Calculate Your Crypto Taxes
Your Crypto Tax Results
Capital Gain/Business Income
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Taxable Amount (50% inclusion for capital gains)
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Estimated Tax Owing (Federal + Provincial)
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Frequently Asked Questions
How is cryptocurrency taxed in Canada?
In Canada, cryptocurrency is treated as either capital property or business income depending on your activity. Most investors report crypto gains as capital gains (50% inclusion rate), meaning only half of your profit is taxable. Day traders or miners may need to report as business income (100% taxable). The CRA reviews factors like frequency of transactions, holding period, and intent. Our Mississauga CPA team specializes in crypto tax planning for Ontario investors.
Do I need to report crypto if I didn't sell?
If you only bought and held cryptocurrency without selling, trading, or receiving income (staking/mining), you typically don't report it on your tax return. However, crypto-to-crypto trades, using crypto to buy goods/services, and receiving crypto as income ARE taxable events. Many GTA residents unknowingly trigger tax obligations by swapping coins or staking rewards. Our Toronto-area team helps track every taxable transaction.
What is the adjusted cost base (ACB) for crypto?
Adjusted Cost Base (ACB) is your averaged purchase price across all crypto acquisitions of the same type. When you buy Bitcoin at different prices, the CRA requires you to track the weighted average cost. ACB includes purchase price plus fees. When you sell, your capital gain = proceeds minus ACB. Calculating ACB for frequent traders can be complex-Insight Accounting CPA in Mississauga offers crypto bookkeeping and ACB tracking services for Ontario taxpayers.
Are NFTs taxed the same as cryptocurrency?
Yes, NFTs are generally taxed the same as crypto in Canada. Buying and selling NFTs triggers capital gains or losses. If you create and sell NFTs as a business, income is 100% taxable as business income. The CRA has increased scrutiny on NFT transactions. Our Mississauga accounting firm helps artists, collectors, and traders report NFT activity correctly on their Canadian tax returns.
What records should I keep for crypto taxes?
The CRA requires detailed records of every crypto transaction: date, type (buy/sell/trade), amount in CAD, wallet addresses, exchange statements, and fees. Keep records for at least 6 years. Use exchange exports, blockchain explorers, or crypto tax software. Many Toronto and GTA crypto investors get caught off-guard during CRA audits due to poor record-keeping. Insight Accounting CPA offers crypto tax preparation and audit defense for Ontario residents-call (905) 270-1873 for a free consultation.