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Cryptocurrency tax software

Stay on top of taxable events triggered by cryptocurrency transactions and simplify your returns.

Cryptocurrency is considered a digital asset by the CRA. It’s not recognized by the Canadian government or courts as legal tender (real money) like Canadian dollars, US dollars, euros etc. As an asset, cryptocurrency is taxed much like an investment. You’ll need to pay taxes when you:

  • Sell or gift cryptocurrency
  • Trade or exchange cryptocurrency for legal tender or another cryptocurrency
  • Convert cryptocurrency to a government-issued currency like Canadian dollars
  • Buy goods or services with cryptocurrency

But keeping track of every gain or loss isn’t ideal if you’re completing several transactions a day or relying on crypto banking products. Luckily, crypto investors can track, manage and calculate taxes they owe with the use of crypto tax software, with some providing easy filing tools and forms generated by tax authorities.

Check out our crypto tax guide

What is crypto tax software?

Crypto tax software records and keeps track of crypto transactions, including the price at which a cryptocurrency was originally purchased. That way, the software can calculate the capital gain or loss when the same crypto is sold.

Top software integrates with the exchange you use to manage your cryptocurrency, automatically retrieving transactional data when you execute an exchange or trade.

Most crypto tax software also offer investors a manual way to import this data. Many crypto exchanges and platforms allow you to export your transactional data as a CSV file, which can then be imported into a crypto tax software.

Compare crypto tax software

Compare top crypto tax software to find the best for your investment and financial goals.

1 - 4 of 4
Name Product Pricing by tier (per year) Supported exchanges
Koinly Cryptocurrency Tax Reporting
Koinly Cryptocurrency Tax Reporting
  • Free⁠ — basic plan
  • US$49 ⁠— 100 trades
  • US$99 ⁠— 1,000 trades
  • US$179 ⁠— 3,000 trades
  • US$279+ — 10,000+ trades
Supports all major exchanges
Koinly can produce detailed cryptocurrency tax reports in under 20 minutes. The basic plan only allows tracking and cannot generate tax reports.
CoinTracking Cryptocurrency Portfolio Tracking and Tax Reporting
  • Free ⁠— 200 trades
  • US$120~ ⁠— 3,500 trades
  • US$186~ ⁠— 20,000 trades
  • US$300~ — 100,000 trades
  • US$600~ Unlimited
Supports all major exchanges
Track trades and generate real-time reports on profit and loss, the value of your coins and more. Two year and lifetime plans also available.
CryptoTrader.Tax Cryptocurrency Tax Reporting
CryptoTrader.Tax Cryptocurrency Tax Reporting
  • US$49 ⁠— up to 100 trades
  • US$99 ⁠— up to 1,500 trades
  • US$199 ⁠— up to 5,000 trades
  • US$299 ⁠— Unlimited trades
Supports all major exchanges
Connect your exchanges, import trades and download your crypto tax report within minutes.
BearTax Cryptocurrency Tracking and Tax Reporting
BearTax Cryptocurrency Tracking and Tax Reporting
  • US$10 ⁠— 20 trades
  • US$45 ⁠— 200 trades
  • US$85 ⁠— 1,000 trades
  • US$200 ⁠— unlimited
Supports all major exchanges
Beartax can track your trades, help you calculate what’s owed and generate tax reports. Discounts available on 2 year plans.
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Compare up to 4 providers

How to compare crypto tax software

When searching for crypto tax software, weigh key elements important to make tax reporting easier on investors.

Price

Some platforms like Koinly offer free services for long-term cryptocurrency investors that execute only a handful of transactions a year, while others like CryptoTrader charge yearly subscriptions of $300 or more for those who engage in heavier trading or transactions. ZenLedger offers freemium and subscription models.

Data import options

Most crypto tax software allow integrations with a range of crypto exchanges or platforms for automated import of relevant tax data. If you’re interested in one that doesn’t work with yours, check for alternative manual CSV data imports.

Calculation methods

Determining the calculations your crypto tax software can perform is crucial. All good tax software should try to minimize tax liability and maximize profitability where possible. For example, tax-loss harvesting systems calculate losses and use them to offset current or future gains.

Creating tax documents

A standout feature that separates crypto tax software is the ability to complete tax documents on request. Top software should be able to generate documents which the CRA requires from investors to document crypto transactions.

Number of transactions

Lower-cost software may restrict the number of transactions it can record, requiring an upgrade to a pricier plan to record more. Estimate the number of transactions you think may need to record while narrowing down your software options.

Security

Look for tax software that prioritizes security and its reputation. Learn about specific security measures in place to protect your data, and check the headlines for breaches or hacks associated with the brand. Online customer reviews can also provide valuable information from investors in your financial situation.

Customer support

Many tax software companies offer multiple ways to get support, including 24/7 toll-free numbers and live chat. If hours are limited, make sure they work with your schedule. And look for online learning resources that can help you untangle questions on your own.

Why you need crypto tax software

Crypto tax software is designed to simplify your crypto transactions by tracking, managing and generating the information you need to successfully file your returns with the CRA.

  • Saves time. Most software allows you to integrate with your current crypto exchange and wallet, automating the process.
  • Generates tax forms. Most crypto tax software not only collects your transactional data, but also automatically completes CRA forms for you.
  • Protects your profits. Top tax software uses strategies that calculate and use losses to lower your capital gains — potentially saving you money.

4 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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Bottom line

Crypto tax software can be a really helpful tool to help you manage and report your crypto transactions and make the filing process smoother. Make sure you compare your options to find the right software for your needs.

If you want to learn more about how cryptocurrencies are taxed in Canada, check out our cryptocurrency tax guide here. If you want to earn more about crypto banking products, check out our guide to crypto banking here.

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