Get an estimate of your tax bill with our free Bitcoin and crypto tax calculator built for Canadian investors.
How do Iuse the Canada crypto tax calculator?
Our Bitcoin and crypto tax calculator is designed to help Canadian investors estimate their tax liability — both for individual trades and their yearly income!
To use our free crypto tax calculator, you’ll need the following information.
- Your purchase price for acquiring your cryptocurrency
- Your sales price for disposing of your cryptocurrency
- The cost of relevant fees
- Your estimated income for the year
- Your location
Once you’ve entered your information, we’ll be able to estimate the tax bill with the click of a button.
What if I don’t have the information I need to use the Canada crypto tax calculator?
Trying to keep track of the information you need to file your taxes can be difficult if you’re using multiple wallets and exchanges. If you’ve transferred your crypto between exchanges or bought the same cryptocurrency multiple times, it may be difficult to calculate your average cost basis for your cryptocurrency.
CoinLedger can help. The platform automatically connects with hundreds of exchanges like Coinbase and blockchains like Ethereum. You’ll be able to import your transactions and generate a comprehensive tax report in minutes.
More than 500,000 crypto investors worldwide use CoinLedger to take the stress out of tax season. Get started with a free account today.
How do you calculate my capital gains?
Our free tool uses the following formula to calculate your capital gains and losses.
Capital Gain/Capital Loss = Sale Price - Purchase Price - Fees
Your Sales Price is the fair market value of your crypto at the time of disposal. Your Purchase Price is your average cost for acquiring your cryptocurrency.
How the Canada Crypto Tax Calculator Works
How is cryptocurrency taxed in Canada?
In Canada, cryptocurrency is subject to capital gains and income tax.
When you dispose of cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it. Examples of disposals include selling your crypto, trading your crypto for another crypto, and gifting your crypto.
When you earn cryptocurrency, you’ll recognize ordinary income based on the fair market value of your crypto at the time of receipt. Examples include staking and referral rewards.
Remember, only 50% of your capital gains are considered taxable income!
Will my gains be considered business income?
If your cryptocurrency activity rises to the level where it is considered a business, your gains may be considered business income rather than capital gains. This means that 100% of your gains will be subject to tax — which could lead to a significantly higher tax liability.
Here are a factors that the CRA may consider when determining if your gains should be considered capital gains or business income:
- The frequency of your transactions
- Whether you promote a product or service
- Whether you conduct cryptocurrency activity for commercial reasons
The CRA determines how transactions are taxed on a case-by-case basis. If you’re unsure whether your cryptocurrency activity rises to the level of a business, you should reach out to your tax professional.
What is the tax rate on cryptocurrency in Canada?
The tax rate in Canada on cryptocurrency income and capital gains ranges from 15-33% depending on your income bracket.
Remember, there is no flat tax for all of your income. Instead, you’ll pay different tax rates as you progress through each bracket. For example, a taxpayer who earns $60,000 in income pays 15% on the first $50,197 of income and 20.5% on the final $9,803 of income.
How do I calculate my purchase price in Canada?
Your purchase price for your cryptocurrency is your average cost for acquiring it. Here’s an example to better understand how this works.
Brianna buys BTCfor $10,000.
Later, she buys BTCfor $20,000
Brianna's Purchase Price for BTCis $15,000 per coint.
Why do I need to enter my annual income?
Your tax rate varies depending on your annual income for the year.
How do fees impact my tax calculations?
Fees directly related to acquiring your crypto can be added to your purchase price. Meanwhile, fees directly related to disposing of your crypto can be subtracted from your sales price. In either case, fees reduce your total capital gains.
Are there provincial taxes on cryptocurrency?
Income from cryptocurrency and other sources is subject to provincial tax. Our crypto tax calculator calculates relevant provincial tax rates based on your location.
How do capital losses impact my tax calculations?
Capital losses can offset your capital gains for the year. If you have a net loss for the year, you can carry it forward to offset gains in future tax years or carry it back to any of the three preceding tax years.
How do I calculate capital gains on crypto-to-crypto trades?
Trading one cryptocurrency for another is considered a disposal event subject to capital gains tax. To calculate your capital gain or loss, you’ll need to know your purchase price of the cryptocurrency you’re trading away and the fair market value of that crypto at the time of disposal (sales price). The difference between the two will be your total capital gain.
How do I avoid my cryptocurrency taxes in Canada?
There is no way to legally evade your cryptocurrency taxes. Here are a few strategies that can help you reduce your crypto tax bill legally.
