This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Crypto tax software programs make it easier to record your cryptocurrency transactions, track any capital gains or losses and report them to the Canadian Revenue Agency (CRA). To help you manage your tax obligations, we’ve compared a range of options to find the best crypto tax software programs in Canada.
Our selection of the best tax crypto software is updated by our editorial team throughout the year to reflect changes in the market.
“Top picks” are those we’ve evaluated to be best for certain product features or categories – you can read our full methodology here If we show a “Promoted Pick”, this means it’s been chosen from among our commercial partners and is based on factors that include special features or offers, and the commission we receive.
Keep in mind that these picks are suggestions and that the crypto tax software that is best for you will depend on your individual needs. There may be other products on the market not included in our picks.
Koinly is best for traders looking to streamline their crypto tax reporting. By syncing and importing your data into Koinly, you can see how much you've invested in crypto, get a summary of your crypto income and view your realized and unrealized capital gains.
Pros
Specialized tax reports. Koinly offers specialised tax reports for Canada and several other countries around the world.
Supports crypto payments. Unlike competitors, Koinly accepts both crypto (BTC, ETH, DAI or USDC) and credit or debit card payments.
650+ integrations. Through Koinly, you can integrate 400+ exchanges, 100+ wallets, 170+ blockchains, with API supports for thousands of coins and tokens.
Share access. Form your own tax team by inviting your accountant, CPA or tax agent to access your Koinly account.
Cons
No free option. The free plan with Koinly lets you track up to 10,000 transactions, but you'll need to upgrade to a paid plan if you want to generate tax reports.
Pricing by tier (per year)
Free - Track 10,000 transactions with no tax report
CoinLedger (formerly CryptoTrader.Tax) has been helping cryptocurrency traders with their transaction reporting since 2018. Its tax software is designed to allow you to track all cryptocurrency transactions for the financial year in minutes, then generate reports that detail gains, losses and income from NFTs, staking and mining.
Pros
Unlimited plan available. If you're a frequent trader, CoinLedger's top plan supports an unlimited number of transactions for over 10,0000 cryptocurrencies.
Free tax preview. You can generate and view a free preview tax report and then pay when you need to download your tax forms.
Multiple reports. CoinLedger allows you to generate a short- and long-term gains report, a cryptocurrency income report, and a tax loss harvesting report to help you minimize your tax obligations.
Tax Professional suite. CoinLedger's Tax Professional suite provides easy access for accountants and tax agents and allows them to walk their customers through the process of importing transactions.
Cons
USD pricing. CoinLedger subscriptions are priced in US dollars, so consider the currency conversion rate when deciding whether it's right for you.
No crypto payment. While you can pay with a credit card, you can't use cryptocurrency as payment &mdash
3. Coinpanda: Best for number of exchange integrations
Coinpanda Crypto Tax Reporting
Coinpanda lets you generate crypto tax reports in less than 20 minutes. It offers tax reporting services to customers in over 65 countries, and integrations with over 500 exchanges and 115 wallets.
Pros
Supports 500+ exchanges and 115 wallets. Coinpanda offers integrations with over 500 exchanges and 115 wallets as well as digital assets on 242 blockchains.
Quick and easy to use. Many customers praise Coinpanda for how easy it is to use. The platform's user-friendly interface is intuitive and simple to navigate.
All your tax needs. Coinpanda not only lets you generate capital gains and cryptocurrency income reports, but it also lets you calculate profits and losses on futures and margin trades as well as DeFi transactions.
Professional suite. Coinpanda also offers a software suite so that CPAs and tax professionals can generate tax reports for their clients.
Cons
No mobile app. While Coinpanda has a comprehensive portfolio tracker, it doesn't have an app like Glassnode's Accointing.
No crypto payments. Although all major credit cards are accepted, using cryptocurrency to pay for Coinpanda is out of the question. If you want to pay with cryptocurrency, consider another crypto tax software like Koinly or TokenTax.
Pricing by tier (per year)
Free - 25 transactions + tax reports
US$49 - 100 transactions + tax reports
US$99 - 1,000 transactions + tax reports
US$189 - 3,000+ transactions + tax reports
US$389 - 20,000+ transactions + tax reports
US$596 - 50,000+ transactions + tax reports
US$768 - 75,000+ transactions + tax reports
US$941 - 100,000+ transactions + tax reports
Supported exchanges
Supports all major exchanges
Supported exchanges
Supports all major exchanges
Free Plan Available?
25 transactions
4. CryptoTaxCalculator: Best for crypto tax professionals
CryptoTaxCalculator offers crypto tax software designed to meet CRA guidelines. It supports hundreds of major Canadian and international exchanges, and also offers a professional software suite for accountants and bookkeepers.
Pros
Supports up to 100,000 transactions. CryptoTaxCalculator's Trader plan allows you to track and report up to 100,000 transactions.
Supports over 600 wallets and exchanges. This crypto tax software offers integrations with over 600 exchanges and wallets, ensuring quick and easy importing of all your transactions.
Region-specific formatting. CryptoTaxCalculator offers region-specific report formatting for the US, making it easy to ensure that you follow CRA rules.
