If you bought or sold any cryptocurrency over the past tax year, you may need to report any income you earned. Like trading stocks, any activity you take that results in gains – for example, buying and selling coins – could be considered income.
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 the most accurate numbers on your income tax.
Keep in mind there is no official tax slip offered for cryptocurrency, so make sure to double-check these numbers before filing or visiting your tax professional.
Get your cryptocurrency gains and losses report
Access your Realized Gains and Losses report by following the steps below -
- Sign into the Wealthsimple Trade app on your mobile device
- Tap the More tab at the bottom of the screen
- Select the Accounts menu item
- Choose your Crypto account
- Select Tax Documents
Note: If you don't see a More tab at the bottom of your screen, please update the Trade app.
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.