How To Do Your Coinsquare Taxes with Koinly
Coinsquare is a popular and trusted Canadian crypto exchange for investors of all experiences, offering more than 40 cryptocurrencies to buy, sell and trade, as well as a pro trading platform for experienced investors and an OTC Wealth platform. Whatever your Coinsquare investments, Koinly can help with your Coinsquare taxes.
Follow these steps to download your Coinsquare data:
- Log in to Coinsquare Trade.
- In the top right corner, select the drop-down next to your account name and select documents.
- Under statements & reports, select download next to Generic Tax Summary.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Coinsquare in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Coinsquare (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!
Coinsquare sometimes includes some internal transactions in the exported files. We recommend that you review the imported transactions and delete any internal transactions
Does Coinsquare report to the CRA?
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.
How do I file my Coinsquare taxes?
Getting your Coinsquare taxes done is easy and quick with Koinly. All you need is 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 becomes 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 it over to your accountant to file on your behalf.
Your frequently asked questions
Does Coinsquare provide tax documents?
Coinsquare provides a generic tax summary that is a CSV file of your transaction history. You'll need to use this file to calculate your Coinsquare taxes, or upload it to crypto tax software like Koinly.
How do I get Coinsquare tax documents?
The easiest way to get your Coinsquare tax documents for the CRA is to upload your Coinsquare CSV file to crypto tax software like Koinly and let it generate your Coinsquare tax documents for you.
How do I get a Coinsquare CSV?
Easy, log in to Coinsquare trade, select your account name then documents, then download your Generic Tax Summary file.
Is Coinsquare allowed in Canada?
Yes. Coinsquare is IIROC (Investment Industry Regulatory Organization of Canada) regulated, as well as FINTRAC and OSC registered.
Does Coinsquare provide financial or end of year statements?
No, but Coinsquare does provide a Generic Tax Summary for users to calculate their tax liability themselves or upload to a crypto tax calculator.
Do I have to pay taxes on Coinsquare?
Yes. If you've traded or sold crypto on Coinsquare and make a gain, you'll be liable for Income Tax on all or half of that gain depending on how the CRA views your income.