How To Get Your CoinSmart Tax Documents With Koinly

How to do your CoinSmart taxes with Koinly

CoinSmart was founded in 2018 and has since attracted more than 180,000 Canadian crypto investors buying, selling and trading 16 popular cryptocurrencies. Whatever your Coinsmart investments, Koinly can help you report your Coinsmart taxes to the CRA.

Follow these steps to download your CoinSmart data:

  1. Log in to CoinSmart.
  2. Select your profile icon in the top right corner.
  3. Select account settings from the dropdown menu.
  4. Select statements.
  5. Select the CSV download icon.

On Koinly:

  1. Create a free account on Koinly
  2. Complete onboarding until you get to the Wallets page and find CoinSmart in the list
  3. Click on it and select "File import" in the import options screen
  4. Upload the files you downloaded from CoinSmart (one at a time) and click on Import
  5. Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
  6. Go to the Tax Reports page to view your tax liability!
Having trouble connecting CoinSmart with Koinly?

Does CoinSmart report to the CRA?

CoinSmart is registered with both FINTRAC and the OSC - making it a highly compliant exchange that meets the regulatory standards of Canadian agencies - which includes collecting KYC data. Although neither CoinSmart nor the CRA have publicly declared a data request, it doesn't mean that CoinSmart hasn't faced pressure from the CRA to share customer data to ensure compliance. The CRA has previously won the right to obtain customer data from Coinsquare and may pursue other Canadian exchanges in the future.

How do I file my CoinSmart taxes?

The simplest way to generate your CoinSmart tax documents is to connect to Koinly. To do this, you just upload a CSV file of your CoinSmart transaction history. Koinly can then identify each time you sold or traded crypto on CoinSmart, calculate your gain or loss using the CRA approved adjusted cost basis method and generate your CoinSmart tax documents for you, ready to file with the CRA.

Your frequently asked questions

Is CoinSmart regulated in Canada?
Does CoinSmart provide tax documents?
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Do I have to pay taxes on CoinSmart?