When you make a profit after selling or disposing of cryptocurrency, you must pay taxes on the amount of the profit. Crypto gains are taxed at the same rates as stock capital gains. Part of investing in cryptocurrency is keeping track of your profits and losses, accurately reporting them, and paying your taxes.
The only cryptocurrency tax calculator that is fully compliant with the CRA's crypto guidance is Koinly.
Over 300 exchanges are supported by Koinly, including Canadian exchanges such as NDAX, Coinberry, Shakepay, Bitbuy, and the now-defunct QuadrigaCX. Margin trades and futures on Binance, Kraken, and other exchanges are also supported.
Koinly's Best Features
Option for a Free Account – The platform is free to use for tracking up to 10,000 transactions and generating capital gains tax previews. The free account can be used to track all of your cryptocurrency trades and activities indefinitely.
Support for Multiple Countries – The platform is available in over 20 countries across Europe, Asia, Oceania, and the Americas. Users can also generate localized Form 8949 and Schedule D, K4, Rf1159, and Sheet 9A tax reports with Koinly.
Simple Data Import – Koinly lets you connect to a variety of services via API and import key data. Manual CSV file imports, as well as xPub/yPub/zPub imports and data migrations from Nexo, BlockFi, Bitmex, Deribit, and CoinTracking, are also supported.
Comprehensive Resources – To keep its users up to date, Koinly provides a handy list of resources such as a Crypto Tax Calculator, Regional Tax Guides, a Tax Accountant list, and a Blog.
Customer Support – The team provides a Support section as well as a FAQ page that aims to answer the most frequently asked questions. They also have an email and live chat service, as well as a Facebook page and a Twitter account.
Extensive Service Integration - Koinly integrates with over 6,000 blockchains and supports automatic imports for Bitcoin, Ethereum, Litecoin, and NEO. It also integrates with 350 exchanges, including Binance, Coinbase, and Kraken, as well as portfolio apps like Blockfolio and Delta, and 75 wallets, allowing you to easily track mining, staking, and other DeFi activities.
Koinly is a realistic choice for anyone who is in a supported region looking for a way to track their cryptocurrency activities in order to file tax returns. The web-based platform is simple to use and allows you to quickly link your exchange accounts and wallet addresses while also monitoring your activity.
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