How to File Your Newton Taxes with Koinly
A popular Canadian crypto exchange, Newton allows Canadian crypto investors to buy, sell, and trade more than 70 cryptocurrencies. Whatever your investments, Koinly can help with your Newton taxes. Here's how it works.
Newton has single sign-on (SSO) for Koinly users, so you can connect to Koinly straight from your Newton account. Here's how.
Follow these steps to download your Newton data:
- Log in to Newton.
- Select the three line icon (settings) in the top right corner.
- From the new menu, select tax report.
- Select export next to the Koinly version.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Newton in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Newton (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!
Does Newton report to the CRA?
Newton is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC has a shared reporting process with the CRA. In other words, yes Newton may be required to disclose customer data to the CRA if requested.
Your frequently asked questions
Does Newton have tax documents?
Yes. You can download your Koinly tax report - and other tax reports - straight from Newton.
How do I get my tax report from Newton?
The simplest way to get your Newton tax report is to connect to crypto tax software like Koinly. You can do this by uploading a CSV file of your Newton transaction history. Your crypto tax calculator will then calculate your Newton taxes for you and generate your Newton tax documents.
Do I have to pay taxes on Newton?
Yes. If you have capital gains or income from your Newton investments, then you must pay tax on it. The CRA is very clear that crypto is subject to Income Tax and they do not look kindly on tax evaders.
Does Newton provide financial or end of year statements?
No, Newton does not supply a financial statement, but you can use a crypto tax app like Koinly to generate one.