As someone who knows how overwhelming crypto taxes can get, especially after testing over 50 exchanges since 2016, I find CoinLedger to be a game-changer for Canadians. It’s designed to simplify the process of managing taxable events, which include every cryptocurrency transaction. If you’re a hodler, tracking might not be too complicated, but frequent trading can quickly become a headache.
Staking rewards, which count as income, and using crypto for purchases or gifts only add to the complexity. I’ve seen firsthand how tools like CoinLedger can remove much of the stress. By letting you import transactions directly from wallets and exchanges, it makes crypto taxes significantly easier to handle.
In this article, I’ll dive into the pros and cons of CoinLedger and whether it’s the right fit for tackling your crypto taxes.
Key Features
CoinLedger has several key features for Canadians needing to complete crypto taxes.
It has DeFi and NFT support and you can try it out before you purchase a plan. CoinLedger supports the most popular crypto exchanges and wallets and has support for 10,000+ cryptocurrencies.
It has live chat support, several tax reports you can download, and you can make unlimited revisions to your transactions.
CoinLedger features include:
- Connect your crypto wallets and exchanges via csv file, API or public address
- See a breakdown of your transactions
- See details of your gains and losses
- Generate all the tax forms you need for Canadian Revenue Agency (CRA)
- Easy-to-use interface
- Most popular wallets and exchanges supported
- Edit transactions
Coinledger Canada Quick Summary
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Pros & Cons
- Simple user interface
- Supports most popular exchanges and wallets
- Edit transactions
- Compliant with CRA crypto guidelines
- Audit trail report
- Easily import transactions
- Built with Canadians in mind
- Export a Schedule 3 and Tax Return PDF
- Checking transactions are correct takes time
- You must purchase a plan to unlock income and capital gains calculations
- Expensive plans
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Fees
$49 / $99 / $199 and $299 per year prices
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Coins
You can export any coins for tax purposes
What Canadian Crypto Exchanges are Supported?
CoinLedger supports all the major Canadian crypto exchanges, which makes it an excellent option for Canadians. In my experience, having compatibility with the most widely used platforms simplifies the entire tax process, ensuring your transactions are accurately tracked.
Supported Canadian exchanges include:
CoinLedger does not currently support Newton, but you can add your transactions from Newton manually using one of CoinLedger’s CSV file templates.
How to Use CoinLedger in Canada
CoinLedger has three specific sections:
- Import
- Review
- Tax reports
1. Import Transactions
First, sign up to CoinLedger using your email address. Then, set your country to Canada.
You’ll then be taken to the first step in the process of completing your crypto taxes with CoinLedger.
You will first need to import your transactions from crypto exchanges and wallets. This is simple to do. You type in the name of your chosen wallet or exchange and click on it. In this example, we typed in Metamask but you can also do Trezor, Safepal, or Ledger Nano X.
Then, hit the “sync” button. Simply enter the blockchain you wish to import and paste in your wallet address. You can also manually upload a cvs file if you are having trouble with the sync option. Most exchanges will allow you to download a cvs file of your transactions.
Syncing can take up to a couple of minutes depending on how much there is to sync.
2. Review your crypto transactions
Once you’ve imported the transactions, you’ll see an overview of all of them.
In order for CoinLedger to give you an accurate depiction of capital gains and losses you will need to import all transactions from as far back as you can. CoinLedger needs this information to calculate your average cost basis or purchase price.
You can edit transactions if CoinLedger has not labeled them correctly. For example, CoinLedger may label a transaction as mining income when it was actually an airdrop. You can choose from the drop-down menu the correct label.
In the review section you can check your transactions once again to make sure everything is correct before going to the next section. It is important to do this step because the CoinLedger needs accurate information. If even one transaction is labelled incorrectly, that can make your capital gains or losses incorrect. You will need the correct information in order to pay the correct amount of tax.
The CRA takes cryptocurrency transactions seriously, so it’s important to label them as accurately as you can.
3. Generate Tax Reports
In the tax reports section you can view your profit and losses, taxable income and a chart for the tax year. You will need to upgrade to a paid plan in order to see the actual numbers.
Once you have upgraded, you’ll be able to download your tax reports which you can use to complete your crypto taxes, or give to your tax professional.
These reports will include a taxable income report, a capital gains report, an audit trail which includes times, dates, prices, and data sources that you will need to give the CRA in the event of an audit. You will also get a Tax Loss Harvest report, which is a report showing you where the greatest tax saving opportunities are, so you can plan future trades.
You also have the option to generate a Schedule 3 PDF and a Tax and Benefit Return PDF if you need to.
CoinLedger also integrates with TurboTax. If you use TurboTax to complete your taxes, you can automatically import your crypto calculations with this CoinLedger feature.
CoinLedger Pricing For Canadians
With CoinLedger, you can import all your transactions for free, which is great for getting started. However, to calculate your taxable income and capital gains or losses, you’ll need to upgrade to a paid plan.
The pricing depends on the number of transactions you have for the tax year:
- Hobbyist Plan: Up to 100 transactions for $49 USD
- Day Trader Plan: Up to 1,500 transactions for $99 USD
- High Volume Plan: Up to 5,000 transactions for $199 USD
- Unlimited Plan: Unlimited transactions for $299 USD
Keep in mind that you’ll need to purchase a separate plan for each tax year you use CoinLedger. For me, this tiered approach makes sense, as it allows users to pay based on their activity level, but it’s important to factor in the cost when planning your tax strategy.
The core features are included with every plan. The only difference between plans is the number of transactions you can import.
Latest Updates on CoinLedger for Canadians
One feature I really like about CoinLedger is its Free Portfolio Tracking tool. This addition lets you monitor your cryptocurrency investments in real-time without any extra cost. It’s incredibly convenient because it automatically syncs your transaction data, making portfolio management much easier. Staying on top of your crypto performance has never been simpler.
Final Word
Similar to Koinly, I find CoinLedger to be a solid tool for Canadians managing their crypto taxes. It offers everything you need to quickly import transactions and calculate your profits, losses, and taxable income with ease.
If you’re looking for a simple and user-friendly crypto tax calculator, CoinLedger is definitely worth considering. A standout feature is its compatibility with TurboTax, allowing you to import your crypto calculations directly—saving time and reducing errors.
If you’re ready to get started, you can sign up on their Canadian page here.
