Filing your crypto taxes is now a breeze for Canadians using Wealthsimple!
First, set up your Koinly account and import all of your data.
See this article on how to get started with Koinly and this one to ensure that your reports are accurate
Once you have imported all of your data, you can head on over to Wealthsimple to start your tax return.
There are two ways to add your crypto tax figures to the Wealthsimple report, an automatic method and a manual method.
How to automatically import your data from Koinly
To import your Koinly data to Wealthsimple, locate the crypto section on your tax report on Wealthsimple and click Import gains and losses.
You will then see the Terms page. At the top of this page, you will the option to Sign in to your Koinly account.
This Sign in button is also accessible from the Settings page on the Wealthsimple crypto tax calculator.
Note: If you have already passed this page and are now in the Wealthsimple crypto calculator then you will see the same Sign in button at the top of the page.
Once you have logged into Koinly from Wealthsimple, your accounts are linked and you will be able to send the data from Koinly to Wealthsimple.
To do this, go to the Tax Reports page and generate the Wealthsimple Report. You will then see a yellow button which you can click to have the data be imported automatically to your Wealthsimple tax return.
How to manually add your data from Koinly
Filing your capital gains:
On the capital gains page, you can input all of your crypto gains by adding the following information:
Description: "Crypto trading" or something similar
Proceeds: This will be shown as Proceeds from sales in your report
ACB: This will be shown as Acquisition Costs in your report
Outlays: This field can be used for any deductible expenses. Koinly has included all of your expenses in the Expenses section of the report
Filing your crypto income:
You should also add your income to your tax report as Other investment Income
You will find your income in the Income Summary on your report. You can simply add this figure to the Total amount for this section. The type can be set to Other investment income