Shakepay claims to be the easiest way for Canadians to buy and sell Bitcoin - is this also the case for crypto taxes? Probably not. There’s no need to panic though, crypto taxes don’t need to be complicated. Especially of you use a crypto tax app - like Koinly. Before you get started, the best thing to do is make sure you have all your tax reports in order.
How to prepare Shakepay taxes
Ready to get started?
Let’s find out what the Canada Revenue Agency (CRA) is looking for and what you’re going to need on hand to make all those complicated tax calculations.
The CRA considers cryptocurrency as a digital asset so it is treated like a commodity. Therefore the CRA will want to know about any income you have generated from cryptocurrency transactions, as well as any capital gains from dispositions like a sale, swap, spend or gift. Keep in mind the CRA considers each digital wallet a separate digital asset and it must be valued separately.
Sound complicated? It doesn’t have to be. If you’ve got your Shakepay transaction history, a crypto tax app can do the calculations for you.
How to download Shakepay transaction history
Shakepay allows users to download their full transaction history directly as a CSV file from their Shakepay account which is great news when it comes to tax time. You can either view it online or directly from the Shakepay app. Once you have your Shakepay CSV file, you can use it to calculate your crypto taxes yourself or upload it to a crypto tax app.
Does Shakepay provide a tax report?
No, Shakepay does not provide a tax report. But you can use your Shakepay transaction history to calculate your crypto taxes and create a crypto tax report using a crypto tax app.
Does Shakepay supply a financial statement?
No, Shakepay doesn't supply a financial statement. But you can use your Shakepay transaction history to create a financial statement to use in your tax report. You can generate your transaction history as a CSV file from your Shakepay account.
Shakepay CSV export
Shakepay lets users to download their full transaction history directly from their Shakepay account - both on mobile and on desktop.
If you're using the desktop version, log in to your Shakepay account and go to the wallets page, then select download history. This will then export your full Shakepay transaction history - ready to upload to your crypto tax software.
If you're using the Shakepay mobile app, log in to your Shakepay app and select settings on the main screen, then select request transaction summary. Your CSV file of your complete Shakepay transaction history will then be sent to your email address.
Does Shakepay have a Tax API?
No, Shakepay does not currently have an API - so you'll need to upload your Shakepay CSV file to your crypto tax software instead.
Does Shakepay provide an end of year statement?
No, Shakepay does not provide an end of year statement.
Does Shakepay report to the CRA?
Yes, Shakepay reports to the Canada Revenue Agency. As a licensed Money Service Business, Shakepay is obliged to report transactions over $10,000 to the CRA at the end of each fiscal year.
How to generate a Shakepay tax report
Now that we’ve covered crypto tax reporting and all its little intricacies, we can say that there are two ways you can prepare a tax report.
Either create it yourself, or you can use a crypto tax app to streamline the process. While it can depend on your trading volume, the more transactions you have the more complicated manual transactions can be. We recommend the latter option and using your CSV file to connect with a crypto tax app like Koinly. Koinly can easily provide you with a tax report that is tailored to the CRA’s requirements.
All you need to do to connect to Koinly is sign up to Koinly and go to wallets, then select Shakepay and upload your CSV file. Koinly does all the rest for you including calculating and generating your tax report.
Koinly is a crypto tax tool that can calculate your Shakepay crypto taxes for you. After importing your transaction history, Koinly can calculate your Shakepay taxes in a format that is tailored to the CRA.
Here’s what Koinly can do for you as your Shakepay tax calculator:
- Import all your trades including purchases, sales, swaps, and rewards.
- Convert your transactions into your country’s currency at fair market value (this in itself is a massive time saver).
- Decipher which of your Shakepay trades are taxable and which are not.
- Help you submit a clean and accurate report to your tax office.