All Countries

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
USA flag
Canada
No items found.
2026-03-12

How Investing vs Trading impacts tax

In most cases of buying and selling cryptocurrency as a retail investor, you are participating in investing rather than trading. The two are treated differently for tax purposes.

  • Investing is subject to capital gains tax or income tax, depending on the nature of the transaction.
  • Trading in this case refers to self-employment which is subject to income tax and National Insurance Contributions.

The key difference between investing and trading – along with the different tax treatments, is how losses generated in the crypto-activity can be used.

In their guidance, HMRC have explicitly stated that they would expect it to be exceedingly rare that any crypto-activity constituting buying & selling crypto would be classified as “trading”.

If you are uncertain, speak to a tax advisor as there are always exceptions, including but not limited to, developing tokens and large scale mining.

How is crypto tax calculated in the United States?

You can be liable for both capital gains and income tax depending on the type of cryptocurrency transaction, and your individual circumstances. For example, you might need to pay capital gains on profits from buying and selling cryptocurrency, or pay income tax on interest earned when holding crypto.

CoinLedger

CoinLedger is an accessible crypto tax platform with over 1,000 exchange and wallet integrations.

Best for: Users who want a simple, straightforward experience without complex DeFi needs.

Key differentiator: Offers an unlimited transaction plan for high-volume traders at a fixed price.

Pricing: $49 (100 transactions) to $499+ (10,000+ transactions).

Limitation: Does not generate Schedule D forms - you will need to complete this manually or with other software.

Notable: Strong NFT support with OpenSea integration.

CoinTracker

CoinTracker is a portfolio tracker and tax calculator supporting over 30,000 cryptocurrencies.

Best for: Users who prioritize portfolio tracking alongside tax reporting.

Key differentiator: Direct integrations with TurboTax and H&R Block Desktop.

Pricing: $59 (100 transactions) to $599 (10,000 transactions), with full-service options up to $3,499.

Limitation: Customer support is limited on lower-tier plans - priority support requires the $599 Ultra plan.

Notable: Good security with end-to-end encryption and SOC 2 compliance.

ZenLedger

ZenLedger offers both DIY crypto tax reports and professional full-service accounting.

Best for: Users who want tax loss harvesting included at every pricing tier.

Key differentiator: Tax loss harvesting is available on all plans, not just premium tiers.

Pricing: $49 (100 transactions) to $399 (15,000 transactions).

Limitation: Only offers 400+ exchange integrations - significantly fewer than competitors. Some users report customer support issues with long wait times.

Notable: TurboTax integration and 14-day refund policy.

blog
Mar 12
,
 
2026
 - 
10
min read

Product Update: Kalshi, MegaETH, CoinRabbit, Bittensor, and WhiteBIT support now live

Summ now supports Kalshi, MegaETH, CoinRabbit, and WhiteBIT. Import your prediction market trades, Layer 2 transactions, lending activity, and exchange data for complete tax reporting.

Key takeaways
This tax guide is regularly updated: Last Update  

If you were gazing into your crystal ball last week, betting on who would win the Oscar for Best Director, picking a Survivor winner, or guessing the lowest temperature in New York City today, chances are you were doing it on Kalshi.

Good news. Here's your next win: Summ now supports Kalshi.

We've also added support for MegaETH, Bittensor, CoinRabbit (as a new Summ partner), and WhiteBIT. If you're active on any of these platforms, your transactions now import directly into your Summ tax reports.

Kalshi support added

Kalshi is a CFTC-regulated prediction market where you buy and sell contracts on real-world outcomes: sports, politics, economics, weather, culture. It's one of the fastest-growing platforms in finance right now, with trading volumes that have surged over the past year and availability in 140+ countries worldwide though some jurisdictions (including Australia and the UK) are restricted at the time of writing.

How to connect Kalshi to Summ:

  • API: Connect your Kalshi account via API to import your trade transactions automatically.
  • CSV: Download your transaction history from Kalshi and upload it directly into Summ.

Whether you made money predicting interest rate moves or lost a few bucks on a bold  Bitcoin price call, those trades have tax implications. Summ calculates your gains and losses across all of your Kalshi activity so you know exactly where you stand.

MegaETH support

Now here's some BIG news worth celebrating (see what we did there?).

MegaETH is an Ethereum Layer 2 blockchain built for real-time performance, targeting over 100,000 transactions per second with millisecond-level block times. If you're transacting on MegaETH, we now support two import methods:

  • Wallet address: Paste your public wallet address in the integrations section. Your transaction history pulls in automatically.
  • CSV upload: Download your transaction data from MegaETH and upload it directly into Summ.

Either method gives you full transaction coverage for accurate tax reporting.

CoinRabbit support

We've partnered with CoinRabbit, a crypto asset management platform that offers lending, swapping, earning, and trading across 400+ digital assets. If you're borrowing against your crypto or earning yield on CoinRabbit, those transactions can now flow into your Summ tax reports.

Summ supports CSV imports covering CoinRabbit's Dashboard, Loans, Savings, Exchange, Referral, and Transactions History exports. Download your CSVs from CoinRabbit and upload them into Summ. Step-by-step instructions are available in the app.

CoinRabbit users also get 25% off their first year with Summ.

Bittensor support

Bittensor is a decentralized blockchain network that creates an open marketplace for AI and machine learning models. Participants contribute compute, data, and AI services across specialized subnets and earn TAO, the network's native token. Summ covers TAO transfers (deposits and withdrawals), staking activity, and network fees.

Connect via API or upload your CSV to import your Bittensor activity

WhiteBIT support

WhiteBIT is one of the largest European crypto exchanges, offering spot trading, futures, margin, and staking. If you're trading on WhiteBIT, connect via API or upload your CSV to bring your full trading history into Summ.

