Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Coinbase’s tax reporting policies within Canada. We’ll also break down a simple way to report your Coinbase taxes in minutes.
Does Coinbase report to the Canada Revenue Agency? (CRA)
In Canada, major exchanges like Coinbase are required to register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). FINTRAC specifically is tasked with preventing tax fraud and money laundering — so it’s likely that your transactions are getting reported to the CRA.
Do I have to pay taxes on my Coinbase transactions?
Yes. In Canada, your transactions on Coinbase and other platforms are subject to income and capital gains tax.
If you’ve earned or disposed of (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the CRA.
For more information, check out our complete Canada guide to cryptocurrency tax.
Is Coinbase legal in Canada?
Yes. Coinbase legally operates in Canada.
How do I avoid Coinbase taxes in Canada?
Remember, there is no way to legally evade your taxes in Canada. However, there are tools like tax-loss harvesting and cryptocurrencytax software that can help you save thousands of dollars legally.
For more information, check out ourguide on how to avoid crypto tax in Canada.
Get a Coinbase tax report today
Looking for a simple way to report your Coinbase taxes? With CoinLedger, you can import your Coinbase transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with Coinbase and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.
You can get started with a free preview report today.
