CoinLedger, a leading tax reporting platform for cryptocurrency, DeFi, and NFT users, today announced its official expansion into Canada. Investors and cryptocurrency users in Canada can now use the platform to automate all of their capital gains, losses, and income tax reporting in accordance with Canadian tax laws.
“We’re extremely excited to be expanding our full suite of tax reporting tools and offerings to help Canadian cryptocurrency investors stay compliant with local laws,” said David Kemmeer, Co-Founder and CEO of CoinLedger. “We’ve seen incredible demand not just here in the U.S., but from crypto consumers all over the world who need help with tax reporting. With this rollout, crypto tax compliance for the average Canadian will be as simple as a few button clicks.”
The interoperable nature of cryptocurrencies and digital assets, with transfers across different blockchains, wallets, and exchanges, can create tax reporting nightmares for individuals. CoinLedger solves this problem by integrating directly with hundreds of cryptocurrency platforms to allow any user to track their digital-asset transaction history across the entire crypto-economy.
By simply connecting their wallets to CoinLedger, Canadian users can now automatically import and account for their historical transactions across all of their crypto platforms. From here, they can generate the relevant local tax forms with the click of a button.
The Canadian Revenue Agency, along with governments around the world, is quickly ramping up enforcement efforts with regards to the tax compliance for digital assets. Efforts include increased tax audits, compliance requirements for exchanges, and new intelligence units. These initiatives are expected to increase in years ahead as the digital asset industry continues to grow.