Koinly is a tool I’ve been using since 2020, and it’s been a game-changer for handling crypto taxes. I think of it as the TurboTax for crypto – it’s straightforward, intuitive, and makes an otherwise painful process much easier.
In Canada, any crypto-to-crypto transfer or sale is considered a taxable transaction (more in my Canadian crypto taxation guide for 2025), and these can really add up throughout the year. Before you know it, you’re staring at over 100+ transactions that need to be tracked, calculated, and reported to figure out your capital gains. It’s a daunting task, but Koinly takes all the headache out of it.
The process with Koinly is extremely smooth, and you can tell the developers put a lot of effort into building this tool – and it pays off. It connects smoothly with popular Canadian exchanges like BitBuy and Newton, and you can even import transactions from hardware wallets. It’s CRA-compliant, too, so you don’t have to worry about whether your tax reports are accurate or complete.
And let’s be real – with the 2024 bull run, I’m guessing you’ve made some nice capital gains this year. Congrats! Now, the last thing you want is to stress over calculating your taxes. So, let me cover how you can do it within this Koinly review tailored to Canadians.
Disclaimer: This Koinly review is not sponsored and is based entirely on my personal experience using the tool since 2020. If you decide to try Koinly, you can use my referral link to get 10% off their pricing plans. By doing so, you’ll not only save some money but also help support my independent content – which I greatly appreciate!
Koinly Key Features That Are Important For Canadians
Koinly offers several features that make handling crypto taxes incredibly convenient for Canadians:
You can connect your crypto wallets and Canadian crypto exchanges via CSV file, API, or public address, making it easy to import all your transactions without manual input. Many of them are auto-synched. Once imported, you’ll get a clear breakdown of every transaction and a detailed view of your gains and losses. Generating the necessary tax forms, like Schedule 3 for the CRA, takes just a few clicks.
What I personally find handy is the TurboTax integration. It saves even more time if you’re filing taxes yourself. Technically, with Koinly, you don’t even need an accountant – it’s that streamlined. That said, I’m a bit old-school when it comes to taxes. I still prefer printing out Schedule 3 and handing it over to my accountant to double-check everything.
Beyond taxes, Koinly also gives you a useful overview of your crypto investments. The dashboard is clean and intuitive, showing exactly how much money you’ve made (or lost), along with a helpful breakdown of your cost basis, crypto holdings, and fees paid. It’s all laid out clearly, so you can make sense of your portfolio at a glance.
And if you run into any issues, Koinly has a comprehensive support center packed with helpful articles to guide you through any questions.
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Pros & Cons
- Easy to import your transactions
- Quickly generate the forms you need
- Compliant with the CRA’s guidelines on crypto
- Tracks lending, staking, deposits, withdrawals etc
- Good for beginners and experienced traders
- Easy-to-use interface
- Requires time to manually check everything is correct
- Must have a paid plan to generate tax forms and see your capital gain
- Paid plans get more expensive the more transactions you have
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Fees
Starts from $49 (depending on the plan)
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Coins
Koinly supports over 400 crypto exchanges
What Canadian Crypto Exchanges Are Supported in Koinly?
Koinly supports over 500 crypto exchanges and services, including big names like Crypto.com, and Kucoin, which makes it an excellent choice for Canadians. What’s even better is that it supports all the Canadian exchanges I personally use, such as:
Connecting and importing transactions is super easy. Some exchanges sync automatically via API, while others require you to manually download and upload transaction files. Koinly provides very clear instructions for every exchange, including step-by-step videos, which I found extremely helpful when I was starting out.
On top of that, Koinly isn’t limited to just exchanges. It also supports non-custodial wallets like Ledger, Trezor, MetaMask, and even the Telegram wallet, ensuring you can track your crypto no matter where you’re holding it.
How to Use Koinly in Canada?
1. Connect wallets and exchanges
To get started with Koinly in Canada, sign up for an account on the Canadian page and start importing your transactions by going to Wallet and clicking on the Add exchange/wallet button.
You will see a long list of exchanges that you can connect with. Select the one you want and you’ll be given a choice to import the data. You can allow Koinly to connect automatically using the exchange’s API, you can use your public wallet address, or you can upload a csv file.
I connected to Bitbuy, Newton, Bitget and Coinbase without any trouble, but if you aren’t too tech-savvy, you can simply go to your account in your chosen exchange and download your transaction history as a csv file. All exchanges should allow you to do this. Once you have the file, upload it to Koinly.
2. Review Transactions
Once you’ve successfully imported your data, you can review your transactions under the Transactions tab.
It is important to review your transactions carefully because Koinly is not always 100% accurate. It will automatically tag your transactions as a buy, reward, cost, etc however the information might not always be tagged correctly.
I noticed that for one of my transactions, Koinly mistakenly got the value of one of the cryptocurrencies wrong which meant it calculated our profit several times higher than it should.
In the screenshot, you can see that Koinly has calculated that one Tezos (XTZ) is worth $28,471.83. We wish that were true, however at the time of writing Tezos is worth about $6. This glaring mistake was obvious to us and we were able to quickly and easily adjust that value. However, if there are small discrepancies that you don’t notice, you could end up overpaying or underpaying tax. Going over Koinly’s imported transactions is therefore important to ensure accuracy.
Having said that, it was only one occasion for 4 years, but the point is to double check your transactions.
Koinly allows you to edit transaction information such as inputting different values, retagging them or even deleting them altogether.
3. Download your tax reports
Once you are happy with all of the information that Koinly has generated, you can go to the Tax Reports section and select for which tax year you wish to generate reports. Once you have done this, use the drop-down menu to select the forms. Koinly allows you to download every form you would need to comply with tax regulations in Canada. You can submit these forms with your tax return.
Koinly Pricing
I think Koinly is extremely fairly priced for what it offers, especially when compared to hiring an accountant familiar with crypto.
For 2025, pricing has increased slightly – but let’s be honest, so has the cost of pretty much everything else in the world. Koinly still remains a solid deal for the value it provides.
There are four plans available to suit different activity levels:
- If you have minimal activity, the Newbie plan costs $69 CAD per year. However, when I imported my data, I was surprised to find I had 1077 transactions – far more than I initially expected. With crypto, every swap, deposit, or even daily staking reward counts as a transaction, and these add up quickly.
- For most users, I recommend the Hodler plan, which includes 1,000 transactions. It’s a sweet spot for casual investors and costs $149 CAD per year.
- If you’re a day trader, you’ll need to upgrade to the Trader plan at $299 CAD per year, which can handle a much larger volume.
I genuinely think Koinly is worth the cost because it’s the only tool I’ve found that accurately handles crypto capital gains. If you’ve only made a handful of transactions (under 20 per year), you might not need a tool like Koinly. But once your activity increases, Koinly will save you time, stress, and a lot of manual calculations.
Compared to hiring an accounting technician who understands crypto, Koinly pays for itself.
Latest Updates on Koinly for Canadians:
Koinly now supports over 800 exchanges and wallets, including DeFi platforms and NFTs, making it more versatile for users with complex crypto portfolios. Their pricing includes both free and paid plans, starting at $69 CAD for premium features, depending on the number of transactions. Additionally, Koinly has improved its security, holding ISO27001 and SOC2 certifications, ensuring top-tier protection for user data. This makes Koinly not only user-friendly but also a secure option for handling your crypto taxes.
Final Word
I think Koinly is a legit tool for anyone in Canada looking to complete their tax return. The CRA’s regulations on crypto can be confusing, but Koinly helps to take some of the stress away. We used Koinly for our 2023 taxes and we will use it again next year. If you decided to give it a try, make sure to sign up on the Canadian page.
