Tax Agencies
/
Netcoins
checkCircle
Expert verified
9 min read

Does Netcoins Report to the CRA?

NetcoinsCanada
governments
/
Netcoins
info
Our Editorial Standards:
Our content is designed to educate the 500,000+ crypto investors who use the CoinLedger platform. Though our articles are for informational purposes only, they are written in accordance with the latest guidelines from tax agencies around the world and reviewed by certified tax professionals before publication. Learn More

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

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

In Canada, major exchanges like Netcoins 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. 

Do I have to pay taxes on my Netcoins transactions?

Yes. In Canada, your transactions on Netcoins 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 Netcoins legal in Canada?

Yes.  Netcoins legally operates in Canada. 

How do I avoid Netcoins 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 Netcoins tax report today

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

CoinLedger integrates with Netcoins 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.

ellipseellipsecalculator

Calculate Your Crypto Taxes

  • Check
    No credit card needed
  • Check
    Instant tax forms
  • Check
    No obligations
Get Started For Free
percent
ellipseellipse