Get Your Taxes Right: The Best Crypto Tax Software in Canada 2023

by
Brihasi Dey
Reviewed by
min read
Last updated:

The crypto world is full of exciting opportunities, but it also comes with its fair share of complexities, especially when it comes to taxes. 

As a Canadian cryptocurrency trader, you need to ensure your tax returns are accurate and compliant with the Canada Revenue Agency (CRA) guidelines. In this blog post, we'll explore the best crypto tax software in Canada for 2023 that can help you report your crypto taxes with ease.

What is a Crypto Tax Software?

Crypto tax software is a tool that simplifies the process of calculating and reporting your cryptocurrency taxes. 

By importing your transaction data into the software, you can automatically calculate your capital gains and losses and generate the necessary tax reports, ensuring you stay compliant with the CRA laws.

However, not every crypto software is created equal, which is why it’s important to compare all the available options before making the final choice.

What Features to Look For in Crypto Tax Software?

When choosing the best crypto tax software in Canada, consider the following features:

User-Friendly Interface

A simple, intuitive interface makes it easy to input and manage your cryptocurrency transactions. Crypto software like Kryptos allows you to calculate your crypto taxes directly from their mobile app and manage your tax portfolios from a single dashboard.

Compatibility With Canadian Tax Regulations

The best crypto tax software in Canada should be compliant with the current CRA guidelines. In addition, the app must reflect any changes in the tax laws.

Integration With Popular Exchanges And Wallets

Seamless integration with your preferred exchanges and wallets streamlines the import of transaction data. The best crypto tax software in Canada must have maximum integrations to cover different applicable taxes defined by CRA.

Precise Tax Calculations

The best Canadian crypto tax software should accurately calculate capital gains, losses, and other tax-related figures. Dashboards to view all tax calculations and handle errors are helpful.

Accurate Reporting

Your crypto tax software should generate detailed reports that comply with CRA guidelines to facilitate tax filing.

Benefits Of Using Crypto Tax Software

Cryptocurrency taxation can be complex, as it involves tracking and reporting multiple transactions, often across different currencies and exchanges. 

Luckily, you don’t have to do all this manually, thanks to the powerful crypto tax software available in the market. 

Here are 4 ways crypto tax software can simplify your tax calculations.

  • Automating calculations: Calculate capital gains and losses accurately, and handle other tax-related tasks such as tax-loss harvesting.
  • Minimising errors: Reduce the risk of human error and ensure compliance with CRA regulations.
  • Saving time: Reduce hours of gathering transaction data manually to just a few minutes and generate reports almost instantly. 
  • Providing insights: Gain a better understanding of your tax obligations and identify potential tax-saving strategies.

Best Crypto Tax Software in Canada: Kryptos

Kryptos is the best crypto tax software in Canada if you are looking to calculate your crypto taxes in just a few minutes and save maximum taxes.

The platform also has one of the highest integrations available in the market with more than 100+ wallets and exchanges, 50+ blockchains, 2000+ DeFi protocols, and even NFTs. It also offers all necessary tax reports defined by the CRA to cover different taxes including capital gains tax, business income tax, and even taxes on foreign properties.

So whether you are lending or staking your crypto, trading as an individual trader or business, Kryptos supports the necessary integrations and tax forms to calculate your crypto taxes accurately.

Kryptos Key Features

  • One of the highest integrations available in the market with 2000+ DeFi protocols for importing different crypto transactions
  • Auto-sync of all transaction data via API or custom CSV files from 100+ exchanges and wallets
  • Intelligent detection to categorise all your transactions and analyse them accurately
  • Auto-detection of transactions that can leverage tax-saving strategies like Tax-Loss Harvesting to save crypto taxes
  • Dedicated DeFi and NFT dashboards to track and manage your digital assets portfolio and generate instant reports
  • Mobile app available for easy calculation of your taxes 

Kryptos Pricing

The platform has one of the most affordable packages available in the market along with a free plan which is perfect for beginners.

Here are the 4 available packages on the platform:

  • Freemium- $0/year
  • Hobbyist- $39/year
  • Starter- $69/year
  • Pro- $129/year

Calculating crypto taxes in Canada with Kryptos is as simple as choosing the right plan, linking your wallets and getting started. For more details, refer to Kryptos Pricing.

