A popular Canadian crypto exchange, Newton allows Canadian crypto investors to buy, sell, trade and stake more than 70 cryptocurrencies. Whatever your investments, Koinly can help with your Newton taxes. Here's how it works.
Newton is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC have a shared reporting process with the CRA. In other words, yes Newton may be required to disclose customer data to the CRA if requested.
You'll need to start by downloading a CSV file with your full trading history from Newton before you can upload it to Koinly - here's how.
Now you've got your Newton CSV file, here's how to upload it to Koinly.
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 Newton tax reports.
Not sure your Newton import into Koinly is correct? Fear not, we have lots of helpful resources:
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According to Newton’s website, they do not “provide tax, legal or accounting advice”, which includes tax reports. You can, however, use your transaction history to create a tax report using a crypto tax app - like Koinly.
The simplest way to get your Newton tax report is to connect to crypto tax software like Koinly. You can do this by uploading a CSV file of your Newton transaction history. Your crypto tax calculator will then calculate your Newton taxes for you and generate your Newton tax documents.
Yes. If you have capital gains or income from your Newton investments, then you must pay tax on it. The CRA is very clearly that crypto is subject to Income Tax and they do not look kindly on tax evaders.
No, Newton does not supply a financial statement, but you can use a crypto tax app like Koinly to generate one.