Learn how to earn passive income using liquidity pools and a proven system! (low startup and simple) >

The 7 Best Crypto Tax Software Programs In Canada

Welcome to my article about the 7 best crypto tax software programs in Canada.

Crypto Tax software is a highly popular topic and people from all over the world are looking for a program to do their crypto tax return.

We’ll be covering the best crypto tax software that you can use to do your cryptocurrency taxes.

We cover the pros and cons of each one along with the features that make the crypto tax software suitable for Canadians.

These days, there are tons of Bitcoin-related products available on store shelves – laptops, light bulbs, and even ice cream!

Digital currency has become a ubiquitous part of our economy, yet many investors are unaware of Bitcoin’s murky legal status when it comes to taxation.

In this guide, we are going to cover 7 of the best or the most popular crypto tax software used by Canadians.

**Disclaimer: I am not a tax expert and this article is not about giving the best tax advice, it is about some popular tax software programs that I discovered people using in Canada when dealing with cryptocurrency.

The 7 Best Crypto Tax Software Programs In Canada

Best Crypto Tax Software In Canada

After researching various tax software, here is a list of tax software that people use when dealing with cryptocurrency for Canadians.

1. Koinly

Koinly

The cryptocurrency tax software called Koinly is a crypto tax software that claims to help people with their tax filing for digital currencies.

Koinly is a cryptocurrency tax service that will do your capital gains reports and then help you file them with the CRA (Canada Revenue Agency).

Sometimes it’s very difficult to take everything out of your cryptocurrency to figure out what kind of income you have made during a certain period, especially when it comes to mining.

That’s why Koinly has developed a form that you can fill out in order to figure out your particular net profit or loss on an annual basis.

Then they will calculate everything for you and give you a report on what kind of taxes apply and how much they are.

Koinly has to be the most popular crypto tax software for Canadians.

The cost for Koinly is $49 per year.

Another great guide: Keepkey Hardware Wallet vs Trezor One: Which Is Better?

2. ACCOINTING.com

Accountingcom

The cryptocurrency tax software called ACCOINTING.com is a crypto tax software that claims to help people with their tax filing for digital currencies.

ACCOINTING.com is a cryptocurrency tax software that’s used for Canadian citizens and residents who want to do their taxes.

Its interface is easy to use, and it features some general information about the cryptocurrency market.

If you’re wondering what will happen with the taxes, then you should know that ACCOINTING.com has an inbuilt calculator which will automatically calculate your purchased cryptocurrencies and the ones you have mined.

This will help you determine a net profit or loss and get a clear picture of your financial status in relation to the taxation laws in Canada.

The cost for ACCOUNTING.com is $59 per year for their base price.

3. TaxBit

TaxBit

The cryptocurrency tax software called TaxBit is a crypto tax software that claims to help people with their tax filing for digital currencies.

TaxBit is a cryptocurrency tax software for Canada based on the Canadian tax law. It helps you calculate capital gains and income year after year.

It is a good product for those who are starting their cryptocurrency journey as well as those who deal with Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.

The interface of TaxBit is simple enough to be used by beginners but also comprehensive enough to be used by experts so that everyone can benefit from it.

The cost for TaxBit is $50 per year.

4. Bitcoin.Tax

BitcoinTax

The cryptocurrency tax software called Bitcoin.Tax is a crypto tax software that claims to help people with their tax filing for digital currencies.

Bitcoin.Tax is a cryptocurrency tax software which has been launched for US citizens, but it can be used by Canadians as well.

The interface is very simple and user-friendly, which means that even beginners won’t face any difficulties while working with it.

Despite the fact that this software was created for US users, it is also useful for those who live in Canada.

It’s one of the best tools for keeping track of your cryptocurrency transactions and mining profits – all you have to do is enter the details of your transactions and see how much you have gained or lost during the period you entered.

The cost for Bitcoin.Tax is $39.95 per year.

5. CryptoTaxCalculator

CryptoTaxCalculator

The cryptocurrency tax software called CryptoTaxCalculator is a crypto tax software that claims to help people with their tax filing for digital currencies.

