CPA-led crypto accounting for Toronto companies: wallet-level bookkeeping, CRA-compliant tax treatment, and audit-ready statements. We have run finance for 70+ tech and Web3 projects, from hot-wallet startups to token issuers.
Schedule a consultCrypto accounting in Toronto
Toronto is Canada's largest concentration of Web3 companies, crypto funds, and corporations holding digital assets, and most of them are working with accountants who learned crypto last tax season. The gap shows up in predictable places: cost basis rebuilt from exchange CSVs, swaps that were never recognized as dispositions, staking income missing from the ledger, and a general ledger that cannot be reconciled to the chain. We close that gap with a proper pipeline: every wallet and exchange feeding an enterprise subledger, posting clean monthly entries to Xero or QuickBooks, producing statements your bank, board, and auditor accept.
What we handle
Every wallet, exchange, and liquidity position reconciled monthly through a crypto subledger (Cryptio, Breezing, CoinTracker Enterprise) into your general ledger, with gas fees, gains and losses, and income broken out per token.
Adjusted cost base tracking, business-versus-capital classification with documentation, T1135 analysis, and GST/HST treatment for mining, NFT, and token activity. Canadian rules, not US rules with a flag swapped.
Statements built to survive scrutiny: consistent pricing sources, documented wallet ownership, on-chain-to-ledger reconciliation, and the working papers auditors, investors, and acquirers ask for.
Written treasury policy, stablecoin and runway management, and board-grade reporting. Crypto accounting is one specialization inside a full CPA-led finance team, including fractional CFO advisory in Toronto.
Who we support
Web3 and token startups preparing for launch or already live. Corporations holding crypto on the balance sheet. Crypto funds and OTC desks with high transaction volume. Mining and staking operations. Exchanges and platforms needing statements regulators and banking partners accept. If your company touches digital assets in any material way, the accounting questions are the same, and we have answered them across 20+ entities under monthly management.
How it works
Inventory of entities, wallets, exchanges, and activity types, plus the state of the current books. You get a fixed onboarding quote and a monthly price.
Every source connected to an enterprise crypto subledger, with full transaction history imported and priced from a consistent source.
Cost basis reconstructed under Canadian ACB rules, misclassified transactions corrected, and prior-period books tied to the chain.
Wallet-by-wallet reconciliation, summarized journal entries to Xero or QuickBooks, and management statements on a fixed calendar.
Classification documented, T1135 and GST/HST obligations tracked, and year-end handed to preparers as an administrative step, not a forensic project.
Why Convoy
We are a CPA-led team with 22+ years of collective experience that works in crypto every day, not at year-end. Our clients span 8 jurisdictions, so cross-border questions (a US subsidiary, an offshore token issuer, a UAE entity) get answered by the same team keeping your books. We are rated on Google by the founders and finance teams we work with, and our crypto and Web3 finance practice covers everything from subledger implementation to token launch structuring. For the technical foundations, start with our guide to crypto accounting in Canada and the rules for business versus investment classification.
We work with companies across the Greater Toronto Area, from downtown and the Financial District to Mississauga, Markham, and Vaughan, and with clients across Canada. The work is cloud-native (Xero, QuickBooks, enterprise subledgers), so distance never slows the close. Cross-border structures are our daily work through tax and compliance advisory. For federal filings and CRA positions, see our crypto tax accountant in Canada page. In Quebec? See our crypto accountant in Montreal page.
A generalist accountant can record a handful of custodial purchases. Once you run hot wallets, DeFi positions, staking, an exchange account with hundreds of trades, or a corporate treasury, the work changes: cost basis must be tracked under Canadian adjusted cost base rules, every swap is a taxable disposition, and the CRA expects records a general ledger cannot produce. That is specialist work, and mistakes compound with every transaction.
The CRA treats crypto as a commodity. Every disposition is a taxable event, including swapping one token for another and spending crypto. Whether gains are capital (half taxable) or business income (fully taxable) depends on facts like frequency, holding period, and intention. Active traders and businesses transacting on-chain are frequently on income account, and the classification is the single biggest driver of your tax bill.
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.
Our practice is built for companies: Web3 startups, corporate treasuries, funds, mining and OTC operations. If you are an individual whose trading activity has grown to business scale, we can advise on whether incorporating makes sense and set up the corporate structure and books properly from day one.
It depends on transaction volume, the number of wallets and exchanges, and whether DeFi or staking activity is involved. Corporate engagements typically pair a monthly bookkeeping retainer with a one-time subledger implementation and historical cleanup. We scope and quote in the first call, before any commitment.
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 of specified foreign property 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 the CRA 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.
Book a free consultation with a CPA who works with founders every day. We will map your accounting, tax, and CFO needs in one call.
Schedule a consult