5 Ways to Avoid Tax Debt when Trading Crypto - 7Bitcoins

NiceHash - buy & sell hashing power

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[link]

Western countries like Canada and usa should think twice before taxing crypto & trading to death....

Found an interesting opinion on this subject...
We will begin to see certain countries become more friendly to crypto like japan, who are not taxing crypto. These countries see the writing on the wall and realize the financial future that is coming (not from taxing the hell out of it, but from business creation and tax revenue generated through these businesses) More importantly than financial gain - the countries that are friendly to cryptocurrency will gain all of the worlds intelligence. Regulate and tax crypto in your country say goodbye to one of if not the most important resource the world over, cutting edge people. These people are already leaving as we speak.
Look at it this way Canada - one country doesnt tax crypto, or trading and everyone in that country (institutional investors included) profit is far higher than canada who decides to tax trading @ 30%! Where do you think the people will go, AND more importantly where will they take their money? Thats right - they will leave canada and take their $ with them and canada will lose billions of $ guaranteed. Over not a whole lot more time, the billions will be trillions. Same for all other countries that decide we need to tax the hell out of crypto... On the other hand become a crypto friendly country, maybe tax it at 2% to cover oversight only and you will find people coming to your country WITH their wealth and knowledge ready and willing to build on this new economy, this new future. Some countries see it as a threat to the current system and want to protect their own corporate interests (not their citizens) and other countries recognize whoever opens the door will be the centre of "everything". For those that still believe crypto is in a bubble, this is absolutely wrong. We can argue that bitcoin is in a bubble currently, but blockchain & similar technologies are not. Actually absolutely not is a better way of putting it. We are looking at a new world, and it is very accurate to say internet 2.0 because that is what it is. Soon virtually everything will move 'forward', and the countries that decide "we need our cut, we need to take 30 or whatever rediculous % from our people" will be left behind in the dust!
Interesting opinion, makes sense when i think about it.
submitted by Xrprepper to CryptoCurrency [link] [comments]

Investment Thesis: Why investing in POW.TO (Power Corporation of Canada) now is an investment in a future high market cap Wealthsimple IPO

I have seen some posts here wondering about the wisdom of investing in Wealthsimple's parent company, Power Corporation of Canada (POW.TO). I decided to look more into this, decided to post my investment thesis and research on why I, long-term, I have a very bullish view on Wealthsimple (and by extension POW.TO), and why I think this is equal to being an early stage investor in a Wealthsimple IPO.

Overview

Current Products

Investment Rounds

WS has had many successful rounds of funding and a vote of confidence from both its parent POW.TO and other multinationals investing in fintech.

Growth

WS has been extremely aggressive in targeting growth areas. Wealthsimple’s CEO Mike Katchen has said he wants to position the company as a “full-stack” financial services company. Here are some of their current expansion areas:

People

WS is run by young guys who have big ambitions and plans for the company. Sometimes there are CEOs with the intangibles that can really drive a company's growth, and from what I can glean, I think the company has a lot of potential here in terms of vision by its leaders. You can read more about the founders here
Quote sfrom CEO: Michael Katchen
On being laughed out of the boardroom when he proposed his idea for Wealthsimple:
Within the last month, Wealthsimple has also opened an office in London. Katchen said a push into the European market is “possible” as its “ambitions are global,” but right now the Canadian and U.S. markets are “a lot to chew.” It is a far cry from the company’s early days: Katchen said he was “laughed out of the boardroom” for laying out a global vision for Wealthsimple at a time when they had just $1.9-million in funding and 20 users***.***“It’s a very personal mission of mine since I moved back from California, to inspire more Canadian companies to think big and to think internationally about the businesses that they’re building,” he said. (reference)
On Wealthsimple's growth in the next 10-15 years:
Wealthsimple has more than $5 billion in assets under management and 175,000 customers in Canada, the U.S. and U.K. He sees that reaching $1 trillion 15 years. “We’re just getting started,” he said. “Our plans are to get to millions of clients in the next five years.” (reference)

Brand Value and Design

Out of all the financial services company in Canada, WS probably has the most cohesive and smart design concept across its platforms and products. I see the value in Wealthsimple in not just the assets they have under management, but also the value of the brand itself. I mean, what kind of financial services company makes a blog post about their branding colour scheme and font choices? Also see: Wealthsimple’s advertisement earlier this year capturing 4 million views on Youtube.
There also seems to be very strong brand awareness and brand loyalty amongst its users. I think a lot of users find WS refreshing as a financial services company because they cut through the "bullshit" and legalese, and try to simply things for the consumer. They also have their own in house team of designers and creative directors to do branding, design, and advertising, and this kind of vertical integration is generally unheard of in the financial services industry (reference).

Potential IPO?

Interestingly, the CEO’s ultimate goal is to take the company public. Therefore, I see an investment in POW.TO as being an early stage pre-IPO investor in WS (reference).
The goal is to get Wealthsimple to the size and scale to go public, something that Katchen said he’s “obsessed with.” While admitting that an IPO was still a few years down the road, Katchen already has a target of $20 billion in assets under administration (AUA) as the tipping point (the company recently announced $4.3 billion in AUA as of Q1 2019) (reference)

Future Potential

Ultimately, my sense is that a spun-out Wealthsimple IPO eventually be worth a lot, perhaps even more than POW.TO at some point. Obviously the company is losing money right now, and no where even close to an IPO, and there are still many chances that this company could flop. The best analogy that I can think of is when Yahoo bought an early stake in Alibaba (BABA) back in the early 2000s, and there came a point where their stake in BABA was worth more than Yahoo’s core business. I think an investment in POW.TO now is an early investment in WS before it goes public. (reference)

Risks

The X Factor

What I find particularly compelling about WS is they have aggressively positioned themselves to be a disruptor in the Canadian financial services industry. This is an area that has traditionally been thought to be a firewall for the Big Five Banks. There is also a generational gap in investing approaches, knowledge, and strategy, and I think WS has positioned itself nicely with first-time investors. My sense is that COVID-19 has also captured a huge amount of young adults with its trading app in the last few months, who will continue to use Wealthsimple products in the future. The average age of its user is around 34. As younger individuals are more comfortable with moving away traditional banking products, I think Wealthsimple’s product offering offers significant advantages over its competitors.

