Crypto Tax Calculator - Canada
Estimated Tax Summary
Gross Profit:
50% Reduction:
Taxable Profit (after reduction and fees):
Federal Tax:
Provincial Tax:
Profit After Tax:
Overview
What is a Crypto Tax Calculator (Canada)?
This Crypto Tax Calculator for Canada helps you estimate taxes on your cryptocurrency transactions. By entering your purchase price, selling price, fees, total taxable income, and province, the tool calculates your capital gains, applies the 50% inclusion rate, and estimates your federal and provincial tax liabilities. It simplifies the process, ensuring you understand your tax obligations under Canadian tax laws.
Crypto Taxes in Canada: Rates and Brackets
In Canada, cryptocurrency is treated as a commodity, and capital gains from crypto transactions are taxed at 50% of the gain under the Canada Revenue Agency (CRA) rules. Federal tax rates range from 15% to 33%, depending on your taxable income, while provincial rates vary by province (e.g., Ontario: 5.05%–13.16%, Alberta: 10%–15%). The combined federal and provincial rate is applied to the taxable portion of your capital gains. If your crypto activities are classified as business income (e.g., frequent trading or mining), 100% of the profit is taxed at your full income tax rate. Always consult a tax professional for accurate classification.
How to Calculate Crypto Taxes in Canada
To calculate crypto taxes, determine your gross profit by subtracting the purchase price from the selling price. Apply the 50% inclusion rate to get the taxable capital gain, then subtract any fees to find the net taxable amount. Based on your total taxable income (including the taxable capital gain) and province, identify your federal and provincial tax brackets. The combined tax rate is applied to the net taxable amount to calculate your tax liability. This calculator automates the process, providing a clear breakdown of your gross profit, taxable gain, net profit, federal and provincial taxes, and profit after tax, formatted for easy reading.
How to Claim Crypto Losses on Taxes in Canada
In Canada, crypto capital losses can offset capital gains in the same tax year, reducing your tax liability. If losses exceed gains, you can carry net capital losses back to offset gains in the previous three years or forward to future years. Report losses on Schedule 3 of your tax return, ensuring you maintain detailed records of all transactions, including dates, amounts, and fair market values in CAD. For lost or stolen crypto, you may claim a capital loss if you provide sufficient proof to the CRA. Always keep invoices, exchange records, and wallet addresses for at least six years, as the CRA may audit your crypto transactions.
