10 November 2020: CRA announces 2021 filing deadline as 30 April 2021. 25 March 2021: Coinsquare ordered to release customer records to CRA. 7 December 2021: New year, new guide for 2022! 1 April 2021: Koinly now connects to crypto exchange Coinsquare. 19 January 2022: Updated to include the newly released Schedule 3 for the 2021 financial year. 14 February 2022: Updated with additional guidance for NFTs, DAOs and Income Tax rates for 2022. Deadline is 2 May (as 30 April falls on weekend). 13 September 2022: Updated ahead of the EOFY - optimize your tax position now! 21 February 2022: Tax-filing season is open. At Koinly, we keep a very close eye on the CRA's crypto policies and regularly update this guide to keep you informed and tax compliant. One quick thing before we jump into it - the rules on crypto tax in Canada are in constant flux. For transactions viewed as capital gains, you'll pay Income Tax at your normal Federal and Provincial tax rate on half of any gain. For transactions viewed as income, you'll pay Income Tax at your usual Federal and Provincial tax rate.
The amount of tax you'll pay on crypto depends on the kind of transaction (income or capital gain), and how much you earn. How much tax do you pay on crypto in Canada? You'll pay Income Tax on half of any crypto gains from dispositions of crypto, as well as Income Tax on any additional income from crypto - like staking or being paid in crypto. The Canada Revenue Agency (CRA) is clear that crypto is subject to Income Tax. Our Canada Crypto Tax Guide 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 - let's go! Is crypto taxable in Canada? Not sure how crypto is taxed in Canada or want to know how much tax you'll pay on crypto? The Canada Revenue Agency has released guidance on cryptocurrency taxes in Canada - but they're not always clear. Which crypto exchanges are banned in Canada? How to cash out crypto without paying taxes in Canada How to pay tax on cryptocurrency in Canada How to file crypto taxes with CRA paper forms How to file crypto taxes on TurboTax Canada How to calculate your cryptocurrency taxes Canada
How to report cryptocurrency on taxes in Canada When to report your crypto taxes to the CRA Do you pay tax when spending crypto in Canada? Crypto margin trading, derivatives and other CFDs How are airdrops and forks taxed in Canada? Do you pay tax when you sell cryptocurrency in Canada? Do you pay tax when you buy crypto in Canada?
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