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A swap of one crypto-asset for another is a disposition in the CRA view, so the coin you give up is treated as sold. You price it in Canadian dollars, subtract its cost and fees, and report a gain or loss. The coin you receive gets that value as its cost.
Is swapping one coin for another a sale?
For tax purposes, yes. The CRA says a disposition occurs when you trade or exchange a crypto-asset for government currency or for another crypto-asset. That means a swap of coin A for coin B is treated as a sale of coin A, even though no dollars reached your bank account. You work out a capital gain or loss on coin A, and you start a new cost for coin B.
The CRA also says that using crypto to buy goods or services is a disposition and is treated as barter. The same logic applies to a swap: both sides of the trade have a value in Canadian dollars, and the tax follows that value.
This is an information page. We do not give tax advice and we do not represent the CRA or any organization.
How do you price the coin you gave up?
The proceeds of a swap are the fair market value, in Canadian dollars, of what you received or of what you gave up at that moment. The CRA valuing page says it generally accepts fair market value, found with a reasonable method such as the rate on your exchange or an average of the high, low, open and close on several high volume exchanges. You must use the same method every year and keep a record of how you got each value.
The CRA example shows the idea. A person paid for 100 units of crypto-asset A, worth $20,600, using 2.5061 units of crypto-asset B, which had cost $15,000. The proceeds are $20,600, the cost is $15,000, the gain is $5,600 and the taxable capital gain is $2,800. If B had cost $25,000, the loss would be $4,400 and the allowable capital loss $2,200.
The CRA says each type of crypto-asset is valued on its own. Value coin A and coin B separately, and write down the time and source of each quote.
What becomes the cost of the new coin?
The CRA valuing page says the cost of a holding is based on the fair market value at the time you acquire it. In a swap, that is the Canadian dollar value of the coin you received. If you gave up $3,500 of coin A and received coin B worth $3,500, coin B has a cost of $3,500. When you later sell coin B, its gain or loss starts from that figure.
Here is a made up example with the same numbers as the table below. Coin A cost $2,000. You swap it when it is worth $3,500 and pay a $25 fee. A year later you sell coin B for $4,100.
| Step | Amount |
|---|---|
| Value of coin A given up | $3,500 |
| Fee on the swap | -$25 |
| ACB of coin A | -$2,000 |
| Gain on the swap | $1,475 |
| Taxable capital gain (half) | $737.50 |
| Cost of coin B (value when received) | $3,500 |
| Later sale of coin B | $4,100 |
| Gain on the later sale | $600 |
| Taxable capital gain (half) | $300 |
The CRA pages do not discuss whether the swap fee is added to the cost of coin B or subtracted from the proceeds of coin A. This example subtracts it from the proceeds, which matches the CRA description of outlays and expenses of a disposition. Confirm with the CRA if the amount is large. The crypto adjusted cost base page covers fees and averaging.
How do fees count in a swap?
The CRA says a capital gain is the proceeds minus the adjusted cost base minus the outlays and expenses of making the disposition. A trading fee on a swap is normally an outlay of the disposition, so it reduces the gain. T4037 gives commissions as an example of such expenses.
Fees can be charged in different ways. Some platforms take the fee from the amount you receive, some charge a separate line and some build it into the price. In each case the CRA wants the Canadian dollar value of what you gave and what you got. Keep the platform confirmation for every trade.
A network fee paid in coin is a harder case. Paying with coin could itself be a small disposition, because the CRA says using crypto to buy goods or services is one, but we have not found a CRA page on network fees. We do not state a rule. Record the amount, the coin and the date so you can apply whatever rule the CRA confirms.
What about stablecoin swaps?
The CRA obligations page lists stablecoins as one type of crypto-asset next to payment tokens, utility tokens, security tokens and NFTs. It does not give them a different treatment on the pages we read. A swap of a volatile coin for a stablecoin is a trade of one crypto-asset for another, so it is a disposition by the CRA's wording.
The stable value matters for the arithmetic only. Say coin A cost $2,000 and is worth $3,500 when you swap it for a stablecoin. The gain of $1,500 is realized on the swap, even though you still hold something close to a dollar. Later, when you swap the stablecoin back, there may be a small gain or loss from the cost of $3,500.
We are not aware of a CRA page that says stablecoin swaps can be ignored. Treat each one as a trade and keep the records.
Do moves between your own wallets count?
No. The CRA says transfers between wallets you own are generally not dispositions. The coin keeps its cost, and no gain or loss arises. The risk is evidence. A platform may show a withdrawal that looks like a sale, and the CRA can only see the transaction. Keep the addresses of both wallets, as the CRA books and records page asks, and note the date and purpose of each transfer.
If you move coins to a wallet that belongs to someone else, that is a gift or a payment, and it can be a disposition. See are gifts taxable in Canada for the general rules.
Where do swaps go on the return?
Each swap is a separate line on Schedule 3 if you are a capital gains filer. Add the taxable half of the net gain to line 12700. If you trade often enough that the CRA may see a business, the full profit is reported as business income. Our page on how to report crypto on your 2026 tax return walks through the forms, and the crypto capital gains examples page has more numbers.
The crypto tax guide compares capital gains and business income. A person who swaps hundreds of times in a year should read it with care.
Frequently asked questions
Is a crypto to crypto trade taxable in Canada?
Yes, in the CRA view. A trade of one crypto-asset for another is a disposition of the first. You report a capital gain or loss based on its Canadian dollar value at the time, and half of a gain is taxable. A business reports the full profit.
How do I value a swap in Canadian dollars?
Use fair market value at the time of the trade, found with a reasonable method such as your exchange rate or an average across several exchanges. The CRA says to use the same method every year and keep records of how you worked out each value.
What is the cost of the coin I received?
The CRA says the cost of a holding is based on the fair market value when you acquire it. In a swap, the cost of the new coin is therefore usually its Canadian dollar value when you received it. Your later gain or loss starts there.
Are stablecoin swaps taxable?
The CRA lists stablecoins as a crypto-asset type and, on the pages we read, gives no separate treatment. A swap into or out of a stablecoin is a trade of one crypto-asset for another, so it is a disposition. Keep the Canadian dollar value for each one.
Is moving crypto between my own wallets taxable?
No. The CRA says transfers between wallets you own are generally not dispositions. There is no gain, and the cost does not change. Keep both wallet addresses and the dates so you can show the coins stayed yours if the CRA asks.
Can a swap create a loss?
Yes. If the coin you gave up was worth less than its cost, you have a capital loss. The CRA example with a $25,000 cost and $20,600 value gives a $4,400 loss and a $2,200 allowable loss, which offsets taxable capital gains only.