8 Best Crypto Tax Software In Canada

Crypto tax software are tools that help cryptocurrency investors calculate their tax liabilities on cryptocurrency trades and transactions. The software is designed to simplify the process of reporting cryptocurrency transactions for tax purposes, which can be complex and time-consuming.

Crypto tax software typically works by connecting to your cryptocurrency exchange and wallet and automatically importing your transaction history. The software then uses this information to calculate your capital gains or losses and generates tax reports that can be used to complete your tax returns.

What Is The Best Crypto Tax Software In Canada?

#1 Koinly — Best Overall

Koinly is a free cryptocurrency tax tool that makes tracking your cryptocurrency taxes nearly effortless. It'll grant you access to many useful features, such as precise tax reports with broad international support, an extensive blog that covers crypto tax news and recommendations, and an extensive FAQ section coupled with attentive customer support that'll help you through every step of the way.

All you have to do to calculate and pay taxes with Koinly is link your account to one of nearly 400 different cryptocurrency exchanges supported by the platform. After that, you'll be able to request the tax report of your choice, and the software will do it for you. Koinly is the most comprehensive crypto tax software option accessible on this list, and I fully recommend using the platform to assist you in crypto tax management.

Features

• Most of the software's features are available for free.
• Keeps track of your crypto taxes by detecting transfers between your wallets with the help of AI.
• Keeps track of ALL crypto operations that can be perceived as taxable events (including mining, staking & hard forks).
• Can look at your trading history and suggest strategies to optimize tax returns.
• Broad cryptocurrency exchange support (nearly 400 exchanges supported).
• Has a wide array of supported cryptocurrency wallets (nearly 100 wallets supported).
• Extensive FAQ section + 24/7 customer support through email and live chat.

Pros & Cons Of Koinly

Pros

• Extremely easy to use.
• Automated data imports and synchronization with nearly 400 crypto exchanges.
• Precise tax reports based on the data imports previously mentioned.
• Customer support is available via live chat and email 24/7.
• It offers a portfolio tracker that works in real time.
• Supported in more than 20 countries.

Cons

• Requires a paid plan to generate tax forms and see capital gains.
• Plans get more expensive as your trading volume increases.

Pricing

• Koinly Free Plan: Free.
• Koinly Newbie Plan: CAD 59 per year.
• Koinly HODLer Plan: CAD 119 per year.
• Koinly Trader Plan: CAD 219 per year.

Best For

Crypto traders that seek the most thorough tax reports available on the market.

#2 Coinpanda — Best Free Crypto Tax Software

Coinpanda is a crypto tax reporting software that will help you calculate your crypto taxes and file crypto tax reports easily. It will give you a comprehensive tax report of your crypto transactions in less than 20 minutes, including all crypto transactions that can be taxable, including mining, staking, forks, airdrops, gifts, and even donations and stolen coins.

The platform also supports a wide variety of different tax forms (including capital gains tax reports), it supports 500+ crypto exchanges, and it's available in 65+ countries worldwide, making it one of the most versatile crypto tax software platforms you can currently use. Given that most of the features it offers can be used on its Free Plan, it's easy to see why it's one of the best crypto software available to Canadians right now.

Features

• Most of the software's features are available for free.
• Accurate tax reports that include crypto derivatives (like staking and futures trading).
• Automatic data imports and synchronization with 500+ exchanges and 75 wallets.
• Has its own blog full of tax guides and articles on the latest crypto news.
• Has its own portfolio tracker, complete with its own dashboard and analytics.
• Has responsive customer support available through email and live chat 24/7.
• Has a slick and well-designed mobile app.

Pros & Cons Of Coinpanda

Pros

• Really easy to use.
• Widely available worldwide (over 65 countries supported).
• A huge array of integrations (500+ exchanges, 75 wallets, and 38 services supported).
• Has a plethora of country-specific guides to help you learn more about crypto tax.
• Has its own community forum that can be used to make questions and report bugs.
• Includes all taxable crypto information on its tax reports (including NFTs and Metaverse items).

Cons

• Live chat support is only available in paid plans.
• Has a limited array of supported blockchains (125).

