Does Coinsmart Report to the CRA?

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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze CoinSmart’s tax reporting policies within Canada. We’ll also break down a simple way to report your CoinSmart taxes in minutes.

Does Coinsmart report to the Canada Revenue Agency? (CRA)

In Canada, major exchanges like Coinsmart are required to register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). FINTRAC specifically is tasked with preventing tax fraud and money laundering — so it’s likely that your information is shared with the CRA.

In 2023, Coinsmart’s parent company WonderFi announced that it was planning to wind down the platform. However, it’s important to remember that past transactions will likely still be shared with the government.

Do I have to pay taxes on my Coinsmart transactions?

Yes. In Canada, your transactions on Coinsmart and other platforms are subject to income and capital gains tax.

If you’ve earned or disposed of (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the CRA.

For more information, check out our complete Canada guide to cryptocurrency tax.

Is Coinsmart legal in Canada?

Yes. Coinsmart legally operates in Canada.

How do I avoid Coinsmart taxes in Canada?

Remember, there is no way to legally evade your taxes in Canada. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally.

For more information, check out our guide on how to avoid crypto tax in Canada.

Get a Coinsmart tax report today

Looking for a simple way to report your CoinSmart taxes? With CoinLedger, you can import your CoinSmart transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with CoinSmart and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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