Does Shakepay Report to the CRA?

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Shakepay

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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 Shakepay’s tax reporting policies within Canada. We’ll also break down a simple way to report your Shakepay taxes in minutes.

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

In Canada, major exchanges like Shakepay 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 Shakepay transactions?

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

Yes. Shakepay legally operates in Canada.

How do I avoid Shakepay 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 Shakepay tax report today

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

CoinLedger integrates with Shakepay 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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