It should go without saying - we're obsessed with crypto tax, and we're always trying to help investors understand it better. We wanted to know what Canadian investors know about their crypto tax obligations and their understanding of the Canada Revenue Agency guidance. So we asked… and here's what we found.
How many Canadians own crypto?
In our survey, 42.3% of respondents stated they owned some kind of crypto asset, whether that was tokens, coins or an NFT.
How many Canadians know they need to pay tax on crypto?
In our survey, held less than a week before this year's tax deadline, 33% of Canadian taxpayers said they didn't know about their crypto tax reporting requirements.
Another 19% stated they wouldn't include their crypto assets in their tax returns - opening them up to liability.
How will Canadians file their crypto taxes?
In our survey, 66% of Canadians said they would file their own taxes.
44% stated they felt overwhelmed and didn't know of a suitable tool to help them easily file their crypto taxes in compliance with CRA guidance.
20% said they were using software not designed to handle crypto regulations.
How many Canadians agree with taxing crypto?
In our survey, 46.5% of respondents agreed with taxing crypto, while 34.3% disagreed with taxing crypto. A further 19.2% said they did not mind either way.
Koinly can help with your Canada crypto taxes
Whether you’ve left it until the last minute or you just want to get ahead of the game for next year, Koinly can help.
All you need to do is sync the wallets, exchanges and blockchains you use with Koinly via API or by uploading a CSV file of your transaction history. Koinly will then calculate your crypto taxes for you using the CRA approved adjusted cost basis method (and the superficial loss rule). All you need to do is download your Koinly crypto tax report, ready to file with the CRA.