kraken, lending on Nexo or going long on BitMEX. Koinly can handle it all.
- Smart transfer matching. Koinly uses AI to detect transfers between your own wallets and keep track of your original cost.
Preview your capital gains
Get a glimpse of your profit/loss for any tax year - for free!
- Portfolio tracking. See your total holdings, ROI and growth over time on a beautiful dashboard.
- Profit/loss & capital gains. Easily see how much you are up or down. View realized and unrealized capital gains.
Download your CRA tax documents
Whether you are filing yourself, using a tax software like SimpleTax or working with an accountant. Koinly can generate the right tax documents for you.
- Schedule 3 Download your Schedule 3 with pre-filled figures from your crypto trades.
- Comprehensive tax report. Generate a full crypto tax report with all your disposals. Guaranteed to pass audits.
"Great to finally see a solution that handles the Superficial Loss Rule - going to amend all previous years now!!"
"Auto sync worked great, would be nice if you could add it for Coinberry as well! Support is truly amazing, thanks!"
"Nice exchange support, had the ones I needed and it handles margin trades too - phew. Would recommend!"
Popular questions
Are cryptocurrencies taxed in Canada?
Yes, the Canadian Revenue Agency (CRA) has issued official guidance stating that cryptocurrency is taxed as a capital gains asset which means you have to pay tax every time you trade, sell or use crypto to pay for goods/items.
Do I need to file taxes even if i made a loss?
Yes. It doesn't matter if you only made losses, you still have to report it to your tax agency. In fact, it is in your best interests to report your losses as this is one of the best ways to reduce your crypto taxes in the future!
Are crypto to crypto trades taxed?
Yes. Any exchange of cryptocurrencies is also a taxable event. For ex. if you exchange Bitcoin for Ripple, the IRS and other tax agencies will treat this as a sale of Bitcoin at the market price of the XRP you received.
How are capital gains calculated for crypto trades?
You have to use the Adjusted Cost Basis for calculating your crypto taxes. This means you average all your holdings to figure out the purchase price of sold assets. The Superficial Loss Rule also applies if you are selling assets bought within 30 days.
Which exchanges do you support?
Koinly supports over 300 exchanges including Canadian exchanges like NDAX, Coinberry, Shakepay, Bitbuy and the now-defunct QuadrigaCX. Even margin trades and futures on Binance, Kraken & others are supported.
Do I have to pay tax if I transfer crypto from one wallet to another?
No, you don't. As long as you own both wallets there's no tax to pay on transfers. However, you still have to keep track of the original cost of the transferred coins and have sufficient proof of it.
How can Koinly help?
Koinly automatically imports your transactions, finds all the market prices at the time of your trades, matches transfers between your own wallets, calculates your crypto gains/losses and generates your tax reports!