Crypto Accountant in Montreal

A generalist accountant can record a handful of custodial purchases. Once you run hot wallets, DeFi positions, staking, mining rigs, or an exchange account with hundreds of trades, the work changes: cost basis must be tracked under Canadian adjusted cost base rules, every swap is a taxable disposition, and both the CRA and Revenu Quebec expect records a general ledger cannot produce. That is specialist work, and mistakes compound with every transaction.

The same federal framework applies: crypto is a commodity, every disposition is a taxable event, and gains are either capital (half taxable) or business income (fully taxable) based on the facts. Quebec adds a second layer: corporations file a CO-17 with Revenu Quebec alongside the federal T2, and Revenu Quebec runs its own audits. Getting the classification documented once, properly, protects you in front of both authorities.

Canada pools identical properties: all your BTC has one weighted-average cost across every wallet and exchange, re-averaged on each purchase. There is no cherry-picking high-cost lots and no FIFO election, and superficial loss rules deny losses on positions rebought within 30 days. US-style lot tracking imported from American software or blogs produces the wrong Canadian numbers.

Yes, it is one of our deepest specialties. Quebec hydro power made Montreal a mining hub, and mining raises specific issues: revenue recognition on block rewards and hosting income, the GST/QST rules that generally deny input tax credits on mining activities, equipment capitalization, and energy cost allocation. We run monthly books for mining operations today.

Yes. Most crypto trading sits outside the GST and QST net because qualifying cryptocurrencies are treated as virtual payment instruments, but mining, NFT sales, and token launches each have their own treatment, and Quebec registrants deal with Revenu Quebec as the administrator. We put the full sales tax position on the compliance calendar from day one.

We run enterprise crypto subledgers (Cryptio, Breezing, CoinTracker Enterprise) that ingest major exchanges, EVM chains, Bitcoin, Solana, and self-custody wallets, and reconcile everything to Xero or QuickBooks. Dead exchanges and missing history are common; part of onboarding is reconstructing cost basis from what exists.

Staking and most yield rewards are generally income at fair market value when received, and become new positions with their own cost base. Liquidity pool entries and exits, wrapping, and NFT trades each raise disposition questions that depend on the specific mechanics. These are exactly the transactions where spreadsheet accounting breaks and where we spend most of our technical time.

Possibly. The CRA takes the position that crypto held outside Canada, for example on a foreign exchange or with a foreign custodian, can be specified foreign property. If the total cost amount exceeds $100,000 CAD at any point in the year, a T1135 is required, and the penalties for missing it accrue daily.

Yes. Audit defense starts with records: complete wallet-level histories, consistent pricing sources, documented ownership of addresses, and a reconciliation between on-chain activity and the general ledger. We build books to that standard from the start, and we represent the numbers when either authority asks questions.

Book a consult and we will run a scoping call: inventory of wallets, exchanges, and entities, state of the current books, and what cleanup is needed. You get a fixed quote for onboarding and a monthly price for the ongoing work before you commit to anything. We work in English and French.