Pricing

• Free Plan: Free.
• HODLER Plan: $49 per year.
• Trader Plan: $99 per year.
• Pro Plan: $189 per year.

Best For

Crypto traders looking for a versatile and free crypto tax software.

#3 Wealthsimple Tax — Best For Beginners

Wealthsimple Tax is a tax software that helps you file and pay tax quickly. What makes Wealthsimple Tax a great option for Canadians is that it's not exclusive to cryptocurrency, and you can use it to file every aspect of your returns to the Canada Revenue Agency (CRA). Additionally, the platform guides you through every step of the way and automatically imports your tax information to the CRA, making it an ideal platform for beginners to use. The platform is also completely free to use and doesn't have any additional plans or hidden fees to worry about.

In terms of crypto alone, though, the platform is pretty robust: it has integrations with 500+ crypto exchanges and wallets (including Bitbuy, CoinSmart, Uphold, Newton and our top-rated exchange, VirgoCX), and it also has robust security features to keep your crypto information safe. It is also certified by the CRA and Revenu Québec, indicating that the platform is 100% legitimate.

Features

• It can be used for more than just cryptocurrency.
• Commission-free.
• Automatically calculates your crypto gains/losses.
• It has a smart search feature that helps you find all forms, deductions, and credits by searching simple keywords.
• Allows you to effortlessly import income tax slips from the CRA, Revenu Québec, and Wealthsimple accounts easily.
• Step-by-step help on how to use the platform all the way through.
• 24/7 support via email, live chat, and phone.

Pros & Cons Of Wealthsimple Tax

Pros

• Extremely beginner-friendly.
• Commission-free tax filing report platform with no hidden fees.
• Allows you to make thorough tax reports that include more information than just cryptocurrency transactions.
• Certified by the Canada Revenue Agency (CRA) and Revenu Québec.
• Highly secure platform complete with advanced data encryption.
• Allows you to make adjustments even if you've already filed.

Cons

• Customer support is somewhat limited and focuses more on questions about the software itself.
• It lacks other advanced features that other crypto tax software has by default.

Pricing

• Overall pricing: Free.

Best For

Canadian crypto traders that aren't used to filing their crypto taxes.

#4 CoinLedger — Best For Widespread Exchange Support

CoinLedger (previously known as CryptoTrader.tax) is a cloud-based crypto tax software that can collect your trading data from a wide variety of crypto exchanges and generate tax reports with it in as little as a few clicks. The platform collects the data of all crypto transactions that can be taxable, including mining, staking, and airdrops. Still, you have to tell the software manually for it to recognize these transactions and include them in your tax report.

CoinLedger supports various tax reports (including IRS Form 8949 reports, Audit Trail reports, End of Year Positions reports, and many more). It also has integrations with nearly 400 exchanges. Even if the crypto exchange you use isn't on the list of supported platforms, however, you can still upload the Generic CSV Import file to CoinLedger, and the platform will generate your preferred tax report regardless, so you don't really have to worry about your exchange not being supported.

Features

• Automatically syncs with your crypto exchange accounts to generate tax reports in as little as a few clicks.
• Has a wide array of supported integrations (nearly 400 exchanges supported).
• Allows you to upload a Generic CSV Import file in case the exchange of your choice isn't supported.
• Supports various tax reports (including Tax Loss Harvesting reports and more).
• No limits to the number of crypto exchanges you can link to a single CoinLedger account.
• Supports crypto derivatives transactions (including DeFi, airdrops, and staking).
• Includes cost basis tools that will help you detect missing data and similar errors.

Pros & Cons Of CoinLedger

Pros

• Allows you to redo your crypto tax reports after making a change without having to pay twice.
• The platform has a free trial available.
• You can use all of the platform's features even if you're on the lowest subscription tier.
• Can export international tax forms.
• Technically supports every exchange known.
• The lowest subscription tier is not that expensive.

Cons

• The platform isn't completely free to use and requires a paid subscription.
• Its lowest subscription tier has a very limited number of transactions (100).

Pricing

• Hobbyist Plan: USD 49 per year (100 transactions).
• Day Trader Plan: USD 99 per year (1,500 transactions).
• High Volume Plan: USD 199 per year (5,000 transactions).
• Unlimited Plan: USD 299 per year (Unlimited transactions).

