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Hey all! If you missed the CryptoTaxes AMA. Make sure to check out all the questions from our community and answers from our CryptoTaxes lead developer Bevan. Thank you to everyone that participated in the AMA! 🙏
Q: How different is this compared to other tools out there, like https://www.cryptotrader.tax/ ?
A: Good question - there are lots of competitors in the US not so much in Canada and none are in Excel and none are primarily targeting Canada.
Q: Hello Bevan, it sounds good start but is there a plan to add more futures in order to provide more flexibility and outputs for the clients? I know couple of amazing products for the same purpose and they are really solid so the competition would be tough to get a decent share of the market.
A: Well, our competitors are not in Excel and don’t provide the same features. Yes - we will always be improving the product.
Q: Can u give me a process on how to use the application?
A: Sure, you download the excel workbook, put in your transactions, set opening balances, upload the workbook, and then you get back the values you need in the workbook.
Q: What’s the price right now to use it?
A: The price is $499 CAD (but in FUEL) until April 30, 2019 - this price is for the current personal tax season.
Q: How will FUEL be used and what kind of companies are you targeting for the platform?
A: FUEL will be used to pay for the service and we are targeting accountants, crypto-traders, and crypto-businesses.
Q: Will it import transactions from exchanges via API key and from wallets by address?
A: Currently it works by manual input and also auto-conversion from Binance Excel file exports.
Q: How many tests have u gone through?
A: I think we tested with like 8-10 different users on the product design and features. We tested with all our 3 targeted groups and they all liked it - as it solves their problem of calculating their taxes in a way that is straight-forward and shows all the calculations in Excel formulas so that they have no magic and full visibility.
Q: Hey Bevan will CryptoTaxes be used eventually in the US? Market there is huge.
A: Eventually in the US for sure, in a few months.
Q: Why should people use CryptoTaxes? I usually like to avoid my taxes in crypto.
A: This is the first year in Canada that the CRA needs you to pay crypto taxes. Not paying taxes is tax evasion.
Q: Has anyone tested the platform yet?
A: I have tested it a lot internally and we have used it for a client to ship their taxes. I have tested all the different types of transactions and importing Binance and all the corner cases (errors, dups, and etc.)
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