- Harvest your cryptocurrency losses
- Buy and hold cryptocurrency ETFs in your TFSA/RRSP
- Realize profits in low-income years
Frequently asked questions about Canada cryptocurrency taxes
How much is crypto taxed in Canada?
Does the CRAmonitor cryptocurrency?
How do Icash out cryptocurrency without paying taxes?
Are crypto-to-crypto trades taxed in Canada?
Can you write off crypto losses in Canada?
What is the best crypto tax calculator in Canada?
Is crypto tax software safe to use?
Loved by Customers
Everywhere
Matthew McDonald
10 reviews
19 photos
4 years ago
Just started using this. Had some a few issues that I sent a quick chat request to after 1AM in the morning EST, and they responded pretty instantly, including modifying their import process for a given Exchange due to said exchange changing their format and they made a code change in less than 24 hours to fix the issue. Awesome customer service.
brandonplaysdrums
80w
I have a feeling many frustrated people will leave Cointracker and use Coinledger this year! 👍
Reply
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2
Adam
1 review
AU
Apr 22, 2024
Great tools, exceptional service
These tools make life a lot easier and, if you need help with anything at all, the customer service is brilliant. The team replies within a day and they're focused on actually helping you (not just "dealing with" your help request). That's a sign of a solid company.
Veronique Denis
10 reviews
19 photos
2 months ago
Great company to work with.
Yuri was very professional and helped solve several issues I encountered. He was very patient even when I asked for some clarifications.
Thank you for all your help Yuri, you are excellent at your job.
Dan Swannie
1 review
US
Apr 19, 2024
Outstanding customer service
Outstanding customer service. Ben R has been extremely helpful, and I must say very responsive/timely with assisting me with downloading a couple of issues. The issues we really mine but Ben R took to the time to get me through them, rather than just referring me to the FAQ or Help menu's. The program makes it easy to identify potential issues with no associated cost. This is a welcomed change from the last (ZL) tax software I tried to use.
If anybody needs a solid crypto tax software let me know and I’ll refer you. I just finished mine via @CoinLedger.
8:25 PM
Feb 29, 2024
82 Views
Tiffanny Ruiz
13 reviews
14 photos
2 months ago
They did everything they promised they would, great support, great software, etc. Will continue to use for years to come
ginabadams
58w
Coin ledger is the BEST
Reply
Hide
1
@CoinLedger thanks for adding it all up for me, very eye opening actually doing my crypto taxes correctly for a change 😂
3:49 AM
Apr 15, 2024
13 Views
Christopher Quiles
1 review
US
Mar 18, 2024
Great Customer Experience
I have used Coinledger the past 2 years. This year I had an issue with a missing cost basis, and Benjamin (Ben R) from their support team, saved me many hours of stress by helping solve my issues efficiently and throughly. He also took time to help answer additional questions I had about past and future tax transactions. I strongly recommend using Coinledger for your tax purposes. Great experience!
sharkeydrummond
25w
Bloody Awesome experience. Almost 600 transactions were taken care of instantly. Charged me only 100 bucks, and I love it.
Reply
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2
Christopher Jose Lilly
Thank you coinledger!!!
22w
Like
Reply
Hide
3
Dunno what I would do if I had to manually review all of my crypto buys sell stakes and gains for tax season
I used @CoinLedger to automatically generate all of my crypto tax reports for the year.
2:10 AM
Feb 27, 2024
44 Views
Andrew H
1 review
US
Mar 27, 2024
Great experience with CoinLedger
Great experience with CoinLedger. I've been in crypto for a couple cycles now, and it's always been a nightmare tracking transactions come tax time. Thankfully I came across CoinLedger - the interface is easy to understand, much of the coin tracking is automated, and there is live customer service/ chat if you have a question. Would give 10 stars if I could; highly recommended.
Joshua Taylor
I used coinledger this year - awesome piece of software to be honest. Really helped me compile all my gains from all my wallets and exchanges for an easy time during tax season
20w
Like
Reply
Hide
5
Matthew McDonald
10 reviews
19 photos
4 years ago
Just started using this. Had some a few issues that I sent a quick chat request to after 1AM in the morning EST, and they responded pretty instantly, including modifying their import process for a given Exchange due to said exchange changing their format and they made a code change in less than 24 hours to fix the issue. Awesome customer service.
Dan Swannie
1 review
US
Apr 19, 2024
Outstanding customer service
Outstanding customer service. Ben R has been extremely helpful, and I must say very responsive/timely with assisting me with downloading a couple of issues. The issues we really mine but Ben R took to the time to get me through them, rather than just referring me to the FAQ or Help menu's. The program makes it easy to identify potential issues with no associated cost. This is a welcomed change from the last (ZL) tax software I tried to use.
sharkeydrummond
25w
Bloody Awesome experience. Almost 600 transactions were taken care of instantly. Charged me only 100 bucks, and I love it.