Cons
No free plan. While you can try CryptoTaxCalculator for free, you'll have to pay if you want to generate a tax report.
Cumulative transaction limit. Be aware that while a CryptoTaxCalculator subscription gives you access to all financial years, the transaction limit on your plan will also include transactions from previous financial years.
CoinTracking offers cryptocurrency portfolio tracking and tax reporting services for customers in over 100 countries. It offers automatic transaction imports from over 110+ exchanges via APIs (not available on a free plan), and provides users with 25 customizable cryptocurrency reports.
Pros
Report for up to 100 transactions is free. You can generate tax and capital gains reports on up to 100 transactions when you sign up for a free plan.
Wide range of reports. You can use CoinTracking to generate 25 customizable reports including profit/loss, realized and unrealized gains, and many more.
Support. CoinTracking offers a huge online database of frequently asked questions to help new users understand how to use the platform. How-to videos are also available, or you can create a support ticket to get the assistance you need.
Cons
No automatic imports on free plan. If you want to automatically import transactions, you'll need to upgrade to a paid plan.
A little complicated. If you're new to the world of crypto tax tracking and reporting, you may find the CoinTracking interface a little confusing at first.
TokenTax is a full-service crypto tax software that takes the lead in customer service. Using TokenTax, you can import data from every crypto exchange, blockchain, protocol and wallet. You can sync your transactions via API or upload them with a supported CSV format.
Pros
Supports all exchanges, blockchains, protocols and wallets. You can sync your transactions via API or you can provide a CSV from any unsupported exchange and its team will make sure that your trades are included in your transaction history.
Tax-loss harvesting. For Premium plans and up, get tips on how to reduce your tax liabilities.
Supports DeFi and NFT protocols. The Premium and Pro plans have integrations for specific DeFi protocols and NFT marketplaces. And its VIP plan covers everything.
Cons
Expensive. While its Premium plan cost is in line with other crypto tax software, TokenTax doesn't offer a free plan. Its most affordable plan for US$65 is limited to Coinbase users. Its VIP plan for US$2,999 - the highest price tag in the crypto tax software business - only covers 30,000 centralized exchange (CEX) transactions, which pales in comparison to competitors who offer unlimited transactions.
No refunds. Since TokenTax will do whatever it takes to get your crypto tax data right, it doesn't offer refunds.
Crypto tax software helps you keep a record of crypto transactions and calculates the capital gain or loss when your crypto assets are sold, exchanged, given away or traded.
The best crypto software in Canada integrates with the exchange you use to manage your cryptocurrency. It automatically grabs and records details of your transactions when you execute an exchange or trade.
Most crypto tax software gives you the option to manually import your data. You can export your transactional data from your crypto exchange platform as a CSV file. This file can then be imported into your chosen crypto tax software.
Most crypto software programs also keep track of your transactions in a way that’s suitable for CRA forms and Canadian tax reporting. They can automatically fill in your tax forms at the end of the tax year, making sure you pay the correct tax that’s due, in line with Canadian crypto tax rules.
How to choose the best crypto tax software
It’s important to research a range of crypto tax software to compare the pros and cons of each option. The best crypto tax software for Canadians depends on your specific needs. To help, consider the following:
Price
Some platforms like Koinly and ZenLedger offer free basic services for crypto investors who make under 10,000 transactions a year. To get a more comprehensive service, you’ll need to pay an annual fee. It could be worth it to save you a massive headache at the end of a tax year.
Other platforms like CoinLedger don’t have free plans and charge yearly subscriptions depending on your level of transactions.
Data import options
Most crypto tax software in Canada lets you integrate your account with a range of crypto platforms and automatically import the relevant tax data. If you’re interested in one that isn’t compatible with your crypto platform, check that you can manually import CSV data.
Calculators
Working out your tax liability is the bread and butter of good crypto tax software. You’ll want to try to minimize your tax liability and maximize profitability where possible. For example, pooling crypto assets to work out your tax liability. This could reduce your tax liability by offsetting gains and losses for similar crypto assets.
Creating tax documents
Most Canadian crypto tax software can help you complete the necessary tax forms at the end of the tax year. Remember, in Canada, you need to report capital gains or losses on relevant tax forms.
Integration with the CRA
Crypto tax software doesn’t currently integrate directly with the CRA, but the best platforms will help you automatically fill in your tax forms.
Investors need to be aware of their obligations. The CRA is now more proactive in reviewing anyone who may have crypto tax liabilities. At this point in time, the CRA requires several crypto platforms, including Coinbase, to provide documentation on investor gains and losses. It’s quite likely that the CRA will ask all major crypto platforms to share customer information, at some point in the future.
Security
Most platforms provide detailed information on their security features, like 256-bit encryption and employee vetting.
Check out online customer reviews to see if the crypto tax company you’re considering has a good reputation. You can also search Google to see if a company has had any recent breaches or hacks.
Customer support
Many tax software companies offer 24-hour support and live chat. They also provide online guides and resources to help you understand more about how crypto tax works.
Why use crypto tax software?
Crypto tax software should help you simplify keeping records and submitting tax forms for your crypto investments. Here are some of the advantages of using crypto tax software:
Saves time. Most software automates crypto record-keeping by integrating with your crypto exchange.
