How To Do Your TurboTax Canada Crypto Taxes in 2025
Using TurboTax Canada for your crypto taxes and completely lost on how to file? We got you. Here's how to file TurboTax cryptocurrency taxes in 2025 with Koinly, ahead of the April 30 deadline.
Watch how to do your Canada TurboTax crypto taxes
Watch our video tutorial on how to do your TurboTax cryptocurrency taxes in Canada, or follow our step-by-step instructions below.
How to do your Canada TurboTax crypto taxes
You'll need to start by setting up your Koinly account and getting the files you need. Here's how:
On Koinly
Sign up and set up your Koinly account by connecting all your wallets, exchanges, and blockchains. Make sure your settings are correct for Canada, i.e. CAD, Adjusted Cost Basis method, and the correct financial year.
Download the Complete Tax Report from the tax report page in Koinly. You'll use this information to copy and paste into TurboTax.
Now you need to set up your TurboTax account. Please note, for these instructions - we're using the online version of TurboTax Canada, so the desktop instructions may differ slightly. Here's how:
On TurboTax Canada
Sign up or log in to your TurboTax Canada account.
Select “start a new 2024 return”.
Fill out your personal information for your TurboTax account, and any other information as it applies to your circumstances. We'll only be covering how to file your crypto taxes in this guide. If you need help learning how to file using TurboTax generally, you can find more information on the TurboTax site.
You need to report your crypto capital income and your crypto capital gains separately in TurboTax Canada. We’ll walk you through how to do both. Please note, your province may have additional reporting requirements we do not cover in this guide.
If you’re not sure what counts as income and what counts as a capital gain - check out our Canada crypto tax guide.
How to report crypto capital gains in TurboTax Canada
In the search bar, search and select capital gains and capital gains deduction.
On the page titled Capital Gains Information, review the information, and select continue.
On the page titled Your Capital Gains Profile for 2024, check the box next to Sold stocks, crypto, bonds, real estate, other capital property, or sold qualified small business corporation shares and/or qualified farm property and you have a capital gain or loss to report. You should check any other boxes as relevant to your investments.
Select continue.
You'll be taken to the capital gains page in TurboTax now.
Many of the boxes you'll see on this page don't need to be filled out for cryptocurrency capital gains, they apply to other kinds of capital assets instead. As well as this, there are some sections that may apply to your unique circumstances that you may need to complete - for example, the 'percentage claimed on a spouse's return if applicable', may apply to you. You can learn more in our guide.
From the drop-down, next to Type of capital property disposed of, select Cryptoassets: cryptocurrency. If you disposed of a different type of crypto asset, you may need to split your transactions and report these separately.
Copy the figure next to 'proceeds from sales' from the capital gains summary section of your Koinly Complete Tax Report and paste it into the 'proceeds of disposition' box in TurboTax.
Copy the figure next to 'acquisitions costs' from the capital gains summary section of your Koinly Complete Tax Report and paste it into the 'adjusted cost base' box in TurboTax.
If you have allowable expenses, copy the figure next to 'total' from the expenses section of your Koinly Complete Tax Report and paste it into the 'outlays and expenses' box in TurboTax. However, it's important to note here that you should check that your expenses are allowable expenses according to the CRA's guidance as not all expenses are deductible.
For date of disposition, you can aggregate your transactions for a specific date (i.e. 31/12). This field is now mandatory as originally the capital gains inclusion rate was going to increase from June 2024 to two-thirds for taxpayers with more than $250,000 gains annually. This was later deferred to January 1, 2026.
Select done.
On the page titled Capital Gains Summary, fill out the fields as they pertain to your circumstances.
Select done.
TurboTax will now calculate your capital gains based on the figures you've entered. Double-check this against the figures in your Complete Tax Report. You should also check and correct the other information on the page as it applies to your circumstances.
Select done.
Please note if you have capital gains or losses from other sources, you should report them in this section as well.
How to report crypto income in TurboTax Canada
In the search bar search and select other income.
Enter a description for your income, for example, staking rewards.
Copy the figure next to total in the income summary section of your Koinly Complete Tax Report.
Paste this figure into the amount box next to your description.
Select continue.
You're done!
Please note if you have mining rewards or other business income, you may need to file T2125 form instead. You should speak to an accountant for advice on your situation.
