Tax Agencies
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OpenSea
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9 min read
Does OpenSea Report to the CRA?
Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze OpenSeaâs tax reporting policies within Canada. Weâll also break down a simple way to report your OpenSea taxes in minutes.
At this time, NFT marketplaces like OpenSea do not report to the CRA.Â
However, itâs important to remember that transactions on blockchains like Ethereum are publicly visible and permanent. Tax agencies around the world analyze blockchain transactions to match âanonymous walletsâ to known investors.Â
Yes. In Canada, your transactions on OpenSea are subject to income and capital gains tax.Â
If youâve earned or disposed of (ex. Sold or traded away cryptocurrency) during the year, youâll have a tax liability to report to the CRA.
For more information, check out our complete Canada guide to cryptocurrency tax.Â
NFT marketplaces like OpenSea are legal in Canada.Â
Remember, there is no way to legally evade your taxes in Canada. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally.Â
For more information, check out our guide on how to avoid crypto tax in Canada.Â
Looking for a simple way to report your OpenSea taxes? With CoinLedger, you can import your OpenSea transactions and auto-generate a complete gains, losses, and income tax report in minutes.
CoinLedger integrates with OpenSea and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.
You can get started with a free preview report today.