Helps with complicated tax rules. Tax rules for crypto assets are complicated. Crypto tax software can help make sure you’re paying the right tax each year and don’t have any nasty surprises.
Generates tax forms. Most crypto tax software will help you complete your year-end tax forms so you don’t have to employ a specialist accountant.
Protects your profits. Top crypto tax software uses strategies to save you money on your tax bill. For example, you may be able to pool similar crypto assets to offset some of your gains and losses.
Lower risk of being fined. Because US tax rules are complicated, there’s a significant risk of reporting incorrect crypto assets information on your tax return if you don’t use specialist software.
Compare crypto tax software
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It appears Canadians are still not sure about the cryptocurrency marketplace. According to the latest data from the Finder: Consumer Sentiment Survey Q2 2023, only 7.00% of respondents thought that now — April to June 2023 — was a good time to invest in cryptocurrency. This lack of confidence in crypto as an investment asset has not changed much in 2023, given that 7.00% of Canadians, who were asked the same question in the Finder: Consumer Sentiment Survey Q1 2023 survey, also did not consider January to March to be a good time to invest in crypto.
Crypto tax software alternatives
Crypto-focused tax software might not be best for every type of investor or trader. Beginners may be able to make use of standard tax software, while trained professionals can be helpful for heavy investors.
Certified public accountant. Certified accountants versed in crypto can ease the process of filing taxes, though you may be required to share a file of your crypto transactions first. Look for a good track record of dealing with cryptocurrency investments.
Crypto tax lawyer. Similar to crypto CPAs, you can find tax lawyers that specialize in crypto tax law. A crypto legal professional can advise you on cryptocurrency holdings, take transactional data and reconcile taxes. But they can be expensive.
Standard tax software. Rather than purchase a crypto-focused package, you may be able to use market-leading providers like TurboTax that integrate cryptocurrency features — including one that you already use for your state and federal taxes.
File your own taxes. Individual investors and traders are free to complete their own tax forms. If you have a solid understanding of your crypto tax obligations and are willing to put in the time, this option could save you money. But you face stiff penalties for failing to accurately report your capital gains.
Methodology
We considered a wide range of factors before choosing the best crypto tax software for Canadian investors. When pouring over each platform, we looked at:
Price. We compared crypto tax software plan prices and what you get for the money you pay. Not only did we search for the most affordable plans for different types of cryptocurrency investors and traders, we also searched for those plans that offer the best value for money.
Number of supported exchanges. We considered the number of exchange, wallet, blockchain and coin-tracking service integrations each provider offers. This allows for easy importing of all your cryptocurrency transaction data using API keys or CSV files.
Ease of use. Next, we compared crypto tax software to find out how easy it is to use. From signing up to importing transaction data and generating tax reports, we looked for programs that simplify the process from start to finish.
Included tax forms and reports. The best crypto tax software is optimised for use with CRA tax rules.
Accountant access. Once you’ve generated your tax report, we inspected how easy it is to give your accountant access to your tax report and export your data to popular tax filing software.
Customer service. Finally, we also considered how you can get in touch with a software provider’s customer support team, what previous users have to say about the level of customer support, and whether they also offer online help resources.
Bottom line
Using crypto tax software can help simplify keeping records of your crypto asset transactions. It will keep secure records of all your crypto transactions by integrating directly with your crypto trading platform.
It will also save you a headache at the end of the tax year when you need to fill in your tax return. That’s because you’ll be able to automatically fill in the required CRA forms. You can also rest easy that you’re complying with all the complicated rules on crypto tax.
The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, with a 99% confidence level.
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, 19 out of 20 times.
FAQs
You can use crypto tax software to keep track of all of your crypto transactions and produce your tax reports.
It's also good to manually track your crypto transactions so that you can alter the reports the software produces if some of your crypto transactions upload incorrectly.
Once you've done so, you may want to use crypto tax software to help you produce your tax reports, especially if you have over 100 transactions.
Most crypto tax software has free features, but many charge a fee if you want to produce tax reports.
For example, Koinly allows you to track up to 10,000 transactions for free but charges you if you want to generate any tax reports.
Yes, you can! Consider using crypto tax software to support your recordkeeping and tax form generation to make sure you stay on the right side of the CRA. If in doubt, consult a tax professional for additional guidance.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Alexa Serrano Cruz is a senior editor at Finder, specializing in banking. As a personal finance expert, she helps Americans make informed decisions about their finances. Her expertise includes savings, budgeting, kids' banking, and more. Prior to joining Finder, Alexa worked as an editor in Miami and New York.
Alexa is a certified anti-money laundering specialist and her personal finance expertise has earned recognition from reputable publications such as Nasdaq, Best Company, U.S. News & World Report, MSN, Yahoo, and Valuewalk. Alexa has also made notable appearances on platforms such as Winnie Sun TV, money podcasts like LifeBlood, and broadcast news publications like Fox News and NBC News.
Alexa also served as an editor for ACAMS Today, a prominent publication dedicated to anti-financial crime detection and counter-terrorist financing.
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