Cryptocurrency Tax
Get your crypto taxes right in Canada.
Cryptocurrency transactions are taxable events in Canada, and CRA has made crypto tax enforcement a clear priority. Whether you are an active trader, a long-term holder, an NFT buyer, a miner, or participating in DeFi protocols, we prepare accurate Canadian crypto tax returns that reflect CRA's current guidance — keeping you compliant and minimizing what you owe.
Book Free Consultation
What We Offer
Who Is This For?
Why Choose Synergy
CRA-Compliant Reporting
CRA requires all cryptocurrency transactions to be reported. We prepare your returns using CRA's current guidance — treating disposals as capital gains or income as appropriate, and ensuring every taxable event is captured and correctly classified.
Minimize Crypto Tax Legally
Not all crypto gains are treated the same way. Capital gains — typically from buy-and-hold trading — are 50% included in income. We analyze your trading patterns to correctly classify each transaction and apply every available deduction, including capital losses to offset gains.
Accurate ACB Tracking
Canada uses the Adjusted Cost Base method to calculate gains on crypto. With thousands of transactions across multiple exchanges and wallets, getting ACB right is critical. We reconcile your complete transaction history to arrive at accurate gain/loss figures.
Voluntary Disclosure Support
If you have unreported crypto income or gains from prior years, the CRA Voluntary Disclosures Program allows you to come forward and correct past returns with reduced penalties. We handle the full VDP application and prior-year amendments.
Frequently Asked Questions
Is cryptocurrency taxed in Canada?
Yes. CRA treats cryptocurrency as a commodity, not as currency. Every disposal of cryptocurrency — including selling for Canadian dollars, trading one crypto for another, using crypto to buy goods or services, and receiving crypto as payment — is a taxable event. You must report the gain or loss in Canadian dollars on your T1 return for the year of the transaction.
When is crypto treated as capital gains vs. income?
If you are trading crypto as an investment activity — buying and holding for appreciation — your gains are typically treated as capital gains, with only 50% of the gain included in income. If you are trading frequently (day trading), mining, or earning crypto as payment for services, CRA may treat it as fully taxable business income at 100% inclusion. The distinction depends on your intention, frequency, and trading patterns. We analyze your activity to determine the correct treatment.
Do I have to report crypto held on foreign exchanges?
Yes. If you hold cryptocurrency on a foreign exchange and the total cost of all specified foreign property (including crypto on offshore exchanges) exceeds CAD $100,000 at any time during the year, you must file Form T1135 (Foreign Income Verification Statement). Failure to file T1135 results in penalties of $25/day up to $2,500 per year, plus additional penalties for gross negligence. We ensure all T1135 obligations are identified and filed.
What records do I need to keep for crypto taxes?
CRA requires you to maintain records of every transaction: date, type of transaction, the amount of cryptocurrency, the exchange rate used (Canadian dollar value at time of transaction), wallet addresses involved, and any fees paid. Export your full transaction history from every exchange and wallet you use. We work with Koinly and CoinTracker reports, or directly from exchange CSV exports. If you have years of unreported activity, we can reconstruct records from historical exchange data.
Ready to get started?
Let's talk.
Book a free, no-obligation consultation with our team today.