Michelle Legge
By Michelle LeggeHead of Crypto Tax Education
Updated Jan 23, 2024
This article has been fact checked and reviewed as per our editorial policy.

Canada Crypto Tax Statistics

It should go without saying - we're obsessed with crypto and all things tax, and we're always trying to help investors understand it better. We wanted to know what Canadian investors understood about crypto, their tax obligations, how they file, and whether the Canada Revenue Agency guidance makes sense to them... so we asked. Here's what we found out.

How many people in Canada have crypto?

Worldwide crypto adoption is on the rise. In fact, In our survey, 42.3% of respondents stated they owned some kind of crypto asset, whether that was tokens, coins, or an NFT.

This makes Canada one of the leading countries for crypto adoption, alongside the USA, India, and Australia.

How many Canadians know they need to pay tax on crypto?

Crypto tax is confusing - especially given the limited guidance from the CRA. So it's little wonder that 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 given the steep penalties for crypto tax evasion in Canada.

An infographic detailing how many canadians, in percetage, know that they need to pay tax on crypto, presented by Koinly, a crypto tax calculator

How do Canadians file their crypto taxes?

In our survey, 66% of Canadians said they file their own taxes. Despite this, 20% said they were using software not designed to handle crypto regulations.

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.

An infographic highlighting information on canadians will file their crypto taxes, presented by Koinly, a crypto tax software

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. Koinly partners with the leading Canadian crypto exchanges including Newton, Wealthsimple, Shakepay, Coinberry, and hundreds more.

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.

Banner with Koinly logo and text: Get Your Crypto Tax Report

The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.