Key takeaways
- Exodus does not report directly to the CRA.
- The CRA can still trace your activity if you transfer funds between Exodus and a Canadian exchange.
Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Exodus’s tax reporting policies within Canada. We’ll also break down a simple way to report your Exodus taxes in minutes.
What is Exodus?
Exodus is a user-friendly wallet available across desktop and mobile platforms. The platform supports hundreds of cryptocurrencies and has exchange services available.Â
Exodus doesn’t require users to submit Know Your Information (KYC). However, some swap transactions may trigger verification (especially if you are trading a large amount).Â
While Exodus itself doesn't have KYC, it’s likely that your identity can be traced by the CRA if you transferred crypto between wallets/exchanges.
Does Exodus report to the CRA?
No. Exodus does not issue tax forms or share data with the CRA.
Here’s what you need to know:Â
- Blockchain visibility: Every Exodus transaction is on-chain and traceable. If you transfer crypto from a centralized exchange, it’s likely that the CRA can identify your wallet. ‍
- CARF arriving in 2027: Once implemented, Canadian exchanges will be required to report transaction data to the CRA. While this does not apply to Exodus, this will give the CRA more information to identify crypto investors.
If I use Exodus in Canada, do I owe taxes?
Yes. Crypto activity on Exodus is taxable:
- Capital gains: Disposing of cryptocurrency is taxable (selling, swapping, or spending cryptocurrency). 50% of your gains are taxed as income.
- ‍Income: When you earn crypto (such as staking, mining, or airdrops), it’s taxed as income at time of receipt.Â
Wallet-to-wallet transfers are not taxable in Canada.
Does Exodus have KYC?
Exodus does not have KYC for most users. Exodus’s third-party exchange service may require verification in some circumstances.Â
Is Exodus legal in Canada?
Yes. Exodus is legal for Canadian users. You are required to report your taxable income to the CRA.Â
How do I reduce my Exodus taxes in Canada?
Let’s walk through a couple of steps you can take to reduce your crypto taxes from Exodus and other platforms:
- Tax-loss harvesting: In Canada, crypto losses can be used to offset capital gains. Some investors choose to dispose of their crypto at a loss to save money on taxes. ‍
- Use crypto tax software: Crypto tax software like CoinLedger can help you save time and effort reporting your taxes and show you your biggest tax-saving opportunities.
Get an Exodus tax report today
Looking for a simple way to report your Exodus taxes? With CoinLedger, you can import your Exodus transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with Exodus 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.
