How to File Your Netcoins Taxes with Koinly
Netcoins is a popular Canadian crypto exchange that lets investors buy, sell and trade popular cryptocurrencies like BTC, ETH, LTC, and USDT. Whatever your Netcoins investments, Koinly can help you calculate and report your crypto taxes to the Canada Revenue Agency. You just need a CSV file of your Netcoins transaction history - here's how.
Follow these steps to download your Netcoins data:
- Log in to Netcoins.
- Select the cog icon in the top right corner.
- Select my documents.
- Under show, select transactions.
- Under date range, select all time.
- Under transaction type, check all boxes.
- Under asset type, select all assets or the relevant assets to you.
- Select export.
- In the pop-up window, under type, select Koinly.
- Select export.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Netcoins in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Netcoins (one at a time) and click on Import
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
Your frequently asked questions
Does Netcoins provide tax forms?
No. Netcoins does not provide tax forms - but Koinly does! We teamed up with Netcoins to make doing your taxes easier than ever. All you need is a CSV file of your Netcoins transactions.
How do I get Netcoins tax forms?
The easiest way to get your Netcoins tax forms is using a crypto tax calculator like Koinly. Just upload your Netcoins transaction history CSV file and Koinly will calculate your gains, losses, income, and more and generate a range of crypto tax reports, ready to file with the CRA.
Is Netcoins registered in Canada?
Yes. Netcoins is registered as a Money Services Business with FINTRAC and is fully regulated and registered with the Canadian Securities Administrators (CSA) and the British Columbia Securities Commission (BCSC).
Does Netcoins report to the CRA?
Yes. As a FINTRAC registered MSB, Netcoins may be required to share data with authorities including the CRA upon request.
How do I download Netcoins transaction history?
It's easy to get your Netcoins transaction history as a CSV export. Go to my documents, then transactions, and set the filters to include all your transactions, then hit export.
Do I have to pay tax on Netcoins?
Yes. The CRA is clear that if you have capital gains or income from crypto, you'll be liable to pay Income Tax on that amount.
Does Netcoins issue end of year or financial statements?
No. Netcoins does not issue end of year or financial statements, but you can export CSV files of your transaction history covering given time periods.