Awaken Now Supports Crypto Taxes for Canada!
Awaken Tax Now Supports Canada!
We're excited to announce that Awaken Tax now fully supports crypto tax reporting for Canada! Canadian crypto users can effortlessly manage their taxes with Awaken's best-in-class software. This is article is a brief introduction to doing crypto taxes in Canada with Awaken.
We also have an in-depth guide on crypto tax laws and how to file in Canada here.
Seamless Integration with Coinbase, Kraken, and Other Leading Exchanges
Awaken Tax is integrated with top crypto exchanges like Coinbase, Kraken, Crypto.com, and other leading exchanges to make filing your crypto taxes easier than ever.
Awaken Supports All Major Blockchains
Connect your wallets in seconds for all major blockchains, including Bitcoin, Solana, and every EVM chain. This includes
Bitcoin
Ethereum
Solana
Base
HyperLiquid
Arbitrum
& more
Quick Guide: Understanding Canadian Crypto Tax
In Canada, only 50% of capital gains are considered taxable income for regular investors. The rest of your cap gains are tax-free! Professional traders, on the other hand, pay taxes on 100% of their capital gains.
Income from crypto (airdrops, staking rewards, etc.) is considered lumped in with the rest of your income and taxed at your marginal tax rate.
The income tax rate on taxable crypto gains varies depending on income and applicable state taxes. Here is the breakdown for residents of Ontario:
2024 Federal Income Tax + Ontario State Tax Rates (CAD)
Taxable Income Range | Federal Capital Gains Tax Rate | Ontario Capital Gains Tax Rate | Combined Capital Gains Tax Rate |
Up to $53,359 | 7.50% | 2.53% | 10.03% |
$53,360 – $106,717 | 10.25% | 4.75% | 15.00% |
$106,718 – $165,430 | 13.00% | 5.00% | 18.00% |
$165,431 – $235,675 | 14.50% | 6.50% | 21.00% |
$235,676 – $253,408 | 16.50% | 7.00% | 23.50% |
Over $253,408 | 17.50% | 9.26% | 26.76% |
Please visit Tax Tips for a full breakdown of the tax rate for each province in Canada.
Recommended Canadian CPAs for Crypto Tax
Navigating cryptocurrency taxes can be complex, but working with an experienced CPA can simplify the process. Here are a few recommended Canadian CPAs who specialize in crypto taxes:
Get Started Today
Visit Awaken.tax to start (and finish) your Canadian crypto taxes today!
