Invest Securely with Interac e-Transfer and CAD

Buying cryptocurrency in Canada is safe and regulated. In 2026, Canadian investors prioritize platforms that are registered as Money Service Businesses (MSB) with FINTRAC, support instant Interac e-Transfers in CAD, and offer transparent fees.

This guide will help you choose a compliant exchange, understand CRA tax obligations, and avoid high banking fees.

How to Buy Bitcoin in Canada: Step-by-Step

Follow these steps to ensure you are using a compliant platform and avoiding expensive USD conversion fees.

1. Choose a FINTRAC-Registered Exchange

Safety first. Ensure the platform is registered as a Money Service Business (MSB) with FINTRAC. This protects your funds and ensures compliance with Canadian laws.

• Avoid: Platforms that only accept USD, as your bank will charge you 2.5% - 3% for currency conversion. Always stick to CAD.

2. Registration & KYC

You will need to verify your identity. Prepare your Canadian Driver's License or Passport. On modern platforms, this takes less than 5 minutes using automated ID checkers.

3. Deposit CAD (Interac is King)

• Interac e-Transfer: This is the best method for Canadians. It is usually free and funds arrive in your account within 30 minutes (often instantly).

• Credit/Debit Card: Instant, but Canadian banks often block crypto purchases on credit cards or treat them as "Cash Advances" (high interest). Debit cards work better.

• Wire Transfer: Good for very large amounts ($10k+), but takes 1-3 business days.

4. Buy Crypto

Once your CAD balance is loaded, select BTC/CAD or ETH/CAD and click Buy.

Who has the best rates? Check our updated list of best crypto exchanges in Canada.

Crypto Taxes in Canada (CRA Rules 2026)

The Canada Revenue Agency (CRA) treats cryptocurrency as a commodity, not currency.

• Capital Gains: If you are investing for the long term, 50% of your profit is tax-free. The other 50% of the profit is added to your income and taxed at your marginal tax rate.

• Business Income: If you are day trading or mining professionally, 100% of your profits may be taxable as business income.

• Tracking: You must track the Adjusted Cost Base (ACB) of your coins. Every trade (crypto-to-crypto) is a taxable event.

Tip: Use crypto tax software to calculate your ACB automatically for tax season.

Frequently Asked Questions (FAQ)

Is crypto legal in Canada?
Yes, owning and trading digital assets is 100% legal.

Can I use PayPal to buy Bitcoin?
Some platforms support it, but fees are high. Interac e-Transfer is superior in every way (cheaper and faster).

Which banks are crypto-friendly?
TD and RBC can be strict with credit card purchases. However, almost all banks (Scotiabank, BMO, CIBC) allow Interac e-Transfers to regulated crypto exchanges like Paybis or Kraken.