Best For

Crypto traders looking for accurate tax reports, even if they're using obscure crypto exchanges.

#5 TaxBit — Best For Security

TaxBit is a crypto tax software tool that has been designed to help you effortlessly file crypto tax reports that are compliant with your country's regulatory entities (including the Internal Revenue Service (IRS) and the Canada Revenue Agency (CRA). The platform has plenty of useful features, including its own blog filled with crypto-relevant information, an extensive crypto glossary, and crypto tax guides to help you better understand everything involved in the process of filing your crypto taxes.

However, an area where TaxBit shines is in its security. For starters, it has plenty of security certifications under its belt (including an ISO 27001 and both the SOC 1 and SOC 2 certifications), and the platform also never registers unnecessary user data into its servers to ensure the utmost user information safety. With this in mind, it's the safest option on this list, and you'll be able to generate tax reports worry-free when using TaxBit.

Features

• Creates accurate tax reports once you sync your crypto exchange accounts with it.
• Has crypto tax guides and other learning resources available.
• It can be used by individuals and enterprises alike.
• Live Chat customer support is available.
• Top-notch security with certifications included (ISO 27001, SOC 1 and SOC 2).
• Fully compliant with regulatory entities around the world.
• Has a wide array of crypto exchange and crypto wallet integrations (500+).

Pros & Cons Of TaxBit

Pros

• It has a Free Plan available for its users.
• Has unlimited transactions for all plans (including the Free Plan).
• Allows you to connect to an unlimited number of crypto exchanges and wallets (even on the Free Plan).
• Fully compliant and up-to-date with regulatory entity terms.
• Extremely safe to use.
• Beginner-friendly.

Cons

• Many features are missing from its free plan (including Historical Tax Forms, Tax Optimization, and more).
• Live Chat customer support is only available to users with paid plans.

Pricing

• Network Plan: Free.
• Basic Plan: USD 50 per year.
• Plus+ Plan: USD 175 per year.
• Pro Plan: USD 500 per year.

Best For

Crypto traders looking for the most secure crypto tax software available to them.

#6 CryptoTaxCalculator — Best For Precision

CryptoTaxCalculator is a crypto tax software solution that calculates the cost basis of your crypto holdings on a trade-by-trade basis, with a full breakdown of each automatic calculation to boot. Considering that you can check each of these trade breakdowns individually, as well as the fact that it takes all crypto transactions into consideration (including DeFi staking and DEX trading), this software allows for an unparalleled level of precision when creating your tax reports.

This software is also particularly useful to Canadians because it has been designed to cater to the unique CRA reporting requirements on crypto, so whether you're mining or staking, the platform's got you covered. As if that weren't enough, it also supports the CRA's Adjusted Cost Base (ACB) and Superficial Loss wash sale rules, making it an extremely thorough crypto tax software to use.

Features

• Allows you to see a full breakdown of each trade you've conducted with unrivalled precision.
• Sturdy security measures in place (including ‘read-only' access to your data and a SOC 2 Type 1 certification).
• Internationally supported, with more supported territories added over time.
• Supports NFT transactions.
• Supports DeFi transactions.
• Has a wide variety of integrations (over 500 exchanges supported).
• Has its own blog with a plethora of crypto-related news and tax guides.

Pros & Cons Of CryptoTaxCalculator

Pros

• Very easy to use.
• The platform has a free unlimited trial available.
• Every subscription plan has a 30-day money-back guarantee policy available.
• Particularly helpful if you're a Canadian, as the platform has been designed to cater to every unique CRA rule on crypto taxes.
• Supports over 500 crypto exchange integrations.
• Has tax guides available for you to better understand crypto taxes in general.

Cons

• The platform isn't completely free to use and requires a paid subscription to visualize tax reports.
• Its lowest subscription tier has a very limited number of transactions (100).

Pricing

• Rookie Plan: CAD 49 per year (100 transactions).
• Hobbyist Plan: CAD 99 per year (1,000 transactions).
• Investor Plan: CAD 189 per year (10,000 transactions).
• Trader Plan: CAD 299 per year (100,000 transactions).

