Cryptocurrency and tax obligations

Updated: April 2, 2025

Stay ahead of tax season! Here are some key dates to keep in mind*:

📅 April 30 – Deadline to file your personal income tax return (unless self-employed)

📅 June 15 – Deadline to file if you’re self-employed

📅 6 months after the fiscal year end - Deadline to file for corporations

* Please refer to CRA and Revenu Quebec websites in case of any changes to these dates and for your specific situation.

Shakepay does not provide tax advice. We strongly recommend consulting a tax professional or accountant to ensure you meet your tax obligations. However, here are some general resources that may help:

→ The Government of Canada guide for cryptocurrency users & tax professionals outlines potential tax responsibilities.

→ According to the Canada Revenue Agency (CRA), simply holding cryptocurrency does not trigger tax obligations (with the exception of Quebec residents - see below). However, actions such as gifting, selling, or using cryptocurrency for purchases may have tax implications.

→ You can also refer to tax guidelines specific to your province or territory. For example, residents of Quebec can find information on the Revenu Quebec website to learn about their specific rules.

Shakepay does not issue tax slips like T5s for crypto or card transactions. However, a T5 will be issued for any interest accumulated in 2025 and will be available in early 2026. You can still easily access your transaction history anytime:

If you need your transaction history for tax purposes, you can download it directly from the Shakepay app:

⭐ Heads up: The email will come from Shakepay, so check your inbox (and spam folder just in case)!

Need help? Our Customer Support Team can generate your transaction history upon request.

Rewards earned under ShakingSats are not taxable at the moment of receipt, however, it should be factored in the average cost of your crypto holding. We recommend consulting a tax professional to determine how to report them.

Cashback and Shakesquads rewards earned from the Prepaid Card is not taxable at the moment of receipt, however, it should be factored in the average cost of your crypto holding. Please speak with a tax professional for clarification.

We recommend reaching out directly to Revenu Quebec for assistance with the T-21.4.39-V form, as it requires specific details about your cryptocurrency holdings and transactions.

Yes, the CRA treats crypto like any other asset and exchanges may be required to report transactions.

Even if you swap BTC to ETH, it’s a taxable event! We highly recommend that you download your transaction history and discuss it with your tax professional.

⚠️ Forgetting to report small transactions

⚠️ Not keeping proper records

⚠️ Waiting until April 29th to figure everything out 😅

Cryptocurrency tax softwares are available to simplify the reporting process, such as:

💡 Pro tip: Some crypto tax software allows you to sync your Shakepay account for automatic tracking.

These tools can help you calculate your taxable gains and losses, but we still recommend consulting a tax professional!

✅ Download your transaction history

✅ Check if you need to file the T-21.4.39-V (Quebec)

✅ Have a tax professional on speed dial

✅ Celebrate when it’s over with some new sats!

Shakepay cannot provide tax advice. If you have specific tax-related questions, please contact a tax professional or the appropriate tax authority.

If you have further questions, feel free to reach out to our support team—we’re happy to assist with Shakepay-related inquiries! 🎉

Disclaimer: The information provided in this article is for general informational purposes only and may not address every aspect of the topic. It is not intended to serve as tax, legal, investment, or other professional advice. Before making any decisions or taking action based on this content, we recommend consulting with a qualified tax professional to ensure your individual circumstances are properly considered and that you’re acting on the most up-to-date information.