Crypto Currency Tax Accountants near you.
How It Works
Get Pricing
Make an appointment to share your unique background and trading situation. All of our meetings are conducted over the phone or Microsoft Teams.
Select a date and time now.
Securely Upload Your Documents
Send us your crypto data files in Excel or CSV format
Also share your crypto wallets public APIs
Review Crypto Report
- Review your report together
- Your choice to how you file taxes
Tax Filing
Your choice:
– File your own taxes
– We file for you
– Work with your accountant
How does crypto taxation work?
Cryptocurrency taxation is a complex topic that varies by country. In Canada, the Canada Revenue Agency (CRA) considers cryptocurrency as a digital asset and taxes it as such. If you sell or use your crypto in a transaction and it is worth more than it was when you purchased it, you will be taxed on the capital gains. The amount of tax you’ll pay on crypto depends on the kind of transaction (income or capital gain), and how much you earn. For transactions viewed as income, you’ll pay Income Tax at your usual Federal and Provincial tax rate. For transactions viewed as capital gains, you’ll pay Income Tax at your normal Federal and Provincial tax rate on half of any gain.
If you need more information on how to calculate and report your crypto taxes in Canada, including income and capital gains, with the latest guidance from the CRA and the CRA’s crypto policies, you can check out this guide by Forte Innovations. It covers everything you need to know including crypto capital gains, crypto income, how to calculate your crypto taxes, how to report your crypto to the CRA, and even how to help you reduce your tax bill ahead of the April 30 tax deadline 1.
Taxable Crypto Activities
What’s the difference between Business vs. Capital Gains Crypto Tax Returns
Sure! When calculating your crypto taxes, it’s important to start by inspecting the proceeds resulting from disposition. In Canada, we use the Adjusted Cost Base (ACB) to calculate the cost of your cryptocurrency. Don’t forget to include Crypto Exchange Fees (i.e. gas fees) to ensure that your report is complete and accurate before settling your crypto gains and losses report.
If you are picked for a review or for a full audit, the crypto gains and loss report will be the basis by which to support your reply to the CRA. It is also used to prepare your tax return for e-File with major tax software packages like TurboTax or UFile, which are the most popular tax preparation packages for those filing by themselves.
To distinguish between business income and capital gains, evaluate by using the following criteria:
Business Income
Cryptocurrency trading (i.e. how frequent is your trading?)
Holding inventory for a short period of time (i.e. minutes, hours, days)
Intention related to your crypto mining (i.e. is it to make a profit or a hobby?)
It is your main source of income (i.e. is it a hobby or your main source of income?)
Capital Gain
Holding for investment purposes
For more information on how to calculate your crypto taxes, how to report your crypto to the CRA, and how to help you reduce your tax bill ahead of the tax deadline, you can check out our Crypto Tax Canada: Ultimate Crypto Income Tax Guide.
Crypto tax accountants near me
We calculate crypto tax
Filing on your own? Or, working with a CPA? Either way, when you provide us with your data, we can tell you if you’re missing crypto transactions. Then, we calculate the correct amount of profit and losses. You can relax and confidently file your tax return.
We personally work with you
When you send us your crypto exchanges’ CSV files, or provide us access to your data via the crypto exchanges’ API, we can merge, aggregate and consolidate every single source of data, apply the right currency exchange to arrive at the correct amount in Canadian dollars.
Peace of mind
You’ll get a detailed crypto tax accountant report containing your profit and loss, we will work with you so you understand and can ask any questions about your results.
We don’t rest until you are satisfied because through an interactive process, you will learn more about your own crypto currency journey, and how you can improve your trading strategy.
Useful reference links:
Popular Crypto Terms
This introduction offers insight into the world and mechanics of the technology itself. We explore topics from the very first blockchain (Bitcoin) to the numerous industries being disrupted and the use-cases driving it.
Cryptos Blog
Here's Why You Need Records Keeping to File Crypto Taxes
Are my Crypto Activities Business Income vs. Capital Gains?