Best For

Canadian crypto traders looking for the most precise crypto tax reports available to them.

#7 CoinTracker — Best For Ease Of Use

CoinTracker is a popular crypto tax software option available to Canadians, and for good reason: it allows you to automatically calculate your tax liability on your crypto holdings by importing your trade information from more than 300 exchanges and more than 10,000 different crypto tokens. Additionally, it lets you see the prices for the cryptocurrencies it supports, which is something that not all crypto tax software offers.

The crypto tax platform also has an easy-to-understand user interface, complete with a dashboard and analytics on your crypto transactions, no matter how numerous they are. It's an ideal platform for Canadians that are new to crypto tax filing.

Features

• Accurate tax reports that include crypto derivatives (like staking and futures trading).
• Automatic portfolio tracking (including market value, investment performance, and real-time portfolio allocation).
• Has a well-designed mobile app.
• Has a sizeable number of integrations (including more than 300 exchanges and more than 10,000 crypto tokens).
• Great security measures with certification (SOC 2 Type 2).
• Allows you to visualize the price of the different crypto coins it supports, as well as their market cap and their daily price change.
• Has a Free Plan available.

Pros & Cons Of CoinTracker

Pros

• Has many different methods of generating tax reports (12 total).
• Has a well-designed mobile app.
• Supports over 10,000 different cryptocurrencies.
• Fully compliant with regulatory entities.
• Supports various tax forms (including the IRS Form 8949).
• Includes a Tax Loss Harvesting feature on its portfolio tracker.

Cons

• It's not a fully free crypto tax software.
• Free Plan has a very limited number of wallets you can link at any time (5 maximum).

Pricing

• Free Plan: Free.
• Enthusiast Plan: USD 14 per month.
• Pro Plan: USD 99 per month.
• Custom Plan: Priced individually.

Best For

Canadian crypto traders looking for hassle-free crypto tax software.

#8 CoinTracking — Best For Versatility

CoinTracking is a crypto tax software tool that also serves as a portfolio monitoring tool, considering that it tracks the price of more than 20,000 coins. It's also able to generate real-time reports on your profit and losses, taking the value of your coins and unrealized gains into account, which makes it a versatile tool that has more functionality than just keeping track of your crypto taxes.

The platform also has plenty of solid security features, such as data and API encryption paired with 2-factor authentication. It can generate a wide array of reports without access to your crypto exchanges to keep your privacy safe. All in all, this crypto tax software is ideal for those looking for more features and functionality than just crypto tax report creation.

Features

• Up to 25 customizable crypto reports are available to the user.
• Includes advanced charting for trades and coin prices.
• Allows for automatic data imports via APIs and supports exports in Excel, PDF, CSV, XML and JSON formats.
• Supports tax reports for over 100 different countries.
• Has a wide variety of tax methods available (13 total, including FIFO, LIFO, and more).
• Supports 20,000+ crypto assets and coins.
• Robust security with API encryption and 2-factor authentication.

Pros & Cons Of CoinTracking

Pros

• Allows you to import data from over 100 different crypto exchanges.
• Easily generates real-time reports on your profit and losses.
• Has a free trial available, which expires once you've conducted 200 transactions.
• Has affordable plans.
• Has a slick mobile app.
• Has a News Blog with crypto-relevant information.

Cons

• Free Plan is considerably limited to 200 transactions.
• A limited number of supported wallets (32).

Pricing

• Free Plan: Free.
• Pro Plan: USD 10.99 per month.
• Expert Plan: USD 16.99 per month.
• Unlimited Plan: USD 54.99 per month.

Best For

Crypto traders looking for additional functionalities beyond crypto tax reports.

