NDAX logo

How to File Your NDAX Taxes with Koinly

NDAX pairs perfectly with Koinly to make crypto tax easy! 🤝Sync NDAX with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

API Import CSV File Import
Last updated: Friday, 18 November 2022

How to do your NDAX taxes with Koinly

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.

  1. Sign up to Koinly and choose your country (Canada) and currency (CAD)
  2. Connect NDAX with Koinly to import all your NDAX trades safely and securely
  3. Koinly categorizes NDAX transactions into gains, losses and income
  4. Koinly calculates your NDAX Capital Gains Tax and NDAX Income Tax
  5. Download your NDAX tax report from Koinly
  6. File your NDAX taxes with the CRA online or with your crypto tax accountant

Watch how to do your NDAX taxes fast 

How are NDAX transactions taxed?

Capital gains and income from your NDAX transactions are subject to Income Tax, but the amount of tax you'll pay all depends on the specific transaction and how you're viewed as an investor - specifically whether you have capital gains or income.

Does NDAX report to the CRA?

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.

How do I file my NDAX taxes?

You'll need to report any capital gains or income from NDAX to the CRA as part of your annual tax return - whether that's directly with the CRA, using self-filing tax software or via your accountant.

How to connect NDAX to Koinly via API

To connect NDAX to Koinly, you'll need your API key, API secret and User ID. Here's how to get all three.

On NDAX

  1. Log in to NDAX
  2. From the menu on the left, select settings
  3. Scroll down to API key and select generate new key
  4. Select allow read only
  5. Select generate
  6. Copy your API secret from the pop up window - store this somewhere safe as you will not be able to access it again
  7. On the main page, copy your API key
  8. You'll also need to copy your User ID. You can find this on the same settings page:

Where to find your NDAX user ID

On Koinly

  1. Sign up or log in to Koinly and go to the wallets page
  2. Select add new wallet: NDAX
  3. Paste your API Key, API Secret and User ID
  4. Select secure import

Important

1. The API import may take a few minutes which is normal.

2. Spot a yellow circle in your Koinly wallet? Koinly has calculated your balances based on the imported transactions but the balances reported by the API aren't quite matching up. Don’t worry, this is easy to fix! See our support article for quick troubleshooting steps.

How to integrate NDAX with Koinly using CSV

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.

How to download and export your transaction history CSV file from NDAX

  1. Log in to NDAX
  2. In the menu on the left, select reports
  3. Select create report
  4. Select ledgers from the first drop down menu
  5. Select all currencies from the second drop down menu
  6. Select a date range
  7. Select create
  8. Select the download icon next to your generated report

On Koinly

  1. Sign up or log in into Koinly and go to the wallets page
  2. Select add a new wallet: NDAX
  3. Select import from file
  4. Upload your CSV file

Important

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.

How do I troubleshoot my NDAX integration to Koinly?

If you need help connecting NDAX and Koinly, try these helpful resources:

Calculate your NDAX taxes

Sign up free today to calculate your NDAX taxes

Does NDAX send tax forms?

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.

How do I get NDAX tax forms?

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.

Is NDAX registered in Canada?

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).

How do I download NDAX transaction history?

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.

Do I have to pay tax on NDAX?

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.

Does NDAX provide end of year or financial statements?

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.