Advancing in its mission to facilitate global crypto adoption as well as foster the transition from fiat to cryptocurrency, leading cryptocurrency exchange Crypto.com has unveiled a new feature that makes it easier for Canadians to file crypto taxes.
Announcing the new initiative via an official blog post, Crypto.com noted that the Crypto.com Tax for Canada service will make it easy for users (Canadian residents) to file complicated crypto taxes.
Introducing https://t.co/vCNztABJoG Tax for Canada 🇨🇦
✍️ Simplify crypto tax filing
💯 100% free-of-charge and supports multiple wallets/exchanges
✅ Specifically designed for tax filing in Canada
Coming soon to more markets!
— Crypto.com (@cryptocom) March 10, 2021
According to the popular crypto fintech platform, the new service is completely free-of-charge. Notably, the new feature will enable users in Canada to get accurate, detailed, and organized crypto tax reports, including transaction history as well as records of capital gains and losses.
The tax reports generated by the Crypto.com Tax for Canada service include:
- Capital gain/loss: proceeds, cost basis, selling expense and capital gain/loss
- Transaction history: detailed transactions for you to keep the books and records
- Income report: details of all the cryptocurrency you received
- Gifts, donations, and payments report: details of all the cryptocurrency you sent
“We worked with professional tax advisers to ensure that the calculation logic is consistent with available guidance and laws for filing crypto taxes in Canada,” the crypto platform explained.
Additionally, Crypto.com revealed that the new tax feature would also be available to other countries and regions shortly.
The new Tax for Canada service works with popular exchanges and wallets that Canadians use. These wallets/exchanges include Bittrex, Coinomi, Binance, Coinbase, Blockchain.com, Shakepay, Bitbuy, and Crypto.com
Crypto Space Reacts To New Crypto.com Feature
The crypto community has since welcomed the Hong Kong-headquartered exchange’s new initiative.
Expressing his delight with the Crypto.com Tax for Canada service, one Twitter user, Thomas, described the new crypto tax tool as an amazing addition. He further urged Crypto.com to extend the same service to France.
Another Twitter user, Dave, noted that if the crypto tax service comes to the United Kingdom, it will make things easier. “If this comes to the UK probably no need to go anywhere else, one stop shop for everything,” he tweeted.
If this comes to the UK probably no need to go anywhere else, one stop shop for everything
— Dave (@Dave_DeFi2020) March 10, 2021
Also, several other enthusiasts also clamored for the crypto tax service to be extended to their region.
At the time of publication, Crypto.com Coin (CRO) was trading at $0.215379, with a market cap of $5,437,081,575 and a 24-hour trading volume of $346,439,360. Also, CRO currently has a circulating supply of 25.2 billion coins and a max supply of 30.2 billion coins.
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