Finder makes money from featured partners, but editorial opinions are our own.

Best crypto tax software services in Canada

Our picks for the best crypto tax software to help you meet your CRA reporting requirements.

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.

Best crypto tax software in Canada for 2024

1. Koinly: Best overall

Koinly Crypto Tax Reporting

Go to site
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.

2. CoinLedger: Best for high-volume traders

CoinLedger Crypto Tax Reporting

Go to site
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.

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.

4. CryptoTaxCalculator: Best for crypto tax professionals

CryptoTaxCalculator Cryptocurrency Tax Reporting

Go to site
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.

5. CoinTracking: Best free plan

CoinTracking Crypto Tax Reporting

Go to site
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.

6. TokenTax: Best for customer support

TokenTax

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.

What is crypto tax software?

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

1 - 4 of 4
Name Product Pricing by tier (per year) Supported exchanges
Koinly Crypto Tax Reporting
Koinly Crypto Tax Reporting
  • Free - Track 10,000 transactions with no tax report
  • CAD$49 - 100 transactions + tax reports
  • CAD$99 - 1,000 transactions + tax reports
  • CAD$179 - 3,000 transactions + tax reports
  • CAD$279 - 10,000+ transactions + tax reports
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.
CryptoTaxCalculator Cryptocurrency Tax Reporting
CryptoTaxCalculator Cryptocurrency Tax Reporting
  • Free - 100,000 transactions but no tax reports
  • CA$49 - 100 transactions + tax report
  • CA$99 - 1,000 transactions + tax report
  • CA$249 - 10,000 transactions + tax report
  • CA$499 - 100,000 transactions + tax report
Supports all major exchanges
This Australian-made software helps you file a CRA-compliant crypto tax return and generates tax reports on all financial years.
CoinLedger Crypto Tax Reporting
  • Free ⁠— Unlimited
  • US$49 ⁠— up to 100 trades
  • US$99 ⁠— up to 1,000 trades
  • Pro: $199.99 — 3,000 transactions
  • Pro: $299.99 — 10,000 transactions
  • Unlimited: $499.99 — 1,000,000 transactions
Supports all major exchanges
Connect your exchanges, import trades and download your crypto tax report within minutes.
CoinTracking Crypto Tax Reporting
CoinTracking Crypto Tax Reporting
  • Free - 200 transactions
  • Pro: US$155.88 - 3,500 transactions + tax reports
  • Expert 1: US$239.88 - 20,000 transactions + tax report
  • Expert 2: US$323.88 - 50,000 transactions + tax report
  • Expert 3: US$431.88 - 100,000 transactions + tax report
  • Unlimited: US$839.88 - unlimited transactions + tax report
Supports all major exchanges
Get 10% off upgrades to Pro or Unlimited accounts
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.
loading

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.

  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.

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.

Survey Methodology – Finder: Consumer Sentiment Survey Q1 2023

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.

Survey Methodology – Finder: Consumer Sentiment Survey Q2 2023

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

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.

More guides on Finder

Ask a Question

You must be logged in to post a comment.

Go to site