How to File Your Bitbuy Taxes with Koinly
How to do your Bitbuy taxes with Koinly
Bitbuy is a safe and trusted crypto exchange for Canadian investors, with a range of product options for investors of all experiences including express, pro, and private wealth OTC trading. Whatever your Bitbuy investments, Koinly can help with your Bitbuy taxes.
Follow these steps to download your Bitbuy data:
- Sign in to the Bitbuy web platform here.
- In the top right corner, click on the drop-down next to your name, and select “Documents”
- Under Statements & Reports, you’ll see ‘Generic Tax Summary’ that is available to download by hitting the “Download” button. You need to download your transaction history for all prior years and import them to Koinly
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Bitbuy in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Bitbuy (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!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
Your frequently asked questions
Does Bitbuy have tax documents?
No, Bitbuy doesn't provide a ready to go Schedule 3 or Income Tax Report - but you can use your Bitbuy transaction history to calculate your Bitbuy taxes in minutes with crypto tax software like Koinly.
How do I get Bitbuy tax documents?
The easiest way to get your Bitbuy tax documents is to connect Bitbuy to Koinly via API. Your API fetches your Bitbuy transaction history automatically and Koinly can then calculate your taxes and generate your Bitbuy tax documents.
Is Bitbuy taxable?
Yes. If you have capital gains or income from crypto investments on Bitbuy, then you have a tax liability. You need to report these to the CRA in your annual tax return. Failure to report may result in steep penalties from the CRA, including heavy fines.
How do I file taxes with Bitbuy?
Once you've connect Bitbuy to your crypto tax calculator, just download the tax report you need and file how you usually prefer - whether that's with paper forms, using self-filing tax software or via your accountant. Koinly can help with all 3!
Is Bitbuy regulated?
Yes. Bitbuy is registered and regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).
Does Bitbuy provide financial or end of year statements?
Yes! You can download your end of year report from Bitbuy. This includes your complete Bitbuy transaction history for a given financial year. You'll be able to see multiple reports if you have been using Bitbuy for multiple years.
