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How to File Your Bitbuy Taxes with Koinly

Bitbuy pairs perfectly with Koinly to make crypto tax easy! 🤝Sync Bitbuy with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

API Import CSV File Import
Last updated: Friday, 18 November 2022

How to do your Bitbuy taxes with Koinly

Bitbuy is a safe and trusted crypto exchange for Canadian investors, with a range of product options for investors of all experience including express, pro and private wealth OTC trading. Whatever your Bitbuy investments, Koinly can help with your Bitbuy taxes.

  1. Sign up to Koinly and choose your country (Canada) and currency (CAD)
  2. Connect Bitbuy with Koinly to import all your Bitbuy trades safely and securely
  3. Koinly categorizes Bitbuy transactions into gains, losses and income
  4. Koinly calculates your Bitbuy Capital Gains Tax and Bitbuy Income Tax
  5. Download your Bitbuy tax report from Koinly
  6. File your Bitbuy taxes with the CRA online or with your crypto tax accountant

Watch how to do your Bitbuy taxes fast 

How are Bitbuy transactions taxed?

The CRA states crypto is subject to Income Tax, but the amount of tax you'll pay on your Bitbuy transactions depends on the specific transaction and how you're viewed as an investor - specifically whether you have capital gains or business income. For individual investors, profits from selling, trading, spending or gifting crypto are treated as capital gains. For traders, these profits are treated as business income.

Does Bitbuy report to the CRA?

Yes. 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.

How do I file my Bitbuy taxes?

You file your Bitbuy taxes as part of your annual tax return with the CRA. There's a couple of ways you can do this.

You'll need to identify all your taxable transactions on Bitbuy, the kind of tax that applies, calculate any capital gains or losses, and identify the fair market value of any crypto income. You then report these figures to the CRA. You can do this yourself, but it's time consuming, which is why most investors opt to use crypto tax software like Koinly.

How to connect Bitbuy to Koinly via API

On Bitbuy

  1. Log in to Bitbuy
  2. Scroll to the bottom of the page and select API from the footer
  3. Email [email protected] Bitbuy will then set you up a read only API key for your account. They may ask why you require an API key. You need a read-only API key for tax purposes
  4. Once you have your API key details, copy your API key and API secret

On Koinly

  1. Sign up or login into Koinly and go to the wallets page
  2. Add a new wallet: Bitbuy
  3. Select set up auto sync
  4. Paste the API key and secret
  5. Select secure import

Important

1. The API import may take a few minutes which is normal.

2. Spot a yellow circle in your Koinly Wallet? Koinly has calculated your balances based on the imported transactions but the balances reported by the API aren't quite matching up. Don’t worry, this is easy to fix! See our support article here for quick troubleshooting steps.

How to integrate Bitbuy with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from Bitbuy before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from Bitbuy

  1. Log in to Bitbuy
  2. Select profile in the top right corner
  3. From the drop down menu, select settings
  4. Scroll down to end of year reports
  5. Select the report you'd like to download. You'll need to download a report for every year you've been trading using Bitbuy to get your complete transaction history to upload to Koinly

How to upload your Bitbuy CSV to Koinly

Now you've got your Bitbuy CSV file, here's how to upload it to Koinly.

  1. Sign up or login into Koinly and head to the wallets page
  2. Add a new wallet: Bitbuy
  3. Select import from file
  4. Upload your CSV file(s)

Important

1. You may need multiple CSV files from Bitbuy to cover your entire trading history. You may only export one year's worth of data at a time.

2. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income on your Bitbuy tax reports.

How do I troubleshoot my Bitbuy integration to Koinly?

Something still doesn’t look right on your report? Not to worry - there’s plenty of help available:

Calculate your Bitbuy taxes

Sign up free today to calculate your Bitbuy taxes.

Does Bitbuy have tax documents?

No, Bitbuy doesn't provide a ready to go Schedule 3 or Income Tax Report - but you can use your Bitbuy transaction history to calculate your Bitbuy taxes in minutes with crypto tax software like Koinly.

How do I get Bitbuy tax documents?

The easiest way to get your Bitbuy tax documents is to connect Bitbuy to Koinly via API. Your API fetches your Bitbuy transaction history automatically and Koinly can then calculate your taxes and generate your Bitbuy tax documents.

Is Bitbuy taxable?

Yes. If you have capital gains or income from crypto investments on Bitbuy, then you have a tax liability. You need to report these to the CRA in your annual tax return. Failure to report may result in steep penalties from the CRA, including heavy fines.

How do I file taxes with Bitbuy?

Once you've connect Bitbuy to your crypto tax calculator, just download the tax report you need and file how you usually prefer - whether that's with paper forms, using self-filing tax software or via your accountant. Koinly can help with all 3!

Is Bitbuy regulated?

Yes. Bitbuy is registered and regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).

Does Bitbuy provide financial or end of year statements?

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.