CoinLedger is a tool that Canadians can use to complete their crypto taxes. Since any transaction involving cryptocurrency counts as a taxable event, you’ll need to keep a record of it. While keeping track might be easy if you’re a hodler, when it comes to crypto trading it can quickly become overwhelming.
Crypto staking can add additional complications since rewards received count as income. Gifting crypto and using crypto to purchase goods and services can also make tracking difficult.
Crypto tax calculators such as CoinLedger can take the stress out of keeping track of your crypto trades. With CoinLedger you can import your cryptocurrency transactions from crypto wallets and crypto exchanges to make your crypto taxes much easier to do.
In this article, we explain the benefits and limits of CoinLedger as a tool for completing your crypto taxes.
Key Features
CoinLedger has several key features for Canadians needing to complete crypto taxes.
It has DeFi and NFT support and you can try it out before you purchase a plan. CoinLedger supports the most popular crypto exchanges and wallets and has support for 10,000+ cryptocurrencies.
It has live chat support, several tax reports you can download, and you can make unlimited revisions to your transactions.
CoinLedger features include:
- Connect your crypto wallets and exchanges via csv file, API or public address
- See a breakdown of your transactions
- See details of your gains and losses
- Generate all the tax forms you need for Canadian Revenue Agency (CRA)
- Easy-to-use interface
- Most popular wallets and exchanges supported
- Edit transactions
Coinledger Canada Quick Summary
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Pros & Cons
- Simple user interface
- Supports most popular exchanges and wallets
- Edit transactions
- Compliant with CRA crypto guidelines
- Audit trail report
- Easily import transactions
- Built with Canadians in mind
- Export a Schedule 3 and Tax Return PDF
- Checking transactions are correct takes time
- You must purchase a plan to unlock income and capital gains calculations
- Expensive plans
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Fees
$49 / $99 / $199 and $299 per year prices
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Coins
You can export any coins for tax purposes
What Canadian Crypto Exchanges are Supported?
CoinLedger supports the most used Canadian crypto exchanges making it ideal for Canadians.
Supported Canadian exchanges include:
CoinLedger does not currently support Newton, but you can add your transactions from Newton manually using one of CoinLedger’s CSV file templates.
How to Use CoinLedger in Canada
CoinLedger has three specific sections:
- Import
- Review
- Tax reports
1. Import Transactions
First, sign up to CoinLedger using your email address. Then, set your country to Canada.
You’ll then be taken to the first step in the process of completing your crypto taxes with CoinLedger.
You will first need to import your transactions from crypto exchanges and wallets. This is simple to do. You type in the name of your chosen wallet or exchange and click on it. In this example, we typed in Metamask but you can also do Trezor, Safepal, or Ledger Nano X.
Then, hit the “sync” button. Simply enter the blockchain you wish to import and paste in your wallet address. You can also manually upload a cvs file if you are having trouble with the sync option. Most exchanges will allow you to download a cvs file of your transactions.
Syncing can take up to a couple of minutes depending on how much there is to sync.
2. Review your crypto transactions
Once you’ve imported the transactions, you’ll see an overview of all of them.
In order for CoinLedger to give you an accurate depiction of capital gains and losses you will need to import all transactions from as far back as you can. CoinLedger needs this information to calculate your average cost basis or purchase price.
You can edit transactions if CoinLedger has not labeled them correctly. For example, CoinLedger may label a transaction as mining income when it was actually an airdrop. You can choose from the drop-down menu the correct label.
In the review section you can check your transactions once again to make sure everything is correct before going to the next section. It is important to do this step because the CoinLedger needs accurate information. If even one transaction is labelled incorrectly, that can make your capital gains or losses incorrect. You will need the correct information in order to pay the correct amount of tax.
The CRA takes cryptocurrency transactions seriously, so it’s important to label them as accurately as you can.
3. Generate Tax Reports
In the tax reports section you can view your profit and losses, taxable income and a chart for the tax year. You will need to upgrade to a paid plan in order to see the actual numbers.
Once you have upgraded, you’ll be able to download your tax reports which you can use to complete your crypto taxes, or give to your tax professional.
These reports will include a taxable income report, a capital gains report, an audit trail which includes times, dates, prices, and data sources that you will need to give the CRA in the event of an audit. You will also get a Tax Loss Harvest report, which is a report showing you where the greatest tax saving opportunities are, so you can plan future trades.
You also have the option to generate a Schedule 3 PDF and a Tax and Benefit Return PDF if you need to.
CoinLedger also integrates with TurboTax. If you use TurboTax to complete your taxes, you can automatically import your crypto calculations with this CoinLedger feature.
CoinLedger Pricing For Canadians
CoinLedger allows you to import all of your transactions for free but in order to see your taxable income and capital gains or losses you will need to upgrade to a paid plan.
CoinLedger pricing increases the more transactions you have in each tax year.
- Hobbyist plan for 100 transactions or fewer at $49 USD
- Day Trader plan for 1,500 transactions at $99 USD
- High Volume plan for 5,000 transactions at $199 USD
- Unlimited plan for unlimited transactions at $299
Keep in mind that you will need to purchase a plan for every tax year you intend to use CoinLedger.
The core features are included with every plan. The only difference between plans is the number of transactions you can import.
Final Word
Similar to Koinly, CoinLedger is a good tool for Canadians looking to complete their crypto taxes. It has everything you need to quickly import transactions so you can see your profits and losses and taxable income.
If you are looking for a simple-to-use crypto tax calculator to file your crypto taxes in Canada then CoinLedger is a good choice. If you also use TurboTax to complete your taxes, you can import your crypto calculations directly, which is a great feature that CoinLedger offers. If you sign up on their Canadian page here.