At Newton, we believe in making cryptocurrency trading accessible for all Canadians. That’s why we’re thrilled to announce our partnership with Koinly.
Why We Chose Koinly
Koinly isn't new to us. Their user-friendly software, backed by expert tax consultants, has been a hit among our community. Koinly seamlessly integrates transactions from various platforms, including Newton, along with wallets and exchanges, so whether you're just starting or you're a seasoned trader, Koinly's got a plan that fits.
Understanding Your Crypto Taxes
We understand that calculating your crypto taxes can feel daunting, and the process can be confusing. Here is a brief (and simplified!) process for calculating your 2024 crypto taxes:
Sounds intense, right? That’s why we continue to partner with Koinly and let them do the heavy lifting!
How to Use Koinly with Newton: A Refresher
Here's a quick refresher on how you can harness the power of Koinly and Newton to simplify your crypto tax woes.
Filing Your Crypto Taxes
Whether you use an accountant, a tax app like TurboTax, or the good old post, Koinly's Complete Tax Report has you covered. Just submit this report alongside your annual income tax return, and you're all set! No calculator needed!
Have additional questions about crypto taxes in Canada? We recommend reaching out to a qualified financial professional to discuss your unique tax needs. Please note that our Newton team is not able to provide specific tax information or guidance.
We received a lot of positive feedback from users who used our Koinly integration in 2023. Here are the benefits that you can expect to see in 2024:
Exclusive Discount for Newton Users
All Newton users now qualify for a 20% discount on all Koinly paid plans, should their transactions exceed the 250 mark. This discount is a token of our ongoing collaboration and is automatically applied through the Koinly sign-up link in the Newton app.
Reminder: Transaction Limit for Free Reports
The 250-transaction limit for a free report from Koinly isn’t per year but cumulative across all transactions imported via CSV. So, if your CSV file spans multiple years and the total exceeds 250 transactions, you won't qualify for a free report for the current year (even if that year alone has fewer than 250 transactions).
Ready to Dive In?
To sign up for Koinly (free or paid), simply log in to your Newton app, navigate to Tax Reports under the Statements and Reports section, and follow the steps outlined above.