CryptoTaxCalculator is a cryptocurrency tax software that is used for Canadian citizens and residents who want to do their taxes.

Its interface is easy to use, and it features some general information about the cryptocurrency market.

If you’re wondering what will happen with the taxes, then you should know that CryptoTaxCalculator has an inbuilt calculator which will automatically calculate your purchased cryptocurrencies and the ones you have mined.

This will help you determine a net profit or loss and get a clear picture of your financial status in relation to the taxation laws in Canada.

The cost for CryptoTaxCalculator is $29 per year.

Another great guide: Where And How To Buy Bitcoin In Canada?

6. TokenTax

TokenTax

The cryptocurrency tax software called TokenTax is a crypto tax software that claims to help people with their tax filing for digital currencies.

TokenTax is a cryptocurrency tax software that is used for Canadian citizens and residents who want to do their taxes.

Its interface is easy to use, and it features some general information about the cryptocurrency market.

If you’re wondering what will happen with the taxes, then you should know that TokenTax has an inbuilt calculator which will automatically calculate your purchased cryptocurrencies and the ones you have mined.

This will help you determine a net profit or loss and get a clear picture of your financial status in relation to the taxation laws in Canada.

The cost for TokenTax is $65 per year.

7. CryptoPrep?

CryptoPrep

The cryptocurrency tax software called CryptoPrep is a crypto tax software that claims to help people with their tax filing for digital currencies.

CryptoPrep is a cryptocurrency tax software that is used for US citizens and residents who want to do their taxes.

Its interface is easy to use, and it features some general information about the cryptocurrency market.

If you’re wondering what will happen with the taxes, then you should know that CryptoPrep has an inbuilt calculator which will automatically calculate your purchased cryptocurrencies and the ones you have mined.

This will help you determine a net profit or loss and get a clear picture of your financial status in relation to the taxation laws in the United States.

The cost for CryptoPrep is $49.

What Is A Cryptocurrency Tax Software?

A cryptocurrency tax software is a piece of software that helps people to meet their tax obligations.

It does this by calculating the gains and losses that are due and storing them in an electronic file.

These documents help the user keep track of all their digital currency transactions made.

How To Use Cryptocurrency Tax Software?

To ensure that you don’t miss any information, you might want to choose one crypto tax software that automatically scans the internet for new updates or other useful features.

In some cases, it will also update your accounting records as soon as the newest news or reports appear on the web.

Third-party applications such as ACCOINTING.COM can make the process of keeping track of all your cryptocurrency transactions and gains much easier.

This type of software can be used with both desktop computers and laptops, but it can also be used with smartphones, tablets, and other mobile devices.

In most cases, you will have to download your cryptocurrency tax software on your device because the web version isn’t available for everyone.

If you want to use an online platform for doing your taxes, then you should find a tax software that offers that option.

These compatible tax software platforms will help you manage all the details related to the taxes on their website so that you don’t have to worry about anything else during this process.

Another great guide: 10 Best Fiat To Crypto Exchanges In 2021: Pros and Cons

Bitcoin is classed as virtual currency in Canada

Bitcoin is classed as virtual currency in Canada due to its lack of physical asset (like coins or bills), volatility, and global nature.

But it’s not exactly legal tender, as the Canadian government does not recognize it as such.

According to the Canada Revenue Agency’s (CRA) website, “if you are a business and use virtual currency, you have to calculate the value of goods and services you provide using the exchange rate at the time when the transaction occurred.

Conclusion: The 7 Best Crypto Tax Software Programs In Canada

The best way to stay in compliance with the Canadian law is to keep detailed records of all your cryptocurrency transactions, as well as your gains and losses.

All the crypto tax software that I have listed above are popular among Canadians.

The things I like about each are:

  • They are easy to get set up
  • They all offer some fantastic features
  • And they are all competitively priced

No matter the tax software you choose from the above list, I am confident that you will be pleased.

With that said, I hope you enjoyed my article about the 7 best crypto tax software programs in Canada.

Please share any comments below if you have a different tax software that you use and enjoy.

Additionally, please share this content with others by clicking on the social share buttons below.

Thank you for your support!

Share on:

Read This Next

Leave a Comment