Hello folks, I need some guidance with my tax filing. I’ve been earning staking rewards through my Wealthsimple crypto account during 2024 and now I’m trying to complete my tax return using their tax software. I know that staking income must be reported to the tax authorities, but I’m completely lost on which section or form within Wealthsimple Tax I should use to enter this information. Has anyone dealt with this before? Any help would be amazing! Just to clarify, I haven’t sold any of my crypto holdings yet, so this is purely about reporting the staking income I received. Thanks in advance!
Dealt with this exact situation last year. Wealthsimple Tax puts crypto staking rewards under “Other Income” - that’s line 130 on your T1. You need to report the fair market value in CAD when you received each reward, not when you sell. Heads up - Wealthsimple’s crypto platform doesn’t auto-generate tax slips for staking rewards like regular investments. You’ll have to calculate and enter everything manually. I downloaded my transaction history and matched it with historical price data to get the CAD values. Keep solid records of these amounts since they become your adjusted cost base when you sell those rewards later. CRA treats each staking reward as a separate acquisition, so tracking everything properly is crucial for future capital gains calculations.
Oh interesting question! I’m curious about this too since I’ve been thinking about getting into staking.
From what I understand, staking rewards count as income at fair market value when you receive them. So you’d need the CAD value of whatever crypto you got on the day you received it. Sounds like a headache to track!
Have you been keeping records of when you got the rewards and what the prices were? I’m wondering if Wealthsimple crypto gives you any kind of summary or tax document that makes this easier, or if you had to track everything manually.
Also curious - do you know if there’s any difference in how different types of staking get treated? Like liquid staking vs regular staking?
Sorry I can’t give you the exact answer on where to put it in the software, but I’m definitely following this thread to see what others say since I might be in the same boat next year!
hey! i totally feel ya, it’s tricky right? i just put mine under the “other income” section too. staking rewards count as regular income, so just keep it simple. should be around line 130 when you look at the forms. hope that helps!