Wealthsimple Crypto Taxes Canada – Complete Reporting Guide 2026

Wealthsimple is one of Canada's most popular crypto platforms. Here is everything you need to know about reporting Wealthsimple crypto transactions to the CRA.

Does Wealthsimple Provide Tax Documents?

Wealthsimple provides a T5008 slip (Statement of Securities Transactions) for crypto disposals made through their platform. You can download these slips from your Wealthsimple account under Tax Documents. However, T5008 slips alone may not contain enough information to calculate your Adjusted Cost Base (ACB) correctly.

What the CRA Requires

The CRA requires you to report every crypto sale or trade on Schedule 3 of your T1 personal income tax return. You must report: proceeds of disposition, adjusted cost base, outlays and expenses, and the resulting capital gain or loss. The ACB is calculated using Canada's superficial loss rules and the identical property rules.

Calculating ACB for Wealthsimple Crypto

Canada uses the Average Cost Basis (ACB) method. Every time you buy the same cryptocurrency, you add the purchase cost to the running total and average it across all units. When you sell, your gain or loss is calculated as: Proceeds – (Units Sold × Average ACB per Unit).

Example: You buy 1 ETH at $2,000, then 1 more ETH at $3,000. Average ACB = $2,500 per ETH. If you sell 1 ETH at $4,000, your capital gain is $1,500.

Superficial Loss Rule

If you sell crypto at a loss and repurchase the same cryptocurrency within 30 days before or after the sale, the CRA disallows the loss under the superficial loss rule. The denied loss is added to the ACB of the repurchased units.

Wealthsimple Crypto vs Wealthsimple Trade

Wealthsimple offers both a crypto platform and a stock/ETF trading platform. Bitcoin ETFs traded through Wealthsimple Trade are taxed like stocks. Direct crypto purchases on Wealthsimple Crypto are treated as cryptocurrency transactions with ACB tracking requirements.

Staking and Interest on Wealthsimple

If Wealthsimple pays you staking rewards or interest in crypto, these amounts are considered income at fair market value when received. Report them as "Other Income" on your T1 return. The amount received also becomes your ACB for those units.

Exporting Transaction History

Export your complete transaction history from Wealthsimple and import it into crypto tax software to automatically calculate ACB, apply superficial loss rules, and generate Schedule 3 reports for the CRA.

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