Crypto Income Tax reporting quality varry by Exchange

in #cryptocurrency6 years ago

The exchange(s) you use for your crypto currency buying and selling probably have big differences in the quality of their reporting quality. As I begin the gather my information for Canadian CRA reporting, I see that the first exchange I used here has very good reporting, which exports to a spreadsheet, to with the summary of my Capital Gains as well as all the transactions:
CoinBase - Very simple
CryptoGains.png
Sadly, the other exchanges I have worked with are not so great.

  • Quadrigacx - They don't even mention Tax implications on their web site, and when you create a support ticket to request information related to taxes, you get a form letter reply, saying they can't help you and its your responsibility!
  • Kraken - At least acknowledges it, and provides a function to download transactions by month, but its going to be cumbersome to figure it out.
    Just another factor to consider when you are selecting an exchange to work with.
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Does the fact that Quadriga doesn't report on it work in our favor?

I’m sure CRA wants their tax no matter how we figure it out. I was just so pleased about how easy CoinBase worked.

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