Does Crypto.com Report to the CRA?

Short answer: not routinely. Crypto.com doesn't send the Canada Revenue Agency (CRA) a tax report for each Canadian user, but the CRA can get exchange records through court-approved requests, and you have to report your Crypto.com activity either way.

Canadian taxpayers using Crypto.com to buy, sell, or earn crypto should be ready to report these activities on their tax returns. The CRA considers cryptocurrency a taxable asset. This means gains, losses, and income from crypto transactions must be reported accurately.

Crypto.com lets Canadian users export their transaction history. You can use those records to report gains or income from your crypto activities and avoid penalties.

Not automatically. Crypto.com Canada is registered as a restricted dealer with Canadian securities regulators. As a centralized platform, Crypto.com must comply with Canadian laws, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. These mean that users are verified and identifiable.

Platforms that deal in virtual currency must also report certain transactions, such as virtual currency transactions of $10,000 or more, to FINTRAC, Canada's financial intelligence agency. That is not the same as sending the CRA a tax report for every customer.

The CRA can obtain exchange records through legal processes. One example is an unnamed person's requirement, which must be authorized by the Federal Court and allows the CRA to collect records about a group of taxpayers to check whether they reported correctly.

The CRA treats crypto activities like other financial transactions, so users must declare any gains, losses, or income they earn through the platform.

To assist with this, Crypto.com lets you export your transaction history, which you can use to complete your tax filings. It's essential to keep records of your transactions to avoid issues with the CRA, and a service like TokenTax can help you compile these details accurately.

The CRA requires Canadian taxpayers to report any taxable events involving crypto. Here's a breakdown of common tax obligations for crypto users:

• Capital Gains: When you sell or trade cryptocurrency at a profit, the gain is taxable. If you hold crypto as an investment, half of any capital gain is added to your taxable income. If your activity amounts to a business, such as frequent, organized trading for profit, the CRA treats your profits as business income, and the full amount is taxable. Which one applies depends on your facts.

• Staking Rewards: Staking rewards from an exchange like Crypto.com are generally income in the year they are credited to your account, valued at their fair market value in Canadian dollars at that time. Depending on how much you do, the CRA may treat this as business income.

If you sell crypto at a loss and you or an affiliated person, such as your spouse, buy the same or identical crypto within 30 days before or after the sale and still hold it 30 days after, the loss is a superficial loss. You can't claim it that year. It is generally added to the cost of the crypto you bought back.

For Canadian taxpayers, reporting all crypto income is required, even if the amounts are small. TokenTax can assist by importing transaction data directly from Crypto.com and calculating your capital gains or income, making tax preparation smoother.

How to report Crypto.com activity on your return

Report capital gains and losses from selling or trading crypto on Schedule 3. If your crypto activity is a business, report the profit as business income on Form T2125.

If the total cost of your crypto and other foreign property held outside Canada was more than $100,000 at any point in the year, you may need to file Form T1135. The CRA says where crypto is held depends on your facts. Ask a tax professional how this applies to your Crypto.com account or a self-custody wallet.

Most people must file and pay by April 30. If you or your spouse or common law partner are self-employed, you can file by June 15, but any balance owing is still due April 30.

Crypto.com does not issue Canadian tax slips such as the T5 or T5008. You build your own records from its transaction exports.

In the Crypto.com App, you can export a CSV of your crypto wallet, cash wallet and Visa card activity. Each export covers up to three years, and the file stays available to download for 30 days. The CSV lists transactions only. It does not calculate your gains, so you or your tax software will need to.

Export your history regularly and keep it for at least six years, as the CRA recommends. TokenTax can help you analyze this information and calculate gains or income accurately using data imported from Crypto.com.

The CRA actively monitors cryptocurrency transactions and is increasingly focused on ensuring Canadians accurately report their crypto income. An audit may happen if there's any unreported income, inconsistencies, or signs of tax evasion in your filings.

To reduce the risk of an audit, declare all gains and income from Crypto.com transactions. The CRA can obtain records from exchanges, including through court-approved requests, and compare them with filed returns.

TokenTax can help you organize your data, calculate taxes precisely, and reduce the risk of errors that could lead to a crypto tax audit.

Pro tip
For Canadian crypto users, it's critical to broadly understand crypto taxes in Canada. We take this on in our complete Canada crypto tax guide.