Turbotax canada online how to#
Turbotax canada online download#

Turbotax canada online how to#

How to report crypto income in TurboTax Canada Please note if you have capital gains or losses from other sources, you should report them in this section as well. You should also check and correct the other information on the page as it applies to your circumstances. Double check this against the figures in your Complete Tax Report. TurboTax will now calculate your capital gains based on the figures you've entered.However, it's important to note here that you should check that your expenses are allowable expenses according to the CRA's guidance as not all expenses are deductible. If you have allowable expenses, copy the figure next to ' total' from the expenses section of your Koinly Complete Tax Report and paste it into the ' outlays and expenses' box in TurboTax.Copy the figure next to ' acquisitions costs' from the capital gains summary section of your Koinly Complete Tax Report and paste it into the ' adjusted cost base' box in TurboTax.Copy the figure next to ' proceeds from sales' from the capital gains summary section of your Koinly Complete Tax Report and paste it into the ' proceeds of disposition' box in TurboTax.From the drop-down next to ' type of capital property disposed of', select ' virtual currency transactions (cryptocurrency, tokens, etc.)'.As well as this, there are some sections that may apply to your unique circumstances that you may need to complete - for example, the 'percentage claimed on a spouse's return if applicable', may apply to you. Many of the boxes you'll see on this page don't need to be filled out for cryptocurrency capital gains, they apply to other kinds of capital assets instead. You'll be taken to the capital gains page in TurboTax now.Select continue, then continue again after reviewing the page.Check capital gains or losses (and interest and other investments if you have crypto income).In the menu on the left, select investments.How to report crypto capital gains in TurboTax Canada If you’re not sure what counts as income and what counts as a capital gain - check out our Canada crypto tax guide. Please note, your province may have additional reporting requirements we do not cover in this guide. You need to report your crypto capital income and your crypto capital gains separately in TurboTax Canada. If you need help learning how to file using TurboTax generally, you can find more information on the TurboTax site. We'll only be covering how to file your crypto taxes in this guide. Fill out your personal information for your TurboTax account, and any other information as it applies to your circumstances.Select the Premier 'Start for free' option.

Please note you'll need the Premier Plan or higher on both the online and desktop versions of TurboTax Canada to do your crypto taxes.Sign up or log in to your TurboTax Canada account.Please note, for these instructions - we're using the online version of TurboTax Canada, the desktop instructions may differ slightly. Here's how: On TurboTax Canada Now you need to set up your TurboTax account. You'll use this information to copy and paste into TurboTax.

Turbotax canada online download#

Download the Complete Tax Report from the tax report page in Koinly.

CAD, Adjusted Cost Basis method, and the correct financial year. Make sure your settings are correct for Canada, i.e.

You'll need to start by setting up your Koinly account and getting the files you need. How to do your Canada TurboTax crypto taxes