Reply
Hide
2
Christopher Jose Lilly
Thank you coinledger!!!
22w
Like
Reply
Hide
3
brandonplaysdrums
80w
I have a feeling many frustrated people will leave Cointracker and use Coinledger this year! 👍
Reply
Hide
2
Dunno what I would do if I had to manually review all of my crypto buys sell stakes and gains for tax season
I used @CoinLedger to automatically generate all of my crypto tax reports for the year.
2:10 AM
Feb 27, 2024
44 Views
If anybody needs a solid crypto tax software let me know and I’ll refer you. I just finished mine via @CoinLedger.
8:25 PM
Feb 29, 2024
82 Views
Tiffanny Ruiz
13 reviews
14 photos
2 months ago
They did everything they promised they would, great support, great software, etc. Will continue to use for years to come
Adam
1 review
AU
Apr 22, 2024
Great tools, exceptional service
These tools make life a lot easier and, if you need help with anything at all, the customer service is brilliant. The team replies within a day and they're focused on actually helping you (not just "dealing with" your help request). That's a sign of a solid company.
ginabadams
58w
Coin ledger is the BEST
Reply
Hide
1
Veronique Denis
10 reviews
19 photos
2 months ago
Great company to work with.
Yuri was very professional and helped solve several issues I encountered. He was very patient even when I asked for some clarifications.
Thank you for all your help Yuri, you are excellent at your job.
Christopher Quiles
1 review
US
Mar 18, 2024
Great Customer Experience
I have used Coinledger the past 2 years. This year I had an issue with a missing cost basis, and Benjamin (Ben R) from their support team, saved me many hours of stress by helping solve my issues efficiently and throughly. He also took time to help answer additional questions I had about past and future tax transactions. I strongly recommend using Coinledger for your tax purposes. Great experience!
Joshua Taylor
I used coinledger this year - awesome piece of software to be honest. Really helped me compile all my gains from all my wallets and exchanges for an easy time during tax season
20w
Like
Reply
Hide
5
Andrew H
1 review
US
Mar 27, 2024
Great experience with CoinLedger
Great experience with CoinLedger. I've been in crypto for a couple cycles now, and it's always been a nightmare tracking transactions come tax time. Thankfully I came across CoinLedger - the interface is easy to understand, much of the coin tracking is automated, and there is live customer service/ chat if you have a question. Would give 10 stars if I could; highly recommended.
@CoinLedger thanks for adding it all up for me, very eye opening actually doing my crypto taxes correctly for a change 😂
3:49 AM
Apr 15, 2024
13 Views
Adam Zentini
US
Jun 16, 2021
AWESOME EXPERIENCE!!!
I went to CoinLedger this year because a friend of mine recommended them. I was connected with a human who walked me right through everything. It is so nice knowing I won’t have to dread crypto taxes!
Jay
US
Dec 12, 2022
I tried couple of other Crypto tax...
I tried couple of other Crypto tax platforms and I cansurely say that Coinledger.io was the best. They help you all the way through the end before you have to pay anything at all. They have great featureslike intuitive UI, ease of use /UX, fast app performance and great customer service agents like Aimee, who helped through the process and also checked things in the backend before a paid single penny. Kudos to the team. I will be a return customer. PS: No, they did not give me any discounts to post this. :)
Jason
US
Jun 15, 2021
I’m a noob to crypto - Love CoinLedger
The customer service is insanely good. E-mails are typically answered within hours (sometimes faster) by folks that clearly understand crypto taxes and really seem to care. If only the exchanges were so good! Worth the $$$. Zero regret.
Robert
US
Mar 6, 2021
Great Product!
Easier than I thought it would be! Just knowing next year will be just as easy is comforting.
Kirk B
US
Sep 6, 2021
Best few $$ I ever spent
I dragged my feet for months in completing my taxes, but now it’s Sept and the dreaded tax deadline is looming. I found CoinLedger and in 15 min I was done. Unreal! Thank You!
Michelle D
US
Nov 25, 2021
Excellent product
Excellent product, excellent customer service — Jon helped me out back and forth multiple times over several days to help me solve a problem and answer questions about crypto taxes in general.
Reiko Rivera
US
Mar 17, 2021
I can’t say enough good things
I was apprehensive about trying to file taxes with my limited knowledge on the topic. I tried for several hours to do it myself. With CoinLedger, I was done with the filling process in 10 minutes.
