AI Summary
- CRA treats crypto as a commodity, and only 50% of your capital gains are taxable
- Cost basis is calculated using the Adjusted Cost Base (ACB) method, which averages your purchase price across all holdings of an asset
- Every crypto-to-crypto trade is a taxable disposition under CRA rules
- The report includes capital gains, derivatives income, crypto income, and portfolio balances
- Ready to share with your accountant or tax professional for T1 filing
What Is in This Report?
| Section | Purpose |
|---|---|
| Capital Gains Summary | Total gains and losses from crypto disposals |
| Summary of Income from Crypto Derivatives | Futures and options trading income |
| Other Income and Expense Summary | Staking rewards, airdrops, mining income |
| Beginning of Year Balance | Portfolio value at start of tax year |
| End of Year Balance | Portfolio value at end of tax year |
| Capital Gains Transactions | Detailed record of all taxable disposals |
| Crypto Derivatives Transactions | Detailed futures and options trades |
| Other Income and Expense Transactions | Income events and expense records |
| Asset Wise Profit & Loss | Profit and loss by asset |
| Data Sources | Exchanges, wallets, and files used |
How CRA Taxes Crypto
| Event | Tax Treatment |
|---|---|
| Buy crypto with CAD | Not taxable |
| Hold crypto | Not taxable |
| Sell crypto for CAD | Capital gain or loss |
| Trade crypto for crypto | Capital gain or loss |
| Spend crypto | Capital gain or loss |
| Receive staking or mining income | Income or capital gain depending on situation |
The 50% Inclusion Rate
Canada taxes only half of your capital gains.| Full Gain | Taxable Amount | Tax Rate |
|---|---|---|
| $10,000 | $5,000 | Your marginal tax rate |
| $50,000 | $25,000 | Your marginal tax rate |
| $100,000 | $50,000 | Your marginal tax rate |
You buy BTC for CAD 40,000 and later sell it for CAD 60,000.
- Capital Gain: CAD 60,000 − CAD 40,000 = CAD 20,000
- Taxable Capital Gain:
CAD 20,000 × 50% = CAD 10,000
- Tax Owed:
CAD 10,000 × 30% = CAD 3,000
KoinX reports the full capital gain, which you then use to calculate the taxable portion under CRA rules.
Crypto-to-Crypto Trades Are Taxable
In Canada, every crypto-to-crypto trade is considered a disposition. Examples: BTC to ETH trade, token swap on a DEX, buying an NFT with crypto. The fair market value at the time of the trade determines the proceeds.Adjusted Cost Base (ACB)
Canada requires the Adjusted Cost Base method. Steps: track total cost of all purchases of an asset, track total quantity held, calculate average cost per unit, then use that average cost when selling. Example:You buy 1 BTC for CAD 30,000, and later buy another 1 BTC for CAD 40,000.
- Total Cost: CAD 30,000 + CAD 40,000 = CAD 70,000
- Total BTC Held: 2 BTC
- ACB per BTC: CAD 70,000 ÷ 2 = CAD 35,000
- Capital Gain: CAD 50,000 − CAD 35,000 = CAD 15,000
KoinX automatically calculates ACB for each asset.
Capital Gains Summary
This section summarises all crypto disposals during the tax year.
| Field | Description |
|---|---|
| Number of Transfers | Total number of crypto disposals |
| Sale Consideration | Total proceeds received |
| Cost of Acquisition | Total purchase cost |
| Fees Paid | Transaction fees |
| Gross Profit | Total gains before losses |
| Gross Loss | Total losses |
| Net Gains | Final capital gain amount |
Summary of Income from Crypto Derivatives
If you traded crypto derivatives such as futures or options, this section summarises your realised trading results.
| Field | Description |
|---|---|
| Total Realised Futures Profit | Total futures profits |
| Total Realised Futures Losses | Total futures losses |
| Futures Turnover | Total trading volume |
| Brokerage Fees | Trading fees |
| Funding Interest | Interest received or paid |
| Net Gains from Futures | Final futures profit |
Other Income and Expense Summary
This section captures crypto received as income.
- Airdrops
- Rewards
- Staking income
- Salary in crypto
- Consultancy income
- Mining income
- Margin interest
- Mining expenses
- Donations
- Consultancy expenses
Detailed Beginning of Year Asset Balances
The report includes portfolio snapshots showing your crypto holdings at the start and end of the tax year.
| Field | Description |
|---|---|
| Asset Name | Cryptocurrency |
| Quantity | Amount held |
| Cost | Acquisition cost |
| Market Value | Current value |
| Remarks | Average price details |
Detailed End of Year Assets Balances
Shows the portfolio position on the last day of the financial year.
- Shows your starting position for the year
- Helps verify that cost basis carry-forward is correct
- Useful for audit trail and reconciliation
Capital Gains Transactions
This section lists every taxable crypto disposal.
| Field | Description |
|---|---|
| Date Purchased | Acquisition date |
| Date Sold | Disposal date |
| Asset | Cryptocurrency |
| Quantity | Amount sold |
| Buy Value | Purchase price |
| Sell Value | Sale price |
| Gross Gain | Profit before fees |
| Net Gain | Profit after fees |
Crypto Derivatives Transactions
Lists individual futures and options trades.
| Field | Description |
|---|---|
| Date | Trade date |
| Asset | Contract asset |
| Quantity | Position size |
| Net Gains | Profit or loss |
| Type | Futures or Options |
| Source | Exchange source |
Other Income and Expense Transactions
This section lists detailed income events such as:- Reward income
- Staking interest
- Airdrops
- Salary payments
- Mining income
- Donations
- Expenses
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Asset Wise Profit & Loss
This section summarises profit and loss per cryptocurrency.
| Asset | Gross Profit | Gross Loss | Net Gains |
|---|---|---|---|
| ETH | C$79.32 | C$61,294.83 | -C$61,215.51 |
| BNB | C$440.97 | C$1.49 | C$439.48 |
| USDT | C$985,994.05 | C$1,667,050.32 | -C$681,056.28 |
Data Sources
Frequently Asked Questions
Which KoinX reports do I need as a Canada-based user?
Which KoinX reports do I need as a Canada-based user?
The Complete Tax Report (Canada) is your main document. It provides the full summary of your crypto activity.
Is crypto mining income treated differently from trading gains in Canada?
Is crypto mining income treated differently from trading gains in Canada?
Yes. Hobby mining may lead to capital gains on disposal, while business-scale mining is treated as business income when received.
Does KoinX's Canada report comply with CRA guidelines?
Does KoinX's Canada report comply with CRA guidelines?
Yes. The report uses the Adjusted Cost Base method and treats crypto-to-crypto trades as dispositions according to CRA guidance.
How are crypto-to-crypto trades taxed in Canada?
How are crypto-to-crypto trades taxed in Canada?
Each trade is considered a disposition, and the fair market value of the crypto received determines the proceeds.
What is the difference between capital gains and business income treatment?
What is the difference between capital gains and business income treatment?
Capital gains are taxed with a 50% inclusion rate, while business income is 100% taxable.