Koinly is a solid crypto tax tool — but if you're a Canadian investor who holds both crypto and traditional securities (stocks, ETFs, RSUs), paying $49-199 per tax year for just the crypto side doesn't make sense. Sched3 covers your entire portfolio for $129/yr, every year, with the Canadian-specific rules Koinly misses.
Koinly specializes in cryptocurrency tax reporting. It connects to exchanges and wallets, tracks crypto cost basis, handles DeFi transactions, and produces tax reports for multiple countries including Canada. Plans range from $49 to $199 per tax year depending on transaction volume.
Sched3 is a Canadian capital gains tax engine that handles crypto alongside everything else: stocks, ETFs, options, RSUs, ESPPs, corporate actions, and T5008 reconciliation — all in one subscription. For Canadian investors who hold both crypto and traditional securities (which is most crypto investors), running two separate tools and paying per tax year is unnecessarily expensive and fragmented.
If your portfolio is purely cryptocurrency — DeFi protocols, NFTs, multiple exchange and wallet connections, complex cross-chain transactions — and you don't hold traditional securities in a taxable account, Koinly's exchange/wallet integrations and DeFi support are deeper than Sched3's.
Koinly also supports more countries. If you file taxes in multiple jurisdictions (not just Canada), Koinly's multi-country reports may be what you need. Sched3 is built exclusively for CRA compliance.
| Capability | Sched3 (Active, $129/yr) | Koinly ($49-199/tax year) |
|---|---|---|
| Crypto ACB (pooled, CRA method) | ✓ Weighted-average per coin | ✓ Cost basis tracking |
| Crypto swaps as dispositions | ✓ CAD-valued at trade time | ✓ |
| Exchange/wallet auto-import | CSV import (major exchanges) | ✓ 700+ integrations (API + CSV) |
| DeFi / NFT / staking support | Basic (manual or CSV) | ✓ Deep DeFi support |
| Stocks & ETFs | ✓ Full ACB, broker import, T5008 | — (crypto only) |
| ETF return of capital & phantom distributions | ✓ Per-fund data, auto-applied | ✗ |
| Superficial-loss detection | ✓ Full CRA formula, all asset types, affiliated accounts | Partial (crypto only, basic) |
| T5008 reconciliation | ✓ Line-by-line | ✗ |
| RSU / ESPP / options cost base | ✓ | ✗ |
| Corporate actions (splits, spin-offs, mergers) | ✓ Guided workflows | ✗ |
| Bank of Canada FX per trade date | ✓ Official BoC rates | Market rates (not BoC) |
| Schedule 3-ready accountant package | ✓ PDF + audit trail + cover letter | Canada tax report (PDF) |
| Pricing model | $129/yr annual subscription, all tax years | $49-199 per tax year |
| Multi-year cost (3 years) | $387 total | $147-597 total (crypto only) |
| Free tier | ✓ Manual entry + 1 import (100 tx) + 18 calculators | Free portfolio tracking (no tax report) |
Most Canadian crypto investors also hold stocks, ETFs, or RSUs in taxable accounts. With Koinly, you get a crypto tax report — then you still need a separate tool for the other half of your portfolio. With Sched3, your entire Schedule 3 is produced from one system: crypto dispositions pooled alongside stock sales, ETF adjustments, equity compensation, and T5008 reconciliation. One import workflow, one audit trail, one package for your accountant.
The superficial-loss rule applies across ALL identical property — including crypto. If you sell Bitcoin at a loss and rebuy within 30 days, that loss is denied regardless of which exchange you used. Sched3 detects this across your entire portfolio; Koinly can only see the crypto side.
Koinly charges $49-199 per tax year. If you need to amend a prior year or process multiple years of history, each year is a separate charge. Sched3's $129/yr subscription covers all tax years — current year, amendments, historical look-backs, and anything else you need. Over 3 years of filing, Sched3 costs $387 total for everything; Koinly could cost $147-597 for just the crypto portion.
And with Sched3 you're also getting the stock/ETF/RSU engine at no extra cost — a tool you'd otherwise need to pay for separately.
Sched3 supports crypto dispositions (swaps, sells, conversions) via CSV import from major exchanges. For complex DeFi (liquidity pools, yield farming, cross-chain bridges), you may still want Koinly for the on-chain tracking — then import the results as dispositions into Sched3 alongside your traditional securities for one unified Schedule 3.
Koinly has basic superficial-loss detection for crypto. It does not account for affiliated persons, does not check across your stock/ETF accounts, and does not use the full CRA min(S,P,B)/S formula for partial losses. Sched3 applies the complete rule across all asset types and all accounts.
If your crypto activity is limited to basic exchange trades, Sched3 handles it well at $129/yr (all years included). If you have complex DeFi, 700+ exchange connections, and no traditional securities, Koinly's deeper exchange integrations may serve you better. Honest answer: pick the tool that matches your portfolio complexity.
Yes — export your crypto dispositions from Koinly as CSV and import them into Sched3 alongside your broker files. Sched3 will pool everything into one Schedule 3, detect cross-asset superficial losses, and produce the unified accountant package. Many investors use this approach.