Wrapping Up

Before you choose a crypto tax software, consider points such as integrations supported, how friendly the UI is, and the pricing. The best crypto tax software in Canada will simplify your legal compliances and save you thousands in taxes.

With Kryptos, you can calculate your crypto taxes with just a few clicks, maximise your savings, and ensure you comply with the CRA tax laws at all times. 

Ready to calculate your crypto taxes in a few minutes? Sign Up Now for free.

FAQs

1. How to file crypto taxes in Canada?

You can file crypto taxes in Canada using these 4 steps:

  • Collect all transaction records from exchanges, wallets, and other platforms. You can do this manually or use crypto tax software like Kryptos. 
  • Calculate capital gains and losses from your transactions.
  • Report your capital gains, losses, and other crypto-related income on the appropriate tax forms.
  • Include these forms with your tax return and submit them to the CRA.

2. Which is the best crypto tax software in Canada?

The best crypto tax software in Canada to help you calculate your taxes in no time and ensure legal compliance is Kryptos. It also uses multiple tax-saving mechanisms to maximise your tax savings.

3. Do you get taxed on crypto in Canada?

Yes, cryptocurrency transactions are subject to taxes in Canada. Capital gains and losses from crypto transactions must be reported in your tax return, along with any income earned from mining, staking, or other crypto-related activities.

4. Are staking rewards taxable in Canada?

Yes, in Canada, staking rewards from cryptocurrencies are considered taxable. The Canada Revenue Agency (CRA) has provided guidance on how various cryptocurrency activities are taxed, and staking falls under these guidelines.

5. How do I report crypto income in Canada?

To report crypto income in Canada, include the relevant information on your tax return, such as capital gains, losses, mining income, or staking rewards. Use the appropriate tax forms, such as Schedule 3 for capital gains and T2125 for business income. 

6. What is better than CoinTracker?

While CoinTracker is a popular crypto tax software, an excellent alternative for your crypto tax in Canada is Kryptos. Compare their features to find the best option for your needs.

All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!

Arrow

Get Your Taxes Right: The Best Crypto Tax Software in Canada 2023

By
Brihasi Dey
On

The crypto world is full of exciting opportunities, but it also comes with its fair share of complexities, especially when it comes to taxes. 

As a Canadian cryptocurrency trader, you need to ensure your tax returns are accurate and compliant with the Canada Revenue Agency (CRA) guidelines. In this blog post, we'll explore the best crypto tax software in Canada for 2023 that can help you report your crypto taxes with ease.

What is a Crypto Tax Software?

Crypto tax software is a tool that simplifies the process of calculating and reporting your cryptocurrency taxes. 

By importing your transaction data into the software, you can automatically calculate your capital gains and losses and generate the necessary tax reports, ensuring you stay compliant with the CRA laws.

However, not every crypto software is created equal, which is why it’s important to compare all the available options before making the final choice.

What Features to Look For in Crypto Tax Software?

When choosing the best crypto tax software in Canada, consider the following features:

User-Friendly Interface

A simple, intuitive interface makes it easy to input and manage your cryptocurrency transactions. Crypto software like Kryptos allows you to calculate your crypto taxes directly from their mobile app and manage your tax portfolios from a single dashboard.

Compatibility With Canadian Tax Regulations

The best crypto tax software in Canada should be compliant with the current CRA guidelines. In addition, the app must reflect any changes in the tax laws.

Integration With Popular Exchanges And Wallets

Seamless integration with your preferred exchanges and wallets streamlines the import of transaction data. The best crypto tax software in Canada must have maximum integrations to cover different applicable taxes defined by CRA.

Precise Tax Calculations

The best Canadian crypto tax software should accurately calculate capital gains, losses, and other tax-related figures. Dashboards to view all tax calculations and handle errors are helpful.

Accurate Reporting

Your crypto tax software should generate detailed reports that comply with CRA guidelines to facilitate tax filing.

Benefits Of Using Crypto Tax Software

Cryptocurrency taxation can be complex, as it involves tracking and reporting multiple transactions, often across different currencies and exchanges. 

Luckily, you don’t have to do all this manually, thanks to the powerful crypto tax software available in the market. 

Here are 4 ways crypto tax software can simplify your tax calculations.