Getting started

More integrations means more complete data. When your transactions import automatically across all of the platforms you use, you spend less time chasing down CSVs and more time understanding your actual tax position.

All five integrations are live now. Log in or sign up to connect your accounts and see the tax impact of your trades.

The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Summ (formerly Crypto Tax Calculator) disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.

FAQ

No items found.
Table of contents
heading2
heading3

More resources

CryptoTax Calculator thumbnail
Blog
12
 
May
 
2026
The Best CoinTracker Alternatives for 2026
Compare the best CoinTracker alternatives for Canadian crypto investors in 2026, including Summ, CoinLedger, Coinpanda, and TokenTax across integrations, DeFi support, CRA compliance, security, and pricing.
Read More
CryptoTax Calculator thumbnail
Blog
11
 
May
 
2026
The Best Koinly Alternatives for 2026
Compare the best Koinly alternatives for Canadian crypto investors in 2026, including Summ, CoinLedger, CoinTracker, and ZenLedger across integrations, DeFi support, CRA compliance, security, and pricing.
Read More
CryptoTax Calculator thumbnail
Blog
7
 
Apr
 
2026
Shakepay taxes in Canada

If you've used Shakepay to buy, sell, or earn Bitcoin in Canada, here's how the CRA taxes your activity and how to report it accurately.

Read More

Try Summ today

Import your transactions and generate a free report preview.

Blog

12 March 2026

X

 Min read

Product Update: Kalshi, MegaETH, CoinRabbit, Bittensor, and WhiteBIT support now live

Summ now supports Kalshi, MegaETH, CoinRabbit, and WhiteBIT. Import your prediction market trades, Layer 2 transactions, lending activity, and exchange data for complete tax reporting.

Team Summ

This tax guide is regularly updated: Last Update 

....

March

12

2026

If you were gazing into your crystal ball last week, betting on who would win the Oscar for Best Director, picking a Survivor winner, or guessing the lowest temperature in New York City today, chances are you were doing it on Kalshi.

Good news. Here's your next win: Summ now supports Kalshi.

We've also added support for MegaETH, Bittensor, CoinRabbit (as a new Summ partner), and WhiteBIT. If you're active on any of these platforms, your transactions now import directly into your Summ tax reports.

Kalshi support added

Kalshi is a CFTC-regulated prediction market where you buy and sell contracts on real-world outcomes: sports, politics, economics, weather, culture. It's one of the fastest-growing platforms in finance right now, with trading volumes that have surged over the past year and availability in 140+ countries worldwide though some jurisdictions (including Australia and the UK) are restricted at the time of writing.

How to connect Kalshi to Summ:

  • API: Connect your Kalshi account via API to import your trade transactions automatically.
  • CSV: Download your transaction history from Kalshi and upload it directly into Summ.

Whether you made money predicting interest rate moves or lost a few bucks on a bold  Bitcoin price call, those trades have tax implications. Summ calculates your gains and losses across all of your Kalshi activity so you know exactly where you stand.

MegaETH support

Now here's some BIG news worth celebrating (see what we did there?).

MegaETH is an Ethereum Layer 2 blockchain built for real-time performance, targeting over 100,000 transactions per second with millisecond-level block times. If you're transacting on MegaETH, we now support two import methods:

  • Wallet address: Paste your public wallet address in the integrations section. Your transaction history pulls in automatically.
  • CSV upload: Download your transaction data from MegaETH and upload it directly into Summ.

Either method gives you full transaction coverage for accurate tax reporting.

CoinRabbit support

We've partnered with CoinRabbit, a crypto asset management platform that offers lending, swapping, earning, and trading across 400+ digital assets. If you're borrowing against your crypto or earning yield on CoinRabbit, those transactions can now flow into your Summ tax reports.

Summ supports CSV imports covering CoinRabbit's Dashboard, Loans, Savings, Exchange, Referral, and Transactions History exports. Download your CSVs from CoinRabbit and upload them into Summ. Step-by-step instructions are available in the app.

CoinRabbit users also get 25% off their first year with Summ.

Bittensor support

Bittensor is a decentralized blockchain network that creates an open marketplace for AI and machine learning models. Participants contribute compute, data, and AI services across specialized subnets and earn TAO, the network's native token. Summ covers TAO transfers (deposits and withdrawals), staking activity, and network fees.

Connect via API or upload your CSV to import your Bittensor activity

WhiteBIT support

WhiteBIT is one of the largest European crypto exchanges, offering spot trading, futures, margin, and staking. If you're trading on WhiteBIT, connect via API or upload your CSV to bring your full trading history into Summ.

Getting started

More integrations means more complete data. When your transactions import automatically across all of the platforms you use, you spend less time chasing down CSVs and more time understanding your actual tax position.

All five integrations are live now. Log in or sign up to connect your accounts and see the tax impact of your trades.

Discover savings opportunities and lower your tax with Summ

Get started for free

No credit card required

Track all your swaps, trades and DeFi activity with Summ for easy tax reporting

Get started for free

No credit card required

Struggling with your tax?

Let Summ do the hard work for you.

Select country

Connect accounts

Get tax report

Get started for free

No credit card required

Automate your record keeping with Summ

Get started for free

No credit card required

Get started for free

No credit card required

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.

Automate your crypto bookkeeping

01

SOC 2 type 2 certified

As SOC 2 Type 2 compliant, we ensure robust data security, giving customers confidence in entrusting us.
02

Secure organization

We conduct regular and thorough Security & Awareness training for all employees.
03

Full data privacy

Our application only ever requires 'read-only' access to your data.