CA

Koinly review: how does it work?

If you invest in cryptocurrency, you must know you need to file taxes. But how to do it? Koinly helps you. Check out the full review!

Koinly: cryptocurrency tax calculator 

Check out the full Koinly review! Source: Koinly.
Check out the full Koinly review! Source: Koinly.

Everyone who starts to invest in cryptocurrency has already asked themselves about taxes. Every time you invest in assets, you must declare and file a tax return. Koinly is a tax calculator that helps you with your tax return on cryptocurrency investments. But what about digital assets? See how to do it in our Koinly review.

Office supplies, taxes

Do you have to pay taxes on cryptocurrency?

If you don't know if you have to pay taxes on cryptocurrency in Canada, you've come to the right place. Check out how to report them!

In Canada, you must follow and be compliant with CRA terms, the Canada Revenue Agency, which administrates tax laws for the Government, provinces, and territories.

And do you know how to file crypto taxes according to CRA? Let me help you, then! Keep reading our Koinly review to learn more.

How does Koinly work?

Learn more about Koinly. Source: Pexels.
Learn more about Koinly. Source: Pexels.

Cryptocurrencies have been part of the economy for a while now. As the word has spread around the world, many more people adventure in this type of investment.

However, not everyone knows that taxes return must be filed and declared, just as happens to any other asset.

Filling tax forms, reports, and calculating return is challenging. It takes time and effort if you are not an expert.

But you don’t need to become one in order to declare your taxes. 

Imagine a situation where you trade several cryptocurrencies over a while. Also, let’s suppose you bought Bitcoin from one brokerage firm, transferred it to another, and sold it through many transactions. How to report all that?

Koinly helps you!

This company was founded in 2018 to calculate crypto taxes for you, fully compliant with CRA. It has filed approximately 11 thousand tax reports and tracked 250 million funds.

It works as a tax calculator, which counts on a team of experts and tax consultants to solve digital assets tracking and tax reporting for you that invest in cryptocurrency.

In summary, Koinly imports trading history using AI and other features, including over 300 exchanges and wallets supported.

It tracks your portfolio, imports data, reports taxes, and helps you find and fix issues with your crypto transactions.

The platform follows all local tax laws, and you might enjoy the tools Koinly provides if you are an accountant.

Furthermore, the platform offers four different plans for four different profiles. So, if you want essential features, you can choose the free version of it.

On the other hand, if you are a newbie, a hodler, or a trader, there are plans designed for each need and goal, with reasonable prices ranging from $49 to $179 per tax year. See the pros and cons next in our Koinly review.

Pros

  • The platform simplifies the crypto tax filing and reporting processes;
  • It complies with CRA guidance;
  • It offers a free trial and a free version;
  • It integrates with many exchanges and wallets;
  • It accepts many payment methods;
  • It doesn’t require a credit card for the application;
  • It includes portfolio tracking and error conciliation.

Cons

  •  It lacks a complete mobile version.

Should you use Koinly? 

If you are a Canadian cryptocurrency investor, you must know you need to file a crypto tax return.

So, Koinly can help you with that. Check out how to sign up!  

Koinly

How to join and use Koinly?

Koinly is a tax calculator fully compliant with CRA. Check out how to sign up!

About the author  /  Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by  /  Aline Barbosa

Senior Editor

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