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In Canada, you'll pay Income Tax on your Coinsquare transactions, though the amount of tax you'll pay will depend on how you're viewed as an investor and your specific transaction. In general, selling, trading, spending and gifting crypto will be considered a capital gain, while earning new coins or tokens will be considered income. Though these rules change if you're seen to be earning business income - so if you're trading at scale, regularly and with the intention to make a profit.
No, Coinsquare doesn't provide tax documents or reports. Instead, you'll need to get your Coinsquare transaction history and either calculate your Coinsquare taxes yourself, or use a Coinsquare tax calculator.
Getting your Coinsquare taxes done is easy and quick with Koinly. All you need is a your complete Coinsquare transaction history, which you can export from the platform as a CSV file.
Once you have your Coinsquare CSV file, just upload it to Koinly and Koinly comes the ultimate Coinsquare tax tool. Koinly calculates your capital gains and losses, as well as any income and converts it all into CAD. Koinly generates a variety of CRA crypto tax reports, depending on how you prefer to file - including the Schedule 3 form, the TurboTax Canada Report, and the Complete Tax Report. All you need to do is download your crypto tax report, ready to file with the CRA or hand over to your accountant to file on your behalf.
There's ways to get the CSV file you need from Coinsquare and it depends on the Coinsquare platform you're using.
For users on the old Coinsquare platform, you can request a copy of your transaction history using this request form. Make sure to request your all time transaction history when prompted, as well as requesting your transaction history for all the Coinsquare platforms you use.
For users using Coinsquare Trade or the Coinsquare Trade app, here's how to get your CSV file:
Yes. In March 2021, Coinsquare came to an agreement with the CRA to hand over customer data dating back as far as 2014 in order to ensure tax compliance. This agreement came following federal proceedings from the CRA.