How to File Your Bitvo Taxes with Koinly
How to do your Bitvo taxes with Koinly
Bitvo is a Canadian crypto platform that lets investors buy, sell and trade a variety of popular cryptocurrencies. But the Canada Revenue Agency is clear that your gains and income from crypto may be taxed. Don't worry, Koinly can help you calculate your Bitvo taxes and file with the CRA. Here's how.
Follow these steps to sync your Bitvo data automatically to Koinly:
- Log in to your Bitvo account
- Go to the API settings page
- Create a new api key for Koinly
- Make sure to give it permission to read your deposits/withdrawals/trades. Koinly does NOT need access to your funds so you should disable any fund management permissions.
- Copy your API key and API secret
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Bitvo in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- 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!
How do I file my Bitvo taxes?
You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.
There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.
Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.
Koinly lets you manage all your crypto transactions - from all the blockchains, wallets, and other crypto platforms you use - from one single platform, making crypto tax simple. You just need to upload a CSV file of your transaction history from Bitvo.
Your frequently asked questions
Does Bitvo provide tax documents?
No. Bitvo does not provide users with tax documents. You'll need to calculate and report your gains, losses and income from Bitvo yourself, or use a crypto tax calculator like Koinly to do it for you.
How do I get tax reports and forms from Bitvo?
The easiest way to get your Bitvo tax reports is to use crypto tax software like Koinly. All you need to do is export a CSV file of your Bitvo transaction history and upload this to Koinly. Koinly will then calculate your gains, losses and income for you according to the CRA guidance.
Does Bitvo provide financial or end of year statements?
No. Bitvo does not provide financial or end of year statements for users, but you can export a CSV file of your transaction history on Bitvo.
Is Bitvo regulated?
Yes, Bitvo is a regulated cryptocurrency platform in Canada. Bitvo is registered as a money service business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This means that the platform is required to comply with Canadian laws and regulations related to anti-money laundering (AML) and counter-terrorist financing (CTF).
Additionally, Bitvo is a member of the Canadian Blockchain Consortium, which is a group of companies and organizations in Canada that are focused on advancing blockchain technology and promoting its adoption.
Overall, Bitvo appears to be a legitimate and reputable cryptocurrency platform that operates under Canadian regulatory standards.
Is Bitvo safe?
Bitvo is a Canadian cryptocurrency platform that takes various security measures to protect user funds and personal information. These measures include:
Cold Storage: Bitvo stores the majority of user funds in offline cold storage wallets, which are not connected to the internet, making it much harder for hackers to gain access to the funds.
Two-Factor Authentication (2FA): Bitvo supports 2FA, which adds an extra layer of security to user accounts by requiring a second verification step when logging in or making transactions.
SSL Encryption: Bitvo uses SSL encryption to secure the website and prevent unauthorized access to user information and data.
Anti-Money Laundering (AML) and Know Your Customer (KYC): Bitvo is fully compliant with AML and KYC regulations to prevent fraudulent activities such as money laundering and identity theft.
Regular Security Audits: Bitvo conducts regular security audits to identify vulnerabilities and strengthen its security measures.
Overall, Bitvo appears to take security seriously and has implemented several measures to protect user funds and information. However, it is always important to conduct your own research and exercise caution when using any cryptocurrency platform.
Which is better Bitbuy vs. Bitvo?
Where can I find a Bitvo review?
Bitvo has received mixed reviews from users and online sources. Here is a summary of what people have been saying about the platform:
Good Reputation: Bitvo has a positive reputation in the Canadian cryptocurrency community, and many users have praised the platform's security measures and customer support.
User-Friendly Interface: Users have appreciated the user-friendly and easy-to-use interface of the platform.
Low Fees: Bitvo charges relatively low fees compared to other Canadian platforms, making it a more cost-effective option for users.
Slow Verification Process: Some users have complained about the slow verification process and the time it takes to get their Bitvo accounts approved.
Limited Cryptocurrency Selection: Bitvo only supports a limited number of cryptocurrencies compared to other platforms, which can be a disadvantage for users who want to trade less common cryptocurrencies.
Overall, Bitvo appears to be a decent cryptocurrency platform, but it's not without its flaws. As always, it's important to conduct your own research and weigh the pros and cons before deciding to use any platform.
Which currencies does Bitvo support?
While it has a limited offering, Bitvo supports several popular cryptocurrencies, including: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM), Dash (DASH) and Bitcoin SV (BSV). Bitvo has plans to add support for more cryptocurrencies in the future, but at the moment, these are the only cryptocurrencies available for trading on the platform.
What is the Bitvo cash card?
The Bitvo Cash Card is a debit card that is linked to your Bitvo account balance. It allows you to spend your cryptocurrency as if it were cash, making it easier to use your cryptocurrency for everyday purchases. The Bitvo Cash Card is available to Bitvo users in Canada and the United States, and it supports both Canadian and US dollars. The card can be used anywhere that accepts Visa, which means you can use it to make purchases at millions of merchants around the world. To use the Bitvo Cash Card, you simply need to load it with funds from your Bitvo account. You can then use the card to make purchases, withdraw cash from ATMs, and more. The card comes with no monthly fees or transaction fees, making it a cost-effective way to spend your cryptocurrency.