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From casual traders to seasoned pros, we’re making taxes less taxing.
Unlike other tax items where you have to wait for 1099s' or bank statements, you can code all of your Crypto and Defi as soon as the ball drops on new years and get a good estimate of where your taxes lie. @CryptoTaxHQ is still my first recommendation for tools.
2021/2022 taxes completed and paid. Use your bear market time wisely. Big shoutout to @CryptoTaxHQ, second year running I've used them. I've tried a few of these calculators and CTC blow their competitors out the water.
@CryptoTaxHQ I literally could not function without ctc. I've got multiple assets on multiple blockchains doing 5-10k transactions a year. Doing that by hand would be pure insanity.
CTC has a really good Reconcilliation section where it flags up issues and presents them in logical order so you can tick them off one by one. It's still work but it's just more intuitive I found
Not sponsored or anything but came across CryptoTaxCalculator.io @CryptoTaxHQ. Such an easy way to track and record your crypto taxes automatically. Made tracking my Binance spot/futures trades + Uniswap transactions a whole lot less daunting.
Just did my crypto taxes with @CryptoTaxHQ and got my report summary. Overall, very pleased with the process! Highly recommend if you have not yet decided on what crypto software to use. Did my taxes in a few hours and going to my tax guy tomorrow.
Called my tax accountant to warn him there will be some crypto and NFT stuff this year. His reply wasn’t what I expected: “No worries, know all about them! My 13 yo daughter creates NFTs and sells them on OpenSea. And we use @CryptoTaxHQ for our clients” Boom! I chose well💥💥
A cryptid is tentatively back from hiatus but will be keeping update frequency low rn. Uncle Sam unretired me 4 a mission to JPN so had to finish taxes early. Got it done thx to #CryptoTaxCalculator (@CryptoTaxHQ). I have no affiliation w/ them. Pls just keep it alive🙏
I’ve used a few but the best I found was https://cryptotaxcalculator.io . I’m in UK (I think they’re in Aus) so YMMV. GL
Best Crypto tax Software? after importing data onto @koinly @CryptoTaxHQ and @ZenLedgerIO the clear winner had the best UI Crypto Tax Calculator is the winner - detailed thread tomorrow
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Frequently asked questions
How does the CRA treat cryptocurrency for tax purposes?
The Canada Revenue Agency (CRA) views cryptocurrency as a commodity, similar to a precious metal like gold. This means it's not considered legal tender like the Canadian dollar. How your cryptocurrency transactions are taxed depends on why you're using it. If you occasionally buy and sell cryptocurrency for investment purposes, any profits or losses are generally considered capital gains or losses. On the other hand, if your activities are more frequent, involve mining or staking, or are done with a profit motive, your cryptocurrency transactions may be considered business income or losses. The CRA requires you to report all taxable cryptocurrency transactions. This includes selling cryptocurrency for Canadian dollars or another cryptocurrency, using cryptocurrency to buy goods or services, receiving cryptocurrency as payment, and earning cryptocurrency from mining or staking. Failing to report these transactions can result in penalties or audits.
What are the tax implications for crypto-to-crypto trades in Canada?
The CRA considers crypto-to-crypto trades as dispositions. This means each trade triggers a capital gain or loss, even though you haven't received any Canadian dollars. To calculate the gain or loss, determine the adjusted cost base of the cryptocurrency you're disposing of and calculate the proceeds of disposition using the fair market value (in Canadian dollars) of the cryptocurrency you're acquiring.
Do I need to pay GST/HST on cryptocurrency transactions?
GST/HST may apply to cryptocurrency transactions in certain situations. If your business accepts cryptocurrency as payment for goods or services, you need to charge GST/HST. The tax is calculated on the fair market value of the cryptocurrency at the time of the transaction. Since the CRA treats crypto as a commodity, accepting it as payment is considered a barter transaction. Both parties involved in the barter may need to account for GST/HST. GST/HST generally doesn't apply to personal cryptocurrency transactions unless your activities are considered a business.
What happens if I fail to report cryptocurrency on my taxes in Canada?
Failing to report your cryptocurrency transactions can have serious consequences. The CRA can impose penalties and charge daily compound interest on any unpaid taxes. You may be subject to a tax audit, and in severe cases, you could face criminal charges. If you realize you made a mistake or omission on your tax return, you can correct it through the CRA's Voluntary Disclosures Program. This allows you to come forward and disclose the information before the CRA starts an audit. It's always best to be proactive and report all your cryptocurrency activity accurately and on time.
How does the free trial work?
The platform is free to use immediately upon signup, allowing you to import your transactions and take advantage of our smart suggestion and auto-categorization engine, portfolio tracking, DeFi and NFT support. For access to reports, the tax loss harvest tool or chat and priority support, you will need to upgrade to the appropriate paid plan.
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