Canada Crypto Tax Calculator 2024

Capital gains are profits made from disposing of a commodity or capital property - like stocks and crypto. Traditionally, a disposal meant selling your capital property. For crypto, disposals include selling, trading, spending, and gifting crypto. Canada doesn’t have a specific Capital Gains Tax rate. Instead, any capital gain you make will be subject to Income Tax at your federal and provincial rate. Provided the CRA views your profits as capital gains, you’ll only pay tax on half of any gain. The CRA may view your profits as business income depending on your investment activities. You should speak to a financial advisor or accountant for advice on your investments.

You’ll pay Income Tax at your federal and provincial rate on half of any gain.

Your income dictates what tax bracket you fall into. Higher earners will fall into higher tax brackets, while lower earners will pay less tax.

Yes. You’ll pay provincial taxes on capital gains, as well as federal taxes.

Our crypto tax calculator takes the figures you enter and deducts your purchase price from your selling price, less any allowable fees. Then it takes those figures and applies the tax rates based on your location to estimate your tax liability. 

This depends on your total annual income and where you live. Capital gains from crypto are subject to Income Tax at your federal and provincial rate, but only half of any gain is taxed for individual investors. If you have business income, your total profits will be taxed at your full Income Tax rate.

Your purchase price is whatever you paid for your crypto, plus any allowable fees. It’s also known as your cost basis. In instances where you have multiple assets of the same kind, the CRA states investors should use the Average Cost Basis method with the superficial loss rule. You can learn more in our cost basis guide.

Our tool uses your annual income to figure out what tax bracket you fall into - on both a federal and provincial level - so it can more accurately estimate the amount of tax due.

While federal tax rates are set, provincial tax rates vary considerably. Entering your location allows our tool to identify the provincial tax rates where you reside to give you a more accurate estimate of your tax liability. 

Koinly works with CPAs and leading crypto tax experts to ensure it follows CRA guidance on crypto tax. For this tool, we sourced our tax rates from the CRA and Revenu Québec sites to give accurate estimates. However, this tool should only be used for estimation purposes only, and not as financial advice or consultation.

In Canada, the tax deadline falls on April 30 each year (though may be extended in light of any holidays). Any tax due is payable by this date at the very latest.

There are many steps investors can take throughout the financial year in order to optimize their tax liability - including using Koinly’s tax optimization tool to identify unrealized losses and gains to harvest. Learn more in our tax loss harvesting guide.

Purchase and sale fees are deductible! This means they can be factored in as allowable expenses when calculating your cost basis, so you can use fees to reduce your tax liability.

Crypto is subject to Income Tax in Canada, and the amount you’ll pay depends on how much you earn, your transactions, and whether you have capital gains or business income. Learn more in our Canada crypto tax guide.