Does Crypto.com Report to the CRA?

ByZac McClure, MBA · Reviewed byAlex MilesUpdated on December 3, 2024 · minute read

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Crypto.com reports Canadian users’ transactions to the Canada Revenue Agency (CRA), supporting tax compliance.
TokenTax makes it easier to handle Crypto.com tax reporting and helps ensure accuracy with CRA requirements.

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Crypto.com shares certain user transaction data with the Canada Revenue Agency (CRA) to comply with Canadian tax regulations. If you’re a Canadian taxpayer using Crypto.com to buy, sell, or earn cryptocurrency, you should be prepared to report these activities on your tax return. The CRA views cryptocurrency as a taxable asset, meaning gains, losses, and income from crypto transactions must be reported accurately.

Crypto.com gives Canadian users essential reports and transaction histories that make tax filing easier. With these records, you can report gains or income from your crypto activities to avoid penalties.

Does Crypto.com report to the Canada Revenue Agency (CRA)?

Yes, Crypto.com gives information to the CRA for its Canadian users. As a centralized platform, Crypto.com follows Canadian laws, which include Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. These mean that users are verified and identifiable, a practice that supports accurate tax reporting.

The CRA treats crypto activities like other financial transactions, which makes it mandatory for users to declare any gains, losses, or income they earn through the platform.

To assist with this, Crypto.com offers relevant account and transaction reports, which can be used 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.

Do I have to pay taxes on my Crypto.com transactions?

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 considered taxable and must be reported as a capital gain. Only half of the capital gain amount is taxed, which is the CRA’s standard for all capital gains.
Income Tax: If you earn crypto through rewards, staking, or other similar activities, this is treated as regular income and must be reported in full on your tax return.

For Canadian taxpayers, reporting all forms of crypto income is necessary, 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.

See our expert picks of the best crypto exchanges in Canada.

What forms does Crypto.com provide?

Crypto.com doesn’t issue traditional tax forms like the T5 or T4 in Canada, but it does offer several types of transaction summaries that are helpful for tax filing. Here’s what users can access:

Transaction History: This report lists all your buys, sells, transfers, and earnings on Crypto.com, making it easier to track capital gains or losses.
Account Statements: These statements summarize all activity over a certain period, providing a clear overview of gains and income.

It’s wise to download these reports yearly to record your crypto activity for the CRA. TokenTax can help you analyze this information and calculate gains or income accurately using data imported from Crypto.com.

Will the CRA audit my crypto?

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 uses data from Crypto.com and other exchanges to verify user transactions and cross-check against reported tax filings. TokenTax can help you organize your data, calculate taxes precisely, and reduce the risk of errors that could lead to a crypto tax audit.

Looking to calculate your crypto taxes? Try our free crypto tax calculator.