The CRA expects you to keep thorough records of all crypto activity. If your records are incomplete, calculating your taxes accurately is nearly impossible. And if you're ever asked to substantiate your return, you'll need documentation.

What records you need

For every transaction, keep:

• Date of the transaction
• The type of transaction (buy, sell, trade, transfer, staking reward, etc.)
• The amount of crypto involved
• The value in Canadian dollars at the time of the transaction
• The exchange or wallet involved
• Any fees paid (these may be deductible)
• Wallet addresses for transfers
• Receipts and exchange records

If you trade on international exchanges, you need to convert all values to CAD consistently. Cross-referencing against a Canadian exchange rate at the time of each transaction is the standard approach.

How long to keep records

The CRA generally requires you to keep records for six years from the end of the tax year they relate to. For crypto, where earlier cost basis affects later disposals, keeping records going back to your first transaction is the safer approach.

How Summ helps

Summ imports data from 3,500+ exchanges and wallets, reconciles across all of them, and stores your full transaction history in one place, so your records are complete and your ACB calculations are accurate.

Set up your full crypto record in Summ →