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 sync your Bitbuy data automatically to Koinly:
- Log in to Bitbuy.
- Scroll to the bottom of the page and select API from the footer.
- Email [email protected]. Bitbuy will then set you up a read-only API key for your account. They may ask why you require an API key. You need a read-only API key for tax purposes.
- Once you have your API key details, copy your API key and API secret and add them to Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Bitbuy 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!
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.