Does Shakepay Report to the CRA?
If you’ve traded crypto on Shakepay, the CRA may already know about your transactions. Find out what Shakepay shares with the CRA and how it could impact you.
The Canada Revenue Agency (CRA) has pursued data from cryptocurrency platforms in the past, including historical transaction records through court orders.
Shakepay, as a FINTRAC-registered business, must comply with Canadian anti–money laundering and tax reporting rules, which involve gathering identifying details from customers.
Given Shakepay’s significant presence in Canada’s crypto market, it’s possible the CRA has sought or will seek access to its user data.
Is Shakepay legal in Canada?
Yes, Shakepay is legal and authorized to operate across Canada. The Montreal-based cryptocurrency platform is registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), requiring it to follow strict anti–money laundering and tax reporting rules.
On May 25, 2023, Shakepay was granted restricted dealer status by the Canadian Securities Administrators (CSA), permitting it to provide crypto-asset trading services in every Canadian province and territory. This national recognition included approval from all provincial securities regulators, such as the Autorité des marchés financiers (AMF) in Québec.
More recently, on January 8, 2025, Shakepay advanced its regulatory standing by becoming a fully registered Investment Dealer and a member of the Canadian Investment Regulatory Organization (CIRO).
Read next: Best Crypto Exchanges Canada
Does Shakepay report to the CRA?
In Canada, platforms like Shakepay are required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with strict identity verification rules under Know Your Customer (KYC) regulations.
The personal and transactional details gathered through these processes can be accessed by various government bodies, including the Canada Revenue Agency (CRA). This means it’s very possible that information you provide to Shakepay is shared with the appropriate authorities upon request or when required.
What do crypto exchanges report to the CRA?
The Canada Revenue Agency (CRA) has not publicly detailed exactly what data it receives from cryptocurrency platforms, but certain practices are known.
Working directly with exchanges: The CRA has acknowledged that it collaborates with crypto businesses, including those registered in Canada, to obtain customer details. This information is used to track crypto activity, verify that investors are properly declaring their holdings, and ensure taxes are paid in full.
Mandatory transaction reporting: Since 2022, all Canadian money services businesses must report transactions of $10,000 or more to the CRA. If you deposit or withdraw this amount with Shakepay in a single transaction, it will automatically be flagged and reported. As a FINTRAC‑registered company, Shakepay must also confirm customer identities with government‑issued ID and proof of address, linking accounts and wallets to specific individuals. This makes it easier for tax authorities to connect transactions to taxpayers.
International data sharing: The CRA is a member of the Joint Chiefs of Global Tax Enforcement (J5), a coalition of tax agencies from multiple countries. This network allows the CRA to access overseas records and intelligence, helping it investigate cross‑border crypto tax evasion.
Blockchain tracing: While crypto transactions take place on decentralized networks, the blockchain is public and traceable. The CRA uses advanced blockchain analytics tools to follow the flow of funds, identify patterns, and potentially match wallet addresses to individuals. This enables them to detect underreporting or non‑disclosure of crypto income.
How do I report my Shakepay taxes to the CRA?
If you’ve earned gains, losses, or income through Shakepay, you must include them in your annual tax return to the Canada Revenue Agency (CRA). Shakepay doesn’t issue tax slips for most trading activity, so most users download their transaction history and use crypto tax calculators like Koinly to calculate the amounts they need to report.
If you earned $50 or more in interest through Shakepay’s interest program, you’ll receive a T5 slip in the app by March of the following year at the latest. This form reports the total interest income in Canadian dollars, which you must include on your return along with any other crypto-related gains or losses.
Read next: Canada Crypto Tax Guide
Report your crypto taxes with Koinly
Koinly makes Shakepay tax reporting in Canada simple. You can import your Shakepay transaction history by uploading a CSV file, along with API and CSV support for over 900 other supported exchanges, wallets, and blockchains.
Once your transactions are imported, Koinly calculates your capital gains, losses, interest income, and other relevant amounts. It then creates the tax reports you need to file with the CRA, such as the Schedule 3 form.
Learn more about Shakepay taxes.
FAQs
Do I have to pay tax on my Shakepay transactions?
Yes. Any capital gains or business income from your Shakepay investments are taxable. Learn more in our crypto tax Canada guide.
Do I need to file a Form T1135 for Shakepay?
Canadian residents who own specified foreign property (SFP), which can include certain crypto assets, valued at more than $100,000 CAD at any point in the year, may be required to file Form T1135 with the CRA. Since Shakepay is a Canadian-based platform, its holdings do not fall under this requirement.
Is Shakepay registered with FINTRAC?
Yes. Shakepay Inc. is registered as a Restricted Dealer in every Canadian province and territory and is also registered with FINTRAC as a Money Services Business (MSB #M17065696).
How do I avoid Shakepay taxes in Canada?
You can’t legally skip paying taxes on your Shakepay transactions in Canada, but there are legal ways to lower your tax liability. Strategies like tax-loss harvesting can offset some of your gains, and tools like Koinly include tax optimization features to help you apply these methods effectively. For more information, see our guide on reducing crypto taxes in Canada.
