How to do your Netcoins taxes with Koinly
Netcoins is a popular Canadian crypto exchange that lets investors buy, sell and trade popular cryptocurrencies like BTC, ETH, LTC, and USDT. Whatever your Netcoins investments, Koinly can help you calculate and report your crypto taxes to the Canada Revenue Agency. You just need a CSV file of your Netcoins transaction history - here's how.
- Sign up or log in to Koinly and choose your country (Canada), currency (CAD), and cost basis (adjusted cost basis)
- Connect Netcoins with Koinly by uploading a CSV file of your transaction history (Netcoins has SSO with Koinly too!)
- Koinly identifies your taxable transactions
- Koinly calculates your capital gains, losses, and income
- Download your crypto tax report and file it with the CRA your preferred way
Watch how to do your Netcoins taxes fast
How to connect Netcoins to Koinly via CSV
The easiest way to connect Netcoins and Koinly if you're connecting for the first time is using the Netcoins' single sign-on feature. Just log in to Netcoins, select the cog icon, then my documents, and scroll to the bottom of the page where you'll see a button that says connect with Koinly where you can upload your file. Here's how to get your CSV file from Netcoins.
On Netcoins
- Log in to Netcoins.
- Select the cog icon in the top right corner.
- Select my documents.
- Under show, select transactions.
- Under date range, select all time.
- Under transaction type, check all boxes.
- Under asset type, select all assets or the relevant assets to you.
- Select export.
- In the pop-up window, under type, select Koinly.
- Select export.
On Koinly
- Sign up or login into Koinly and head to wallets.
- Add a new wallet:Â Netcoins.
- Select import from file.
- Upload your CSV file.
Good to know
Remember, you'll need your complete Netcoins transaction history - so make sure to select all time when generating your CSV file. This ensures Koinly can identify the cost basis of your crypto correctly and calculate your subsequent capital gains or losses accurately.
How do I check if my Netcoins import is accurate?
Problem with your Netcoins CSV file? We've got help - and lots of it!
- Read the guides in our help forum.
- Search our discussion boards for FAQs.
- Ask us on Twitter or Reddit.
- Contact us by email or live chat.Â
It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.
Calculate your Netcoins taxes
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Does Netcoins provide tax forms?
No. Netcoins does not provide tax forms - but Koinly does! We teamed up with Netcoins to make doing your taxes easier than ever. All you need is a CSV file of your Netcoins transactions.
How do I get Netcoins tax forms?
The easiest way to get your Netcoins tax forms is using a crypto tax calculator like Koinly. Just upload your Netcoins transaction history CSV file and Koinly will calculate your gains, losses, income, and more and generate a range of crypto tax reports, ready to file with the CRA.
Is Netcoins registered in Canada?
Yes. Netcoins is registered as a Money Services Business with FINTRAC and is fully regulated and registered with the Canadian Securities Administrators (CSA) and the British Columbia Securities Commission (BCSC).
Does Netcoins report to the CRA?
Yes. As a FINTRAC registered MSB, Netcoins may be required to share data with authorities including the CRA upon request.
How do I download Netcoins transaction history?
It's easy to get your Netcoins transaction history as a CSV export. Go to my documents, then transactions, and set the filters to include all your transactions, then hit export.
Do I have to pay tax on Netcoins?
Yes. The CRA is clear that if you have capital gains or income from crypto, you'll be liable to pay Income Tax on that amount.
Does Netcoins issue end of year or financial statements?
No. Netcoins does not issue end of year or financial statements, but you can export CSV files of your transaction history covering given time periods.