Canada Crypto Tax Filing Guide 2026 – Step by Step

Filing crypto taxes in Canada involves several steps specific to CRA requirements. This guide walks you through every step from gathering records to submitting your return.

Step 1: Gather All Transaction Records

• Export transaction history from all centralized exchanges (Coinbase, Kraken, Shakepay, Newton, NDAX, Bitbuy)
• Export wallet histories from MetaMask, Trust Wallet, Ledger, etc.
• Export DeFi protocol histories (Etherscan, Polygonscan, BSCScan)
• Collect all staking, mining, and airdrop records
• Convert all amounts to Canadian dollars (CAD) at time of transaction

Step 2: Calculate Adjusted Cost Base (ACB)

Canada requires the pooled ACB method. For each cryptocurrency:

• Pool all purchases at average cost
• Include transaction fees in your ACB
• Recalculate ACB after each purchase
• Apply the superficial loss rule for any buy-backs within 30 days

Use crypto tax software to automate this – manual ACB calculation for hundreds of trades is error-prone.

Step 3: Calculate Gains and Losses

For each disposal (sale, trade, gift, payment): Gain = Proceeds − ACB − Transaction fees

Total your gains by category: capital gains vs. business income.

Step 4: Report Capital Gains on Schedule 3

Schedule 3 (Capital Gains or Losses) is where crypto capital gains are reported:

• Section 3 "Qualified small business corporation shares" – not for crypto
• Section 5 "Other properties" – report crypto gains here
• List the type of property, proceeds, ACB, and gain/loss
• You can group all crypto into one line or list each coin

Step 5: Report Income

• Staking/mining as hobby: T1 line 13000 (Other Income)
• Mining/trading as business: T2125 (Statement of Business Activities)
• Employment crypto payments: T4 from employer

Step 6: File by Deadline

• April 30: Personal tax return deadline (and payment deadline)
• June 15: Extended filing deadline for self-employed (taxes still due April 30)
• File via NETFILE using tax software (TurboTax Canada, Wealthsimple Tax, UFile)

Common CRA Crypto Mistakes to Avoid

• Using FIFO or Specific ID instead of ACB
• Not applying the superficial loss rule
• Missing staking income
• Not reporting crypto-to-crypto trades
• Forgetting to convert to CAD at transaction date

Disclaimer: This article is for general informational purposes only and does not constitute tax advice. For individual tax advice, consult a licensed tax professional.