What To Look For In The Best Crypto Tax Software In Canada

The most important factors to consider when searching for the best Crypto Tax Software in Canada are:

• Pricing: Some crypto tax software has most of its features available to you for free, while others require a paid subscription to work at all. Pick crypto tax software that is free whenever possible, but if the free software doesn't have the features you're looking for, then find the one with the most affordable pricing.
• Ease of use: Some crypto tax software allows you to generate tax reports in as little as a few clicks, while others are more complicated to use and have more advanced features as well. Crypto tax software exists to make your life easier, so look for software that is easy to use whenever possible.
• Security: Obviously, security is a big concern when looking for the ideal crypto tax software. Look for crypto tax software with robust security features (such as data encryption and 2-factor authentication). It's even better if the software has security certifications alongside solid security measures, so keep this in mind.
• Importing options: Importing your trade data through an API or CSV file imports is a pretty common feature in most crypto tax software out there, but some force you to enter your trading data manually, which can be pretty tedious and lead to a lot of errors. Make sure to avoid this at all costs.
• Supported integrations: This has to do with the number of supported crypto exchanges and crypto wallets that a crypto tax software has. Naturally, the more supported integrations a crypto tax software possesses, the better.

In Summary

Choosing the best crypto tax software in Canada is not easy, as there will be many choices available to you, and each of them has its own set of different features and benefits. As a long-time crypto aficionado, I constantly keep up with the latest and greatest crypto tax software coming out every day, always looking for the lowest fees and best features. Below, I'll cover 8 of the best crypto tax software recommendations that are currently available to Canadians.

Overall, the best crypto tax software for knowledgeable Canadian crypto investors is Koinly. Considering its huge list of supported integrations of over 400 crypto exchanges, its real-time portfolio tracker, and the fact that it can look at your trading history and suggest strategies to optimize tax returns, I'm confident that it's the best crypto tax software that Canadians can currently use.

Best Crypto Tax Software Canada FAQs

What is crypto tax software?

Cryptocurrency tax software is a program and/or platform that allows users to track, manage and calculate the gains and losses of their cryptocurrency holdings and/or transactions. Usually, this is done automatically by the crypto tax software itself once you've paired it with your crypto exchange of choice. It then generates tax documents based on your crypto trades automatically as well. It's a convenient tool that saves you a considerable amount of time in the long run.

Some crypto tax software does more than calculate the gains and losses of your crypto transactions: you can also use it to track your portfolio and market value with it, as well as track the price of your preferred cryptocurrencies over time.

Benefits of crypto tax software

There are a few major benefits of using Crypto Tax Software: 

• It helps you gather and organize your trading data in a single place. Even if you have accounts in over hundreds of different exchanges, the crypto tax software will take care of gathering all your trading information and generate accurate tax reports based on it.
• It saves time by making the crypto tax filing process nearly automatic. Otherwise, filing your crypto tax would be a nightmare, even if you had the assistance of a personal accountant.
• Most crypto tax software supports international tax forms, allowing you to automatically generate compliant crypto tax files in as little as a few clicks. This is useful if you find yourself in countries other than the U.S. and Canada.
• Some crypto tax software can even save you money by finding optimizations in your trading data when filing your crypto taxes. Not all crypto tax software has this feature, but the few that do can offer you a lot more value.

How much does crypto tax software cost?

Some crypto tax software can be used for free, while others can have a paid yearly subscription. Overall, crypto tax software can cost anywhere between $60 to $220 per year.

What Is The Cheapest Crypto Tax Software?

The cheapest Crypto Tax Software is Koinly. At CAD 59 per year, its Basic Plan covers a lot of ground with features such as keeping track of all your crypto operations (including mining, staking & hard forks), as well as suggesting optimizations to your trades to save you money.

What is the best free crypto tax software?

The best free Crypto Tax Software is Coinpanda. Most of this software's functions (including automatic data imports with over 500 exchanges) are available in its Free Plan.

Is crypto tax software worth it?

Yes, crypto tax software is worth it because it simplifies the crypto tax filing process and saves you time when doing so. Some crypto tax software can even save you money by finding optimizations in your trading data when filing your crypto taxes.

Is crypto tax software safe?

Yes, Crypto Tax Software is safe because it employs industry-standard security measures such as data encryption and 2-factor authentication. Additionally, some crypto tax software performs security audits to test and improve security measures. 

Is crypto tax software legit?

Yes, Crypto Tax Software is legit because it is used by millions of people worldwide. Additionally, it works closely with regulatory entities across the globe, which further adds to its legitimacy.