Get ready for 2025 tax season with Newton and Koinly!

Tax Forecast: Easier Crypto Tax Calculations with Newton x Koinly!

At Newton, we believe in making cryptocurrency trading accessible for all Canadians. That’s why we’re continuing our partnership with Koinly. That’s right, it’s not just a one-time thing - Koinly is back to help simplify your 2025 crypto tax calculations.

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 Newton, 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 partner with Koinly and let them do the heavy lifting!

How to Use Koinly with Newton: A Refresher

Here's a quick step-by-step on how to simplify your crypto tax calculations with Koinly and Newton:

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 Koinly.io’ for direct integration.
4. Download the Koinly-formatted CSV from Newton.
5. Upload it 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 Newton employees are 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 2024. Here are the benefits that you can expect to see in 2025:

Free Reports (but with a transaction limit):

‍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).

Exclusive Discounts for Newton Users

‍Newton users now have access to two different discounts, depending on whether they are new or returning Koinly customers:

• For new Koinly users: If you're signing up for Koinly for the first time via Newton’s Single Sign-On (SSO) integration, you’ll get your first 250 transactions for free, plus an exclusive 20% discount on all Koinly paid plans.
• For existing Koinly users: If you've used Koinly before, we’ve got a special offer just for you! Use the promo code NEWTON25 at checkout to receive 20% off any Koinly paid plan. This discount is available from now until April 30, 2025—so don’t miss your chance to save this tax season!

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.