This help page provides a comprehensive guide for users getting started with cryptact in Canada.
Contents:
1. Who can use this service
Our services are designed for individual investors. Professional traders will need to calculate their profits and losses separately.
How to use cryptact - README first!
2. How to use cryptact
Cryptact supports over 120 exchanges, including global platforms like Binance and Coinbase, as well as Canadian platforms such as Bitbuy, enabling automatic capital gains calculations. To import your trade history, simply upload files from supported exchanges.
How to get trade histories from exchanges
For DeFi transactions, adding your wallet address in cryptact's supported network will enable automatic transaction synchronization. Classified transactions are processed for gain/loss calculation, while unclassified or non-DeFi transactions are marked as "unclassified", requiring manual review.
How to use DeFi (Decentralized Finance) functions
For transaction history from unsupported exchanges or records not included in the uploaded file, you can use a custom file to import the data. Refer to this guide for instructions on how to format a custom file.
Custom File for any other trades (for Canada)
3. Reporting currencies
When signing up for cryptact from Canada, the default reporting currency is Canadian Dollars (CA$). You can also change it to your preferred reporting currency, such as USD, via the ledger settings.
4. Cost basis method
Cryptact supports the Adjusted Cost Basis (ACB) method for Canadian tax calculations.
For further details, please refer to below help page.
5. Important notes for use
Our service determines tax calculations for various transaction types based on Canada Revenue Agency (CRA) guidelines and advice from tax accountants.
Please ensure that you review and understand the details of gain/loss and income calculations provided on the help page below before using the service. Your use of the service indicates your acknowledgment and acceptance of these terms.
PNL Calculation for Each Transaction Type in cryptact for Tax Filing (Canada)
DeFi: PNL calculation for each transaction type (Canada)
6. Downloading tax reports
Users on a paid plan can download tax reports for filing.
For more details, please refer to below help page.
Overview of cryptact tax reports
For more information on features or if you have any questions, please visit our Help page.