NDAX is a popular Canadian crypto exchange, allowing Canadian investors to buy, sell, trade, and stake a wide range of cryptocurrencies, as well as offering a wealth OTC desk. Whatever your investments, Koinly can help you do your NDAX taxes.
Yes, NDAX may report to the CRA. NDAX is a FINTRAC registered crypto service provider. In order to comply with FINTRAC regulation, NDAX may be required to share customer data with the CRA on request.
NDAX has single sign-on with Koinly! That means you can either sign up to Koinly from your NDAX account, or connect to NDAX from your Koinly account automatically! Here's how it works.
1. Log in to NDAX
2. Go to settings
3. Scroll down to tax reporting and toggle the permissions on next to connect account with Koinly
4. In the disclaimer pop-up, select agree
5. You'll now be redirected to Koinly where you can connect your account, or log in to an existing Koinly account
6. Your data should start automatically syncing
Prefer to connect via Koinly? You can.
You'll need to start by downloading a CSV file with your full trading history from NDAX before you can upload it to Koinly - here's how.
1. When downloading your CSV files, check that the file covers your full trading history.
2. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income on your NDAX tax reports.
If you need help connecting NDAX and Koinly, try these helpful resources:
Sign up free today to calculate your NDAX taxes
No, NDAX does not issue users with tax forms. However, you can download a CSV file of your NDAX transaction history to create one, or connect to crypto tax software via API.
The easiest way to get your NDAX tax forms is to connect to Koinly via API. This automatically fetches your NDAX transaction history and lets Koinly calculate your gains, losses and income in minutes and generate your Canada crypto tax reports.
Yes NDAX is located in Alberta, registered as a Money Service Business, and regulated by the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC).
Just log into your NDAX account and go to reports, then select create report. Once your report is generated, you'll be able to download it by clicking the download icon next to it.
Yes - if you have capital gains from selling or trading crypto on NDAX, or income from staking crypto on NDAX, you'll be liable for tax on it. The CRA is clear crypto is subject to Income Tax and the penalties for crypto tax evasion are steep.
No, NDAX does not provide an end-of-year financial statement. But if you'd like a statement for a single year, you can pick a date range that reflects your financial year when exporting your NDAX CSV file.