  • Automating calculations: Calculate capital gains and losses accurately, and handle other tax-related tasks such as tax-loss harvesting.
  • Minimising errors: Reduce the risk of human error and ensure compliance with CRA regulations.
  • Saving time: Reduce hours of gathering transaction data manually to just a few minutes and generate reports almost instantly. 
  • Providing insights: Gain a better understanding of your tax obligations and identify potential tax-saving strategies.

Best Crypto Tax Software in Canada: Kryptos

Kryptos is the best crypto tax software in Canada if you are looking to calculate your crypto taxes in just a few minutes and save maximum taxes.

The platform also has one of the highest integrations available in the market with more than 100+ wallets and exchanges, 50+ blockchains, 2000+ DeFi protocols, and even NFTs. It also offers all necessary tax reports defined by the CRA to cover different taxes including capital gains tax, business income tax, and even taxes on foreign properties.

So whether you are lending or staking your crypto, trading as an individual trader or business, Kryptos supports the necessary integrations and tax forms to calculate your crypto taxes accurately.

Kryptos Key Features

  • One of the highest integrations available in the market with 2000+ DeFi protocols for importing different crypto transactions
  • Auto-sync of all transaction data via API or custom CSV files from 100+ exchanges and wallets
  • Intelligent detection to categorise all your transactions and analyse them accurately
  • Auto-detection of transactions that can leverage tax-saving strategies like Tax-Loss Harvesting to save crypto taxes
  • Dedicated DeFi and NFT dashboards to track and manage your digital assets portfolio and generate instant reports
  • Mobile app available for easy calculation of your taxes 

Kryptos Pricing

The platform has one of the most affordable packages available in the market along with a free plan which is perfect for beginners.

Here are the 4 available packages on the platform:

  • Freemium- $0/year
  • Hobbyist- $39/year
  • Starter- $69/year
  • Pro- $129/year

Calculating crypto taxes in Canada with Kryptos is as simple as choosing the right plan, linking your wallets and getting started. For more details, refer to Kryptos Pricing.

Wrapping Up

Before you choose a crypto tax software, consider points such as integrations supported, how friendly the UI is, and the pricing. The best crypto tax software in Canada will simplify your legal compliances and save you thousands in taxes.

With Kryptos, you can calculate your crypto taxes with just a few clicks, maximise your savings, and ensure you comply with the CRA tax laws at all times. 

Ready to calculate your crypto taxes in a few minutes? Sign Up Now for free.

FAQs

1. How to file crypto taxes in Canada?

You can file crypto taxes in Canada using these 4 steps:

  • Collect all transaction records from exchanges, wallets, and other platforms. You can do this manually or use crypto tax software like Kryptos. 
  • Calculate capital gains and losses from your transactions.
  • Report your capital gains, losses, and other crypto-related income on the appropriate tax forms.
  • Include these forms with your tax return and submit them to the CRA.

2. Which is the best crypto tax software in Canada?

The best crypto tax software in Canada to help you calculate your taxes in no time and ensure legal compliance is Kryptos. It also uses multiple tax-saving mechanisms to maximise your tax savings.

3. Do you get taxed on crypto in Canada?

Yes, cryptocurrency transactions are subject to taxes in Canada. Capital gains and losses from crypto transactions must be reported in your tax return, along with any income earned from mining, staking, or other crypto-related activities.

4. Are staking rewards taxable in Canada?

Yes, in Canada, staking rewards from cryptocurrencies are considered taxable. The Canada Revenue Agency (CRA) has provided guidance on how various cryptocurrency activities are taxed, and staking falls under these guidelines.

5. How do I report crypto income in Canada?

To report crypto income in Canada, include the relevant information on your tax return, such as capital gains, losses, mining income, or staking rewards. Use the appropriate tax forms, such as Schedule 3 for capital gains and T2125 for business income. 

6. What is better than CoinTracker?

While CoinTracker is a popular crypto tax software, an excellent alternative for your crypto tax in Canada is Kryptos. Compare their features to find the best option for your needs.

All content on Kryptos serves general informational purposes only. It's not intended to replace any professional advice from licensed accountants, attorneys, or certified financial and tax professionals. The information is completed to the best of our knowledge and we at Kryptos do not claim either correctness or accuracy of the same. Before taking any tax position / stance, you should always consider seeking independent legal, financial, taxation or other advice from the professionals. Kryptos is not liable for any loss caused from the use of, or by placing reliance on, the information on this website. Kryptos disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Thank you for being part of our community, and we're excited to continue guiding you on your crypto journey!

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