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Shakepay is a popular Canadian crypto exchange, helping more than 1 million Canadian crypto investors buy, sell, trade and spend crypto (and earn cashback). Whatever your Shakepay investments, Koinly can help you do your Shakepay taxes.
The Canada Revenue Agency (CRA) are clear that crypto is subject to Income Tax, but the amount of tax you'll pay on your Shakepay transactions depends on whether you're seen as having capital gains or business income.
Yes, Shakepay reports to the Canada Revenue Agency. As a licensed Money Service Business, Shakepay is obliged to report transactions over $10,000 to the CRA at the end of each fiscal year.
Canadian crypto investors report any capital gains or income from crypto investments to the CRA as part of their annual tax return, via their preferred filing method - whether that's paper forms, via an accountant or using tax filing software like TurboTax or H&R Block.
You'll need to start by downloading a CSV file with your full trading history from Shakepay before you can upload it to Koinly - here's how.
Now you've got your Shakepay 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 Shakepay tax reports.
Having issues uploading your Shakepay CSV file into Koinly? No problem - there's help available:
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No, Shakepay does not provide a tax report. But you can use your Shakepay transaction history to calculate your crypto taxes and create a Shakepay tax report using a crypto tax app.
Getting your Shakepay tax documents is easy with Koinly. Just get your Shakepay CSV file, upload it to Koinly and Koinly will generate a range of crypto tax reports with your Shakepay transactions depending on how you prefer to file with the CRA.
Yes. If you have capital gains or income from your Shakepay investments, you must pay tax on them. The CRA is clear crypto is subject to Income Tax and the penalties for tax evasion are severe.
Just follow the CSV instructions above to connect Shakepay to Koinly and calculate your Canada crypto taxes in minutes.
No, Shakepay doesn't supply a financial statement. But you can use your Shakepay transaction history to create a financial statement to use in your tax report. You can generate your transaction history as a CSV file from your Shakepay account.