Does Bitbuy Report to the CRA?
If you’ve made crypto trades on Bitbuy, the CRA could already have visibility into your activity. Here’s what we know about how Bitbuy shares information with the CRA.
The Canada Revenue Agency has, in the past, obtained transaction data from crypto platforms under legal orders.
Bitbuy is registered as a Money Services Business (MSB) with FINTRAC, meaning it must comply with Canada’s anti–money laundering and tax-reporting protocols and collect verified identification from users.
As one of Canada’s first regulated crypto marketplaces, Bitbuy may be asked by the CRA to share user data through formal legal or regulatory requests.
Is Bitbuy legal in Canada?
Yes, Bitbuy is fully authorized to operate in Canada. Based in Toronto and now owned by public company WonderFi, the platform is registered with FINTRAC as an MSB and was the first Canadian exchange to receive restricted dealer and marketplace status from securities regulators.
In late 2021, Bitbuy’s parent entity (WonderFi) was registered by the Ontario Securities Commission as a restricted dealer and crypto asset marketplace. By May 2024, that designation had been extended nationally via the Canadian Securities Administrators' approval.
Read next: Best Crypto Exchanges Canada
Does Bitbuy report to the CRA?
In Canada, platforms like Bitbuy must register with FINTRAC and enforce full Know Your Customer (KYC) procedures. Users are required to upload government-issued ID and proof of address, and every trade or transaction is recorded.
All collected information can be shared with the CRA under legal provisions. That means your identity and transaction history at Bitbuy may be made accessible to CRA agents for tax compliance purposes.
What do crypto exchanges report to the CRA?
The CRA doesn't publicly disclose the exact scope of data it receives from exchanges like Bitbuy, but several reporting channels are known.
Canadian authorities confirm they engage directly with domestic crypto platforms to retrieve customer data, which helps to monitor trading activity and verify accurate tax reporting.
Since 2022, any deposit or withdrawal of CAD 10,000 or more must be reported to FINTRAC. Bitbuy complies with these rules and links that transaction data to verified user profiles. As a result, CRA could trace large transfers directly back to individuals when legally required.
Through its involvement in the global Joint Chiefs of Global Tax Enforcement (J5), the CRA can also access information on cross-border crypto activity involving Canadian platforms.
Finally, even though blockchain transactions occur over decentralized networks, they remain permanently visible. The CRA uses blockchain analytics tools to trace and analyze this data, detect patterns, and potentially match wallet addresses to real identities.
How do I report my Bitbuy taxes to the CRA?
If you’ve made gains, losses, or earned income via Bitbuy, these must be included in your annual CRA tax return.
Bitbuy does not issue trading-related tax slips for most users; instead, you can export your transaction history (e.g., CSV or generic tax summary) directly from your account. In 2025, Bitbuy began offering a "Generic Tax Summary" report for 2024 transactions, with legacy statements available for earlier years.
You can upload this statement into a crypto tax calculator like Koinly to help you easily report Bitbuy taxes to the CRA.
Read next: Canada Crypto Tax Guide
Report your crypto taxes with Koinly
Koinly makes it easy to calculate your Bitbuy taxes to the CRA. You can import your Bitbuy transaction history by uploading a CSV export, alongside support for more than 900+ other exchanges, wallets, and blockchains.
Once your history is uploaded, Koinly computes capital gains, losses, income, and more. It then produces the tax reports required by the CRA, including Schedule 3 for reporting capital gains.
Learn more about Bitbuy taxes.
FAQs
Do I have to pay tax on my Bitbuy transactions?
Yes. Any profits, whether from capital gains, trading income, or staking, are taxable under Canadian law. Learn more in our crypto tax Canada guide.
Do I need to file a Form T1135 for Bitbuy?
Unless you hold specified foreign property valued at CAD 100,000 or more at any time during the year, you generally do not need to file Form T1135, since Bitbuy is a Canadian-based platform.
Is Bitbuy registered with FINTRAC?
Yes. Bitbuy Inc. is registered as a Money Services Business with FINTRAC with MSB number M20728803, and holds restricted dealer and marketplace status from Canadian securities regulators.
How do I avoid Bitbuy taxes in Canada?
You cannot evade crypto taxes legally, but you can reduce it using legitimate strategies like tax-loss harvesting. Tax tools like Koinly offer tax optimization features to help you implement these strategies efficiently.
