CRA-Compliant Crypto Tax Software With Schedule 3 Prefilling/Reporting Announced

The crypto hardware specialist has added Koinly to its list of vetted software services for its Canadian customers. According to the company, it hopes to help crypto users who are struggling with their tax filings through an all-inclusive software capable of automating the entire process.

More information is available at https://koinly.io/?via=49642CB0&utm_source=affiliate

Koinly is a tax software specifically designed for crypto transactions. It is capable of hundreds of integrations and recognizes almost all tokens from both mainstream and independent blockchains.

Its integrations with most major exchanges allow users to track their portfolios across those platforms and view income, gains, and even losses. This feature eliminates the need to log in to different accounts manually and offers users a complete picture of their total holdings across all platforms.

Moreover, different activities are also recognized by the software, which allows it to calculate unrealized gains and losses due to lending, mining, staking, and selling of assets.

Furthermore, Koinly can generate Canada Revenue Agency-compliant reports, particularly pre-filled Schedule 3 forms, which are the main forms used for reporting capital gains and losses. The software can also generate reports compatible with tax preparation software like TurboTax.

Canada’s tax season started in February and will end on April 30, 2023. Self-employed individuals will have until June 15 to complete their filings.

“While the actual act of reporting only happens once every year, keeping tabs on one’s crypto activities for taxable events is a daily activity,” a spokesperson from The Crypto Merchant said. “Koinly’s sophisticated capabilities ensure that you see the entire picture, allowing you to make better financial decisions year round.”

Koinly has been rated highly on Trustpilot by more than 1,100 reviews, maintaining a score of 4.8.

Established in 2017, The Crypto Merchant is an online retailer specializing in hardware crypto wallets, accessories, and custom apparel. The company carries products from brands such as Trezor, Billfodl, and Cryptotag, among others.

Recently, the company started vetting software services, such as crypto vaults and tax software, on behalf of its customers.

Interested parties who wish to learn more may visit https://koinly.io/?via=49642CB0&utm_source=affiliate for additional details.

The Crypto Merchant

609 South Ridgewood Avenue

United States

comtex tracking

COMTEX_431594466/2764/2023-05-03T16:57:00

About Author

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.