Get ready for the 2024 tax season with Newton and Koinly!

February 6, 2024
Newton Team
February 6, 2024
Get ready for the 2024 tax season with Newton and Koinly!

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:

  1. Identify each taxable transaction and the applicable tax type.
  2. Calculate your cost basis and consider the Superficial Loss Rule.
  3. Determine the fair market value in CAD of your crypto income on the day of receipt.
  4. Work out your capital gains and losses for each transaction.
  5. Calculate your net capital gain or loss and total crypto income for the year.

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.

  1. Log in to your Newton account and head to 'Settings'.
  2. Click on ‘Statements & Reports’ > ‘Tax Reports’ > ‘Koinly Reports’.
  3. Click ‘Claim offer’ or ‘Connect to’ for direct integration.
  4. Download the Koinly-formatted CSV from Newton.
  5. Upload this CSV file to Koinly.
  6. Add your crypto wallets, exchanges, and blockchains via API or CSV to Koinly.
  7. Grab a coffee and let Koinly crunch those numbers.
  8. Download your tax report and file it with your annual tax return.

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.

The Details

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.

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Newton hereby expressly disclaims any and all express or implied warranties of any kind with respect to Koinly, its software, and its service offerings. Koinly and Newton have entered into a revenue-sharing partnership to provide a discount on paid plans. Newton is not responsible for, nor does Newton control, the content, products, or services provided by any linked third-party websites or services, including those of Koinly. We do not endorse or guarantee the products, information, services, or recommendations provided by linked websites and are not liable for any failure of products or services advertised on Koinly or on any other websites. In addition, each third-party website may provide less security than we do and may have a substantively different privacy policy. You should review the security and privacy policies of such third-party websites. Your access, use, and reliance upon such content, products, or services are at your own risk.
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