Overview

If you bought or sold crypto in the past tax year, you might need to report any income you earned. Just like trading stocks, any activity that results in gains, like buying and selling coins, could be considered income.  

Preparing your tax return

To help you prepare your tax return, we offer a document called Realized Gains and Losses. This document breaks down your adjusted book costs and your proceeds of disposition to help you report numbers on your income tax.

We also offer a CSV document called Crypto Transaction Summary that's available to you for your records.

Since there isn't an official tax slip for crypto, make sure to double-check these numbers before filing or visiting your tax professional.

Get your crypto gains and losses report

Follow the steps below to get your Realized Gains and Losses report:

Enter your crypto dispositions in Wealthsimple Tax

Here's how to enter your crypto dispositions in Wealthsimple Tax:

1. Add the Capital Gains (or Losses) section to your return and navigate to that section
2. Under the Dispositions table, add a row and select the appropriate Type and Description using the drop-down menus
3. In the Proceeds field, enter the Total Proceeds of Disposition from your Realized Gains and Losses report
4. In the Cost base field, enter the Total Adjusted Book Cost from your report
5. You can leave the Expenses field as 0.00 unless you have additional eligible expenses to report

The Gain (Loss) field will calculate automatically based on what you've entered.

Legal disclaimer

A note from the legal team: This article is provided for informational purposes only. It doesn't cover every aspect of the topic it addresses. The content is not intended to be tax, investment advice, legal or any other kind of professional advice. Before taking any action based on this information, you should consult a tax professional. This will ensure that your individual circumstances have been considered properly and that any action you take is based on the latest available information.