CoinSmart was founded in 2018 and has since attracted more than 180,000 Canadian crypto investors buying, selling and trading 16 popular cryptocurrencies. Whatever your Coinsmart investments, Koinly can help you report your Coinsmart taxes to the CRA.
CoinSmart is registered with both FINTRAC and the OSC - making it a highly compliant exchange that meets the regulatory standards of Canadian agencies - which includes collecting KYC data. Although neither CoinSmart or the CRA have publicly declared a data request, it doesn't mean that CoinSmart hasn't faced pressure from the CRA to share customer data to ensure compliance. The CRA has previously won the right to obtain customer data from Coinsquare and may pursue other Canadian exchanges in the future.
The simplest way to generate your CoinSmart tax documents is to connect to Koinly. To do this, you just upload a CSV file of your CoinSmart transaction history. Koinly can then identify each time you sold or traded crypto on CoinSmart, calculate your gain or loss using the CRA approved adjusted cost basis method and generate your CoinSmart tax documents for you, ready to file with the CRA. Here's how to get your CSV file.
When downloading your CSV files, check that the file covers your full trading history.
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Yes. CoinSmart is both FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and OSC (Ontario Securities Commission) registered and regulated by both these agencies.
No. CoinSmart does not issue users with tax documents to file directly with the CRA. Instead, you'll need to export a CSV file of your CoinSmart transaction history.
The easiest way to get your CoinSmart tax documents is to export your CoinSmart CSV file and upload it to a crypto tax app like Koinly. Koinly can then calculate your CoinSmart taxes and generate your CRA tax documents, including the Schedule 3 Report.
Easy, log in to CoinSmart then select your profile icon, then account settings, then statements. Hit the CSV download icon and you're done.
No. CoinSmart does not provide financial or end of year statements for users, CoinSmart only provides a CSV file of your transaction history for tax purposes.
Yes. If you've traded or sold crypto on CoinSmart and made a gain, you'll be liable for Income Tax on half or all of that gain depending on how the CRA views you as an investor.