Power Corp is a Good Home

Currently POW.TO is trading at $26.30, down from its 52-week high of $35.15. I see an investment in POW.TO now as fairly low risk, and while WS grows, and there is also the added benefit of a high dividend stock. One of the most confusing things I found about Power Corp was its confusing corporate structure where there were two stocks, Power Financial Corp, and Power Corp of Canada. Fortunately, in Dec 2019, they simplified and consolidated the stocks, which also simplifies the holding structure of WS. I currently see POW.TO has a good stock to hold as well if you're a dividend holder, with a dividend of 6.86%.
Also, POW.TO is patient enough to bide its time and let its investment in WS grow, unlike a VC that might want to sell it quick. For example, the reason why WS went with POW.TO instead of the traditional VC route is explained here:
Katchen has directly addressed the question of why he did not go the traditional VC route recently, saying: If you are a business that requires perhaps decades to achieve the vision you have, well, if you’re not going to be able to generate the kind of returns that venture needs is they will force you to sell yourself, they will force you to go public before you’re ready, or they will just forget about you because you’re going to be a write off. And so Katchen essentially flipped Wealthsimple to Power Financial. Power is well known as a conservative, patient, long-term investor. (https://opmwars.substack.com/p/the-wealthsimple-founders-before)
My belief is there is a huge unrecognized potential in POW.TO's massive ownership stake in WS that will be realized maybe 5-10 years down the road. I didn't really dive into the financials of POW.TO in relation to WS's performance, because the earnings reports do no actually say much about WS. I'm aware of the main criticisms that POW.TO is a mature company and dividend stock that has been trading sideways for many years, and the fact that WS is currently not a profitable company. I am not a professional investor, and this is just my amateur research, so I certainly welcome any comments/criticism of this thesis that people on this subreddit might have! (Please be gentle on me!).

Other Readings

- https://betakit.com/wealthsimple-raises-100-million-from-allianz-x-to-build-a-full-stack-financial-service/
- https://betakit.com/power-financial-claims-89-percent-stake-in-wealthsimple-following-new-30-million-investment/
- https://www.powercorporation.com/media/uploads/reports/quartepcc-2020-q2-eng_3KVPXLd.pdf

Edit: Thanks to all for the thoughtful comments about POW's size and other holdings relative to WS, and that WS is basically a tiny, tiny portion of POW.TO. Again, I am just an amateur investor, appreciate we can discuss these points on this forum! And fair point is taken that WS's margins are also razor thin right now. I guess I am buying more into the CEO's vision of growth (see this video about his confidence about getting to $1 trillion AUM (!) in the next 8 years), rather than the current financial status or size of the company. Call me delusional if you will :P.
In any case, glad that I was able to flush out these thoughts with the CanadianInvestor community! I do wonder if WS's expansion into a broad-based financial services company (into mortgages, credit lines, and life insurance) might increase their profitability and size over time. https://www.bnnbloomberg.ca/wealthsimple-targets-canada-s-richest-with-grayhawk-partnership-1.1301993
submitted by soggybread to CanadianInvestor [link] [comments]

How the TFSA works

(Updated August 9th, 2020)

Background


You may have heard about off-shore tax havens of questionable legality where wealthy people invest their money in legal "grey zones" and don't pay any tax, as featured for example, in Netflix's drama, The Laundromat.

The reality is that the Government of Canada offers 100% tax-free investing throughout your life, with unlimited withdrawals of your contributions and profits, and no limits on how much you can make tax-free. There is also nothing to report to the Canada Revenue Agency. Although Britain has a comparable program, Canada is the only country in the world that offers tax-free investing with this level of power and flexibility.

Thank you fellow Redditors for the wonderful Gold Award and Today I Learned Award!

(Unrelated but Important Note: I put a link at the bottom for my margin account explainer. Many people are interested in margin trading but don't understand the math behind margin accounts and cannot find an explanation. If you want to do margin, but don't know how, click on the link.)

As a Gen-Xer, I wrote this post with Millennials in mind, many of whom are getting interested in investing in ETFs, individual stocks, and also my personal favourite, options. Your generation is uniquely positioned to take advantage of this extremely powerful program at a relatively young age. But whether you're in your 20's or your 90's, read on!

Are TFSAs important? In 2020 Canadians have almost 1 trillion dollars saved up in their TFSAs, so if that doesn't prove that pennies add up to dollars, I don't know what does. The TFSA truly is the Great Canadian Tax Shelter.

I will periodically be checking this and adding issues as they arise, to this post. I really appreciate that people are finding this useful. As this post is now fairly complete from a basic mechanics point of view, and some questions are already answered in this post, please be advised that at this stage I cannot respond to questions that are already covered here. If I do not respond to your post, check this post as I may have added the answer to the FAQs at the bottom.

How to Invest in Stocks


A lot of people get really excited - for good reason - when they discover that the TFSA allows you to invest in stocks, tax free. I get questions about which stocks to buy.

I have made some comments about that throughout this post, however; I can't comprehensively answer that question. Having said that, though, if you're interested in picking your own stocks and want to learn how, I recommmend starting with the following videos:

The first is by Peter Lynch, a famous American investor in the 80's who wrote some well-respected books for the general public, like "One Up on Wall Street." The advice he gives is always valid, always works, and that never changes, even with 2020's technology, companies and AI:

https://www.youtube.com/watch?v=cRMpgaBv-U4&t=2256s


The second is a recording of a university lecture given by investment legend Warren Buffett, who expounds on the same principles:

https://www.youtube.com/watch?v=2MHIcabnjrA

Please note that I have no connection to whomever posted the videos.

Introduction


TFSAs were introduced in 2009 by Stephen Harper's government, to encourage Canadians to save.

The effect of the TFSA is that ordinary Canadians don't pay any income or capital gains tax on their securities investments.

Initial uptake was slow as the contribution rules take some getting used to, but over time the program became a smash hit with Canadians. There are about 20 million Canadians with TFSAs, so the uptake is about 70%- 80% (as you have to be the age of majority in your province/territory to open a TFSA).

Eligibility to Open a TFSA


You must be a Canadian resident with a valid Social Insurance Number to open a TFSA. You must be at the voting age in the province in which you reside in order to open a TFSA, however contribution room begins to accumulate from the year in which you turned 18. You do not have to file a tax return to open a TFSA. You do not need to be a Canadian citizen to open and contribute to a TFSA. No minimum balance is required to open a TFSA.

Where you Can Open a TFSA


There are hundreds of financial institutions in Canada that offer the TFSA. There is only one kind of TFSA; however, different institutions offer a different range of financial products. Here are some examples:


Insurance


Your TFSA may be covered by either CIFP or CDIC insuranceor both. Ask your bank or broker for details.

What You Can Trade and Invest In


You can trade the following:


What You Cannot Trade


You cannot trade:

Again, if it requires a margin account, it's out. You cannot buy on margin in a TFSA. Nothing stopping you from borrowing money from other sources as long as you stay within your contribution limits, but you can't trade on margin in a TFSA. You can of course trade long puts and calls which give you leverage.

Rules for Contribution Room


Starting at 18 you get a certain amount of contribution room.

According to the CRA:
You will accumulate TFSA contribution room for each year even if you do not file an Income Tax and Benefit Return or open a TFSA.
The annual TFSA dollar limit for the years 2009 to 2012 was $5,000.
The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.
The annual TFSA dollar limit for the year 2015 was $10,000.
The annual TFSA dollar limit for the years 2016 to 2018 was $5,500.
The annual TFSA dollar limit for the year 2019 is $6,000.
The TFSA annual room limit will be indexed to inflation and rounded to the nearest $500.
Investment income earned by, and changes in the value of TFSA investments will not affect your TFSA contribution room for the current or future years.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html
If you don't use the room, it accumulates indefinitely.

Trades you make in a TFSA are truly tax free. But you cannot claim the dividend tax credit and you cannot claim losses in a TFSA against capital gains whether inside or outside of the TFSA. So do make money and don't lose money in a TFSA. You are stuck with the 15% withholding tax on U.S. dividend distributions unlike the RRSP, due to U.S. tax rules, but you do not pay any capital gains on sale of U.S. shares.

You can withdraw *both* contributions *and* capital gains, no matter how much, at any time, without penalty. The amount of the withdrawal (contributions+gains) converts into contribution room in the *next* calendar year. So if you put the withdrawn funds back in the same calendar year you take them out, that burns up your total accumulated contribution room to the extent of the amount that you re-contribute in the same calendar year.

Examples


E.g. Say you turned 18 in 2016 in Alberta where the age of majority is 18. It is now sometime in 2020. You have never contributed to a TFSA. You now have $5,500+$5,500+$5,500+$6,000+$6,000 = $28,500 of room in 2020. In 2020 you manage to put $20,000 in to your TFSA and you buy Canadian Megacorp common shares. You now have $8,500 of room remaining in 2020.

Sometime in 2021 - it doesn't matter when in 2021 - your shares go to $100K due to the success of the Canadian Megacorp. You also have $6,000 worth of room for 2021 as set by the government. You therefore have $8,500 carried over from 2020+$6,000 = $14,500 of room in 2021.

In 2021 you sell the shares and pull out the $100K. This amount is tax-free and does not even have to be reported. You can do whatever you want with it.

But: if you put it back in 2021 you will over-contribute by $100,000 - $14,500 = $85,500 and incur a penalty.

But if you wait until 2022 you will have $14,500 unused contribution room carried forward from 2021, another $6,000 for 2022, and $100,000 carried forward from the withdrawal 2021, so in 2022 you will have $14,500+$6,000+$100,000 = $120,500 of contribution room.

This means that if you choose, you can put the $100,000 back in in 2022 tax-free and still have $20,500 left over. If you do not put the money back in 2021, then in 2022 you will have $120,500+$6,000 = $126,500 of contribution room.

There is no age limit on how old you can be to contribute, no limit on how much money you can make in the TFSA, and if you do not use the room it keeps carrying forward forever.

Just remember the following formula:

This year's contribution room = (A) unused contribution room carried forward from last year + (B) contribution room provided by the government for this year + (C) total withdrawals from last year.

EXAMPLE 1:

Say in 2020 you never contributed to a TFSA but you were 18 in 2009.
You have $69,500 of unused room (see above) in 2020 which accumulated from 2009-2020.
In 2020 you contribute $50,000, leaving $19,500 contribution room unused for 2020. You buy $50,000 worth of stock. The next day, also in 2020, the stock doubles and it's worth $100,000. Also in 2020 you sell the stock and withdraw $100,000, tax-free.

You continue to trade stocks within your TFSA, and hopefully grow your TFSA in 2020, but you make no further contributions or withdrawals in 2020.


The question is, How much room will you have in 2021?
Answer: In the year 2021, the following applies:
(A) Unused contribution room carried forward from last year, 2020: $19,500
(B) Contribution room provided by government for this year, 2021: $6,000
(C) Total withdrawals from last year, 2020: $100,000

Total contribution room for 2021 = $19,500+6,000+100,000 = $125,500.

EXAMPLE 2:
Say between 2020 and 2021 you decided to buy a tax-free car (well you're still stuck with the GST/PST/HST/QST but you get the picture) so you went to the dealer and spent $25,000 of the $100,000 you withdrew in 2020. You now have a car and $75,000 still burning a hole in your pocket. Say in early 2021 you re-contribute the $75,000 you still have left over, to your TFSA. However, in mid-2021 you suddenly need $75,000 because of an emergency so you pull the $75,000 back out. But then a few weeks later, it turns out that for whatever reason you don't need it after all so you decide to put the $75,000 back into the TFSA, also in 2021. You continue to trade inside your TFSA but make no further withdrawals or contributions.

How much room will you have in 2022?
Answer: In the year 2022, the following applies:

(A) Unused contribution room carried forward from last year, 2021: $125,500 - $75,000 - $75,000 = -$24,500.

Already you have a problem. You have over-contributed in 2021. You will be assessed a penalty on the over-contribution! (penalty = 1% a month).

But if you waited until 2022 to re-contribute the $75,000 you pulled out for the emergency.....

In the year 2022, the following would apply:
(A) Unused contribution room carried forward from last year, 2021: $125,500 -$75,000 =$50,500.
(B) Contribution room provided by government for this year, 2022: $6,000
(C) Total withdrawals from last year, 2020: $75,000

Total contribution room for 2022 = $50,500 + $6,000 + $75,000 = $131,500.
...And...re-contributing that $75,000 that was left over from your 2021 emergency that didn't materialize, you still have $131,500-$75,000 = $56,500 of contribution room left in 2022.

For a more comprehensive discussion, please see the CRA info link below.

FAQs That Have Arisen in the Discussion and Other Potential Questions:



  1. Equity and ETF/ETN Options in a TFSA: can I get leverage? Yes. You can buy puts and calls in your TFSA and you only need to have the cash to pay the premium and broker commissions. Example: if XYZ is trading at $70, and you want to buy the $90 call with 6 months to expiration, and the call is trading at $2.50, you only need to have $250 in your account, per option contract, and if you are dealing with BMO IL for example you need $9.95 + $1.25/contract which is what they charge in commission. Of course, any profits on closing your position are tax-free. You only need the full value of the strike in your account if you want to exercise your option instead of selling it. Please note: this is not meant to be an options tutorial; see the Montreal Exchange's Equity Options Reference Manual if you have questions on how options work.
  2. Equity and ETF/ETN Options in a TFSA: what is ok and not ok? Long puts and calls are allowed. Covered calls are allowed, but cash-secured puts are not allowed. All other option trades are also not allowed. Basically the rule is, if the trade is not a covered call and it either requires being short an option or short the stock, you can't do it in a TFSA.
  3. Live in a province where the voting age is 19 so I can't open a TFSA until I'm 19, when does my contribution room begin? Your contribution room begins to accumulate at 18, so if you live in province where the age of majority is 19, you'll get the room carried forward from the year you turned 18.
  4. If I turn 18 on December 31, do I get the contribution room just for that day or for the whole year? The whole year.
  5. Do commissions paid on share transactions count as withdrawals? Unfortunately, no. If you contribute $2,000 cash and you buy $1,975 worth of stock and pay $25 in commission, the $25 does not count as a withdrawal. It is the same as if you lost money in the TFSA.
  6. How much room do I have? If your broker records are complete, you can do a spreadsheet. The other thing you can do is call the CRA and they will tell you.
  7. TFSATFSA direct transfer from one institution to another: this has no impact on your contributions or withdrawals as it counts as neither.
  8. More than 1 TFSA: you can have as many as you want but your total contribution room does not increase or decrease depending on how many accounts you have.
  9. Withdrawals that convert into contribution room in the next year. Do they carry forward indefinitely if not used in the next year? Answer :yes.
  10. Do I have to declare my profits, withdrawals and contributions? No. Your bank or broker interfaces directly with the CRA on this. There are no declarations to make.
  11. Risky investments - smart? In a TFSA you want always to make money, because you pay no tax, and you want never to lose money, because you cannot claim the loss against your income from your job. If in year X you have $5,000 of contribution room and put it into a TFSA and buy Canadian Speculative Corp. and due to the failure of the Canadian Speculative Corp. it goes to zero, two things happen. One, you burn up that contribution room and you have to wait until next year for the government to give you more room. Two, you can't claim the $5,000 loss against your employment income or investment income or capital gains like you could in a non-registered account. So remember Buffett's rule #1: Do not lose money. Rule #2 being don't forget the first rule. TFSA's are absolutely tailor-made for Graham-Buffett value investing or for diversified ETF or mutual fund investing, but you don't want to buy a lot of small specs because you don't get the tax loss.
  12. Moving to/from Canada/residency. You must be a resident of Canada and 18 years old with a valid SIN to open a TFSA. Consult your tax advisor on whether your circumstances make you a resident for tax purposes. Since 2009, your TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada. Note: If you move to another country, you can STILL trade your TFSA online from your other country and keep making money within the account tax-free. You can withdraw money and Canada will not tax you. But you have to get tax advice in your country as to what they do. There restrictions on contributions for non-residents. See "non residents of Canada:" https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4466/rc4466-19e.pdf
  13. The U.S. withholding tax. Dividends paid by U.S.-domiciled companies are subject to a 15% U.S. withholding tax. Your broker does this automatically at the time of the dividend payment. So if your stock pays a $100 USD dividend, you only get $85 USD in your broker account and in your statement the broker will have a note saying 15% U.S. withholding tax. I do not know under what circumstances if any it is possible to get the withheld amount. Normally it is not, but consult a tax professional.
  14. The U.S. withholding tax does not apply to capital gains. So if you buy $5,000 USD worth of Apple and sell it for $7,000 USD, you get the full $2,000 USD gain automatically.
  15. Tax-Free Leverage. Leverage in the TFSA is effectively equal to your tax rate * the capital gains inclusion rate because you're not paying tax. So if you're paying 25% on average in income tax, and the capital gains contribution rate is 50%, the TFSA is like having 12.5%, no margin call leverage costing you 0% and that also doesn't magnify your losses.
  16. Margin accounts. These accounts allow you to borrow money from your broker to buy stocks. TFSAs are not margin accounts. Nothing stopping you from borrowing from other sources (such as borrowing cash against your stocks in an actual margin account, or borrowing cash against your house in a HELOC or borrowing cash against your promise to pay it back as in a personal LOC) to fund a TFSA if that is your decision, bearing in mind the risks, but a TFSA is not a margin account. Consider options if you want leverage that you can use in a TFSA, without borrowing money.
  17. Dividend Tax Credit on Canadian Companies. Remember, dividends paid into the TFSA are not eligible to be claimed for the credit, on the rationale that you already got a tax break.
  18. FX risk. The CRA allows you to contribute and withdraw foreign currency from the TFSA but the contribution/withdrawal accounting is done in CAD. So if you contribute $10,000 USD into your TFSA and withdraw $15,000 USD, and the CAD is trading at 70 cents USD when you contribute and $80 cents USD when you withdraw, the CRA will treat it as if you contributed $14,285.71 CAD and withdrew $18,75.00 CAD.
  19. OTC (over-the-counter stocks). You can only buy stocks if they are listed on an approved exchange ("approved exchange" = TSX, TSX-V, NYSE, NASDAQ and about 25 or so others). The U.S. pink sheets "over-the-counter" market is an example of a place where you can buy stocks, that is not an approved exchange, therefore you can't buy these penny stocks. I have however read that the CRA make an exception for a stock traded over the counter if it has a dual listing on an approved exchange. You should check that with a tax lawyer or accountant though.
  20. The RRSP. This is another great tax shelter. Tax shelters in Canada are either deferrals or in a few cases - such as the TFSA - outright tax breaks, The RRSP is an example of a deferral. The RRSP allows you to deduct your contributions from your income, which the TFSA does not allow. This deduction is a huge advantage if you earn a lot of money. The RRSP has tax consequences for withdrawing money whereas the TFSA does not. Withdrawals from the RRSP are taxable whereas they are obviously not in a TFSA. You probably want to start out with a TFSA and maintain and grow that all your life. It is a good idea to start contributing to an RRSP when you start working because you get the tax deduction, and then you can use the amount of the deduction to contribute to your TFSA. There are certain rules that claw back your annual contribution room into an RRSP if you contribute to a pension. See your tax advisor.
  21. Pensions. If I contribute to a pension does that claw back my TFSA contribution room or otherwise affect my TFSA in any way? Answer: No.
  22. The $10K contribution limit for 2015. This was PM Harper's pledge. In 2015 the Conservative government changed the rules to make the annual government allowance $10,000 per year forever. Note: withdrawals still converted into contribution room in the following year - that did not change. When the Liberals came into power they switched the program back for 2016 to the original Harper rules and have kept the original Harper rules since then. That is why there is the $10,000 anomaly of 2015. The original Harper rules (which, again, are in effect now) called for $500 increments to the annual government allowance as and when required to keep up with inflation, based on the BofC's Consumer Price Index (CPI). Under the new Harper rules, it would have been $10,000 flat forever. Which you prefer depends on your politics but the TFSA program is massively popular with Canadians. Assuming 1.6% annual CPI inflation then the annual contribution room will hit $10,000 in 2052 under the present rules. Note: the Bank of Canada does an excellent and informative job of explaining inflation and the CPI at their website.
  23. Losses in a TFSA - you cannot claim a loss in a TFSA against income. So in a TFSA you always want to make money and never want to lose money. A few ppl here have asked if you are losing money on your position in a TFSA can you transfer it in-kind to a cash account and claim the loss. I would expect no as I cannot see how in view of the fact that TFSA losses can't be claimed, that the adjusted cost base would somehow be the cost paid in the TFSA. But I'm not a tax lawyeaccountant. You should consult a tax professional.
  24. Transfers in-kind to the TFSA and the the superficial loss rule. You can transfer securities (shares etc.) "in-kind," meaning, directly, from an unregistered account to the TFSA. If you do that, the CRA considers that you "disposed" of, meaning, equivalent to having sold, the shares in the unregistered account and then re-purchased them at the same price in the TFSA. The CRA considers that you did this even though the broker transfers the shares directly in the the TFSA. The superficial loss rule, which means that you cannot claim a loss for a security re-purchased within 30 days of sale, applies. So if you buy something for $20 in your unregistered account, and it's trading for $25 when you transfer it in-kind into the TFSA, then you have a deemed disposition with a capital gain of $5. But it doesn't work the other way around due to the superficial loss rule. If you buy it for $20 in the unregistered account, and it's trading at $15 when you transfer it in-kind into the TFSA, the superficial loss rule prevents you from claiming the loss because it is treated as having been sold in the unregistered account and immediately bought back in the TFSA.
  25. Day trading/swing trading. It is possible for the CRA to try to tax your TFSA on the basis of "advantage." The one reported decision I'm aware of (emphasis on I'm aware of) is from B.C. where a woman was doing "swap transactions" in her TFSA which were not explicitly disallowed but the court rules that they were an "advantage" in certain years and liable to taxation. Swaps were subsequently banned. I'm not sure what a swap is exactly but it's not that someone who is simply making contributions according to the above rules would run afoul of. The CRA from what I understand doesn't care how much money you make in the TFSA, they care how you made it. So if you're logged on to your broker 40 hours a week and trading all day every day they might take the position that you found a way to work a job 40 hours a week and not pay any tax on the money you make, which they would argue is an "advantage," although there are arguments against that. This is not legal advice, just information.
  26. The U.S. Roth IRA. This is a U.S. retirement savings tax shelter that is superficially similar to the TFSA but it has a number of limitations, including lack of cumulative contribution room, no ability for withdrawals to convert into contribution room in the following year, complex rules on who is eligible to contribute, limits on how much you can invest based on your income, income cutoffs on whether you can even use the Roth IRA at all, age limits that govern when and to what extent you can use it, and strict restrictions on reasons to withdraw funds prior to retirement (withdrawals prior to retirement can only be used to pay for private medical insurance, unpaid medical bills, adoption/childbirth expenses, certain educational expenses). The TFSA is totally unlike the Roth IRA in that it has none of these restrictions, therefore, the Roth IRA is not in any reasonable sense a valid comparison. The TFSA was modeled after the U.K. Investment Savings Account, which is the only comparable program to the TFSA.
  27. The UK Investment Savings Account. This is what the TFSA was based off of. Main difference is that the UK uses a 20,000 pound annual contribution allowance, use-it-or-lose-it. There are several different flavours of ISA, and some do have a limited recontribution feature but not to the extent of the TFSA.
  28. Is it smart to overcontribute to buy a really hot stock and just pay the 1% a month overcontribution penalty? If the CRA believes you made the overcontribution deliberately the penalty is 100% of the gains on the overcontribution, meaning, you can keep the overcontribution, or the loss, but the CRA takes the profit.
  29. Speculative stocks-- are they ok? There is no such thing as a "speculative stock." That term is not used by the CRA. Either the stock trades on an approved exchange or it doesn't. So if a really blue chip stock, the most stable company in the world, trades on an exchange that is not approved, you can't buy it in a TFSA. If a really speculative gold mining stock in Busang, Indonesia that has gone through the roof due to reports of enormous amounts of gold, but their geologist somehow just mysteriously fell out of a helicopter into the jungle and maybe there's no gold there at all, but it trades on an approved exchange, it is fine to buy it in a TFSA. Of course the risk of whether it turns out to be a good investment or not, is on you.
Remember, you're working for your money anyway, so if you can get free money from the government -- you should take it! Follow the rules because Canadians have ended up with a tax bill for not understanding the TFSA rules.
Appreciate the feedback everyone. Glad this basic post has been useful for many. The CRA does a good job of explaining TFSAs in detail at https://www.canada.ca/content/dam/cra-arc/formspubs/pub/rc4466/rc4466-19e.pdf

Unrelated but of Interest: The Margin Account

Note: if you are interested in how margin accounts work, I refer you to my post on margin accounts, where I use a straightforward explanation of the math behind margin accounts to try and give readers the confidence that they understand this powerful leveraging tool.

How Margin Loans Work - a Primer

submitted by KhingoBhingo to CanadianInvestor [link] [comments]

Digital Dollar, FedNow, CBDC, the central banks spending and global push for more control through digital currency.

At the beginning of the Covid-19 outbreak a few interesting things happened. China introduced the "Digital Yuan / RMB" And in April the "Digital dollar" was proposed in the first stimulus bill here in the USA. And they haven't stopped talking about it since. High tables from the White house Financial committee, Federal Reserve, US congress. Aiming to have a digital currency working as early as 2021 to provide UBI / Universal basic income to the masses, all while being able to track, freeze, limit, manipulate spending throughout the economy. Starting to sound rather like a "Black mirror film" isn't it? Well...China has taken it a step farther with their "Social Credit system" watching and controlling nearly every aspect of life. . . but we're here to talk about currency. How could this even happen in America? Well, to start
All of the above is a partial list of factors devaluing the Dollar and trust in it from several ways and views. At the end of the day it has a huge amount of enemies, that are all looking for ways to get out of it.
Some of what I'm seeing personally.
It is a death spiral for the working person, where it used to be "No more than 30% of your wage going to housing" It is now well over 50%....Just look at this recent post in Frugal https://www.reddit.com/Frugal/comments/ifqah1/is_it_normal_for_a_third_to_a_half_of_you?utm_source=share&utm_medium=web2x&context=3
This death spiral I foresee getting worse. And historically any "tax" / regulation cost will just be passed down to the consumer in form of increased prices until people / businesses move elsewhere as we've seen in several cities around the US.

So what can we do? Buy Gold! Silver! Bitcoin! Stocks! I hear people roar, They aren't exactly wrong as history shows... but have you considered the 30-40% tax on the "gain"? Even when that asset buys the same value before tax? What if the government makes it illegal like the 1933 order: 6102 Where you couldn't own gold for nearly 50 years? You're frozen out, or even out on taxes (which will likely be more strict and controlled later in time).
I'd say Invest in things that will
Metals are the next step when a person has plenty of the above. You get to a point where you have hundreds of thousands, if not millions that you need to condense into something real.
It is all about the savings or productivity gain of the investment. For instance I would wager that many preppers have gotten more use / value out of a $800 clothes washer than a $800 rifle. (have you ever had to do manual laundry???) Sure the rifle will hold value...but it often doesn't pay you back with time / what it saved and / or what it has produced during its life unless you are using it. Same can be said of security cameras, a generator, a tractor, trailer, garden, tools, ect.
Look at history even, in countries that have experienced hyperinflation people that already had tangibles they regularly use were way ahead. It could even be honey, a tool, extra maintenance parts, can of food, that bottle of medicine, a computer to keep your intel on point, (cough # PrepperIntel plug) use of your equipment to do or make something for someone. Real Estate is good too, it rides inflation well and has many ways of being productive.
Your metals could be sitting there like the rifle, and could be subject to hot debate and laws. Meanwhile that garden is paying back, chainsaw is helping saw up wood, or your tractor is helping a job, your tools just helped you fix something / saved you much loss, Your security stopped a loss not by a person, but an random animal stealing things. Or that $25,000 solar array is paying you back by the day in spades...while making you independent...running all your tools you're using to make things to sell, and even heating / cooling some of the house with the extra juice while places around you experience rolling blackouts. You were even smart and took the current 24% tax benefit the government has saving you $5000 on it for batteries. Don't get me started if you have an electric vehicle with solar... I'm rambling at this point...and all those stealthy / direct and passive background savings...even if the crap doesn't hit the fan.
So anyways, With out of control central banks and big governments, digital currencies, How do you think it will play out? Are we heading to dystopia?
submitted by AntiSonOfBitchamajig to PrepperIntel [link] [comments]

Am I a conservative? Beliefs listed from strongest to meh. [USA]

1) I believe we have to work to make the environment good for humans to live in. So I believe in climate change and that the fossil fuel industry has too much power, but I also believe that nuclear power should be used and even take precedent over solar and wind. I believe cloning animals is fine, and GMO foods are fine, and that removing "invasive" plants that don't harbor devastating pests more than native plants do, is a waste of time.
2) I think universal healthcare is more a matter of keeping citizens safe and not broke at this point. For the USA, I think it'd be cheaper to have it than not to at this point.
3) I would like to pay less taxes, and I would like the tax system to be a clear system of carrots and sticks.
4) I believe in freedom of speech and freedom of association. I believe protests that involve setting cars or buildings on fire without a permit have become "riots" and are no longer protests.
5) I don't see the problem with cryptocurrency when we've had stuff exchanged for goods and services other than money for centuries. Gift cards. Incentive programs. Labor. Honestly I think we should pay prisoners in crypto, if we're going to have them work while they're in prison anyway (USA.)
6) I'm fine with women getting abortions. I'm fine with birth control. I don't think sports should be divided by gender but by size and muscle mass. I'm fine with LGBTQ people getting married. I'm not okay with the military paying for gender reassignment surgery for enlistees.
7) I believe free trade is good overall but requires constant vigilance. Similar to political lobbyists. Similar to public welfare payments.
8) I believe a politician should talk to anyone and not be afraid of being tainted by that person's reputation because politicians also have freedom of association.
9) People in urban areas shouldn't have guns, but guns are fine for non-urban settings. Guns and surveillance of the civilian population go hand-in-hand. The more surveillance is possible, the less guns are necessary.


If there are other major issues that you think I have forgotten then you can ask about them in the comments. These 9 beliefs are pretty much a secret that I keep from my friends. Or "friends" on Facebook. They have an idea that I'm libertarian (or something) and that I have friends who are gun nuts. This past winter I had a horde of "friends" decide that I was alt-right and really start brigading against me, and in retrospect it was probably because I posted something about how excited I was about attention being paid to the NASA and the formation of Space Corps. Somehow that translated into me being secretly a neo-Nazi for them. Just an anecdote! I'm over it.
submitted by SquirrelFoods to AskConservatives [link] [comments]

"slightly" more objective views about China

after reading this article by a malaysian I want to put this out here to hopefully encourage some understanding and discussion

+++++-++
Share
By Zeis Siez
I’m from Malaysia. China has traded with Malaysia for 2000 years. In those years, they had been the world’s biggest powers many times. Never once they sent troops to take our land. Admiral Zhenghe came to Malacca five times, in gigantic fleets, and a flagship eight times the size of Christopher Columbus’ flagship, Santa Maria. He could have seized Malacca easily, but he did not. In 1511, the Portuguese came. In 1642, the Dutch came. In the 18th century the British came. We were colonised by each, one after another.
When China wanted spices from India, they traded with the Indians. When they wanted gems, they traded with the Persian. They didn’t take lands. The only time China expanded beyond their current borders was in Yuan Dynasty, when Genghis and his descendants Ogedei Khan, Guyuk Khan & Kublai Khan concurred China, Mid Asia and Eastern Europe. But Yuan Dynasty, although being based in China, was a part of the Mongolian Empire.
Then came the Century of Humiliation. Britain smuggled opium into China to dope the population, a strategy to turn the trade deficit around, after the British could not find enough silver to pay the Qing Dynasty in their tea and porcelain trades. After the opium warehouses were burned down and ports were closed by the Chinese in ordered to curb opium, the British started the Opium War I, which China lost. Hong Kong was forced to be surrendered to the British in a peace talk (Nanjing Treaty). The British owned 90% of the opium market in China, during that time, Queen Victory was the world’s biggest drug baron. The remaining 10% was owned by American merchants from Boston. Many of Boston’s institutions were built with profit from opium.
After 12 years of Nanjing Treaty, the West started getting really really greedy. The British wanted the Qing government:
  1. To open the borders of China to allow goods coming in and out freely, and tax free.
  2. Make opium legal in China.
Insane requests, Qing government said no. The British and French, with supports from the US and Russia from behind, started Opium War II with China, which again, China lost. The Anglo-French military threatened to burn down the Imperial Palace, the Qing government was forced to pay with ports, free business zones, 300,000 kilograms of silver and Kowloon was taken. Since then, China’s resources flew out freely through these business zones and ports. In the subsequent amendment to the treaties, Chinese people were sold overseas to serve as labor.
In 1900, China suffered attacks by the 8-National Alliance(Japan, Russia, Britain, France, USA, Germany, Italy, Austria-Hungary). Innocent Chinese civilians in Peking (Beijing now) were murdered, buildings were destroyed & women were raped. The Imperial Palace was raided, and treasures ended up in museums like the British Museum in London and the Louvre in Paris.
In late 1930s China was occupied by the Japanese in WWII. Millions of Chinese died during the occupancy. 300,000 Chinese died in Nanjing Massacre alone.
Mao brought China together again from the shambles. There were peace and unity for some time. But Mao’s later reign saw sufferings and deaths from feminine and power struggles.
Then came Deng Xiao Ping and his infamous “black-cat and white-cat” story. His preference in pragmatism than ideologies has transformed China. This thinking allowed China to evolve all the time to adapt to the actual needs in the country, instead of rigidly bounded to ideologies. It also signified the death of Communism in actually practice in China. The current Socialism+Meritocracy+Market Economy model fits the Chinese like gloves, and it propels the uprise of China. Singapore has a similar model, and has been arguably more successful than Hong Kong, because Hong Kong being gateway to China, was riding on the economic boom in China, while Singapore had no one to gain from.
In just 30 years, the CCP have moved 800 millions of people out from poverty. The rate of growth is unprecedented in human history. They have built the biggest mobile network, by far the biggest high speed rail network in the world, and they have become a behemoth in infrastructure. They made a fishing village called Shenzhen into the world’s second largest technological centre after the Silicon Valley. They are growing into a technological power house. It has the most elaborate e-commerce and cashless payment system in the world. They have launched exploration to Mars. The Chinese are living a good life and China has become one of the safest countries in the world. The level of patriotism in the country has reached an unprecedented height.
For all of the achievements, the West has nothing good to say about it. China suffers from intense anti-China propagandas from the West. Western Media used the keyword “Communist” to instill fear and hatred towards China.
Everything China does is negatively reported.
They claimed China used slave labors in making iPhones. The truth was, Apple was the most profitable company in the world, it took most of the profit, leave some to Foxconn (a Taiwanese company) and little to the labor.
They claimed China was inhuman with one-child policy. At the same time, they accused China of polluting the earth with its huge population. The fact is the Chinese consume just 30% of energy per capita compared to the US.
They claimed China underwent ethnic cleansing in Xinjiang. The fact is China has a policy which priorities ethnic minorities. For a long time, the ethnic minorities were allowed to have two children and the majority Han only allowed one. The minorities are allowed a lower score for university intakes. There are 39,000 mosque in China, and 2100 in the US. China has about 3 times more mosque per muslim than the US.
When terrorist attacks happened in Xinjiang, China had two choices:
  1. Re-educate the Uighur extremists before they turned terrorists.
  2. Let them be, after they launch attacks and killed innocent people, bomb their homes.
China chose 1 to solve problem from the root and not to do killing. How the US solve terrorism? Fire missiles from battleships, drop bombs from the sky.
During the pandemic,
When China took extreme measures to lockdown the people, they were accused of being inhuman.
When China recovered swiftly because of the extreme measures, they were accused of lying about the actual numbers.
When China’s cases became so low that they could provide medical support to other countries, they were accused of politically motivated.
Western Media always have reasons to bash China.
Just like any country, there are irresponsible individuals from China which do bad and dirty things, but the China government overall has done very well. But I hear this comment over and over by people from the West: I like Chinese people, but the CCP is evil. What they really want is the Chinese to change the government, because the current one is too good.
Fortunately China is not a multi-party democratic country, otherwise the opposition party in China will be supported by notorious NGOs (Non-Government Organization) of the USA, like the NED (National Endowment for Democracy), to topple the ruling party. The US and the British couldn’t crack Mainland China, so they work on Hong Kong. Of all the ex-British colonial countries, only the Hong Kongers were offered BNOs by the British. Because the UK would like the Hong Kongers to think they are British citizens, not Chinese. A divide-and-conquer strategy, which they often used in Color Revolutions around the world.
They resort to low dirty tricks like detaining Huawei’s CFO & banning Huawei. They raised a silly trade war which benefits no one. Trade deficit always exist between a developing and a developed country. USA is like a luxury car seller who ask a farmer: why am I always buying your vegetables and you haven’t bought any of my cars?
When the Chinese were making socks for the world 30 years ago, the world let it be. But when Chinese started to make high technology products, like Huawei and DJI, it caused red-alert. Because when Western and Japanese products are equal to Chinese in technologies, they could never match the Chinese in prices. First world countries want China to continue in making socks. Instead of stepping up themselves, they want to pull China down.
The recent movement by the US against China has a very important background. When Libya, Iran, and China decided to ditch the US dollar in oil trades, Gaddafi’s was killed by the US, Iran was being sanctioned by the US, and now it’s China’s turn. The US has been printing money out of nothing. The only reason why the US Dollar is still widely accepted, is because it’s the only currency which oil is allowed to be traded with. The US has an agreement with Saudi that oil must be traded in US dollar ONLY. Without the petrol-dollar status, the US dollars will sink, and America will fall. Therefore anyone trying to disobey this order will be eliminated. China will soon use a gold-backed crypto-currency, the alarms in the White House go off like mad.
China’s achievement has been by hard work. Not by raiding other countries.
I have deep sympathy for China for all the suffering, but now I feel happy for them. China is not rising, they are going back to where they belong. Good luck China.
End.

personal opinions:
bravo for people who actually finished reading this long ass article. I don't agree with everything said in this article but most of the article checks out. The shit going on in Xinjiang is not okay, it doesn't make sense to punish a whole ethnic group because of a group of radicals stabbed a bunch of people. the belt and road initiative is definitely aiming for expansion but at least CCP didn't bomb any other country. I feel for hong kong people as their living condition is usually horrific, but I can't read one more comment about potential "massacre" in Hong Kong. The shit has been going on for like over a year and there is no one got killed by Hong Kong police, at least CNN,MSNBC didn't report any. There is this one dumb kid who tried to grab the pistol from a single officer who was being cornered and beaten by a mob, the kid got one belly shot and survived to pass down the dumb gene. I spent most my adulthood in Boston and if you pull that shit on American cops you dead. I don't know I am probably just a dumbass but I swear to god some people won't even do the research.
submitted by XDMblahblah to China [link] [comments]

Would you gamble for fatter FIRE?

Hey all, first post on here, so please pardon if i unintentionally say something in the no-no zone.
As question states - let's say you are FIRE now or around FIRE territory, but you haven't "locked in your lifestyle" yet. Would you be willing to gamble away some of your quality of life for the possibility of a better quality of life? If so, how much of it?
Here's the situation with boring details - I have a friend (male) who is around age 30-35, NW around $2 mil USD. Works in high-tech and easily makes anywhere from 300k-500k/year pretax in California. Almost all of his net worth is in equity, and virtually all of it is after-tax, so there's not much capital gains even if everything was to be sold today. We're really close friends, so I've witnessed his successes and failures. Having worked consistently stressful 50+ hour work weeks (some times even 80-100 hweek), he practically developed PTSD from coding; and as such, I don't think he ever wants to step back in to his "career". He even almost had a divorce (they are just separated now, but they are on good terms and might get back together; it gets more complicated, but you can safely assume the wife won't be taking any of the $).
The one thing to note is that he's actually a pretty hardcore gambler. One time his net worth got almost as high as $8 mil USD (some of these are exotic investments though, so they aren't as liquid, and that's why it seemed as if he lost $6 mil; however, it's partially due to extremely shit timing/luck. Think closer along the lines of like... illiquid crypto derivatives). So one day we were drinking (oh, he's also a heavy drinker... imagine like Russian-style vodka as water) and he explained his situation and posed me the question. Basically, he wants to try to "gamble" close to half of his investments in more riskier investments; while keeping the other half in "more modest investments" like mostly VTI. His reasonings are that:
As being his best friend, i've been thinking about this situation a lot (some of which are applicable to me and everyone here as well). So, just wanted to toss it in the ring to see if anyone has given this any thought. I think most everyone is objectively thinks that FIRE is "a concrete number", and that "once you hit your magic number", you tend to be "good to go". However, as i've thought about it a lot more, I think FIRE is more of a spectrum, and that the lines for "freedom" and "comfort" vs "risk" and "work" gets a lot more blurry than we probably think. I'd love to hear more from people especially if they have already hit FIRE and have thought about this as well.
submitted by txeskimos to fatFIRE [link] [comments]

[WTS] Junk SILVER - 5 Francs Belgium 90% below JMS buyback price + other similar FRANCE ITALY coins

Proof and detailed pics in Imgur
SHIPPING: ATTENTION, I am in Europe and can ship to the USA with the following conditions:
- Insured and tracked packages with real value declared to customs (never more than USD 800, which under the Trade Facilitation and Trade Enforcement Act of 2015 should enter the US without tax). However, please note that the US Border & Customs Administration is free to contact you and ask for any justification.
- Cost of shipping is important typically around USD 40 for a package under 1 kg and less than $800, but my prices are always shown as shipping included.
- For other shipping destinations, please PM. It may be challenging for Canada (I still don't get Customs rules) and very easy for anywhere in Europe.
- Payment: PayPal For Friends is the only solution I have in USD. Please don't mention the sale in comments. Major cryptos accepted. EUR payments solutions available, please contact.

For sale is a lot of 35 * silver coins of 5 Francs Belgium - Léopold II. They contain 90 % silver and were minted in the XIXth century.
Each coin is 25 grams, which makes a total 35*22.5=787.5 g (approx. 25.3 oz) of fine silver.
Even if considered junk silver, please note these coins are specifically traded by JM Bullion. Seen the following prices on their website today : JM buys @ 23.45 - JM sells @ 35.16
Price is $750, insured and tracked shipping to the USA including. Good as long as silver is below $27.50/oz

If interested, I can provide similars lots (35 coins) of comparable silver coins (25g @ 90% silver) from XIXth-century Europe. Mainly France (Hercule, Louis-Philippe Ier, Napoléon III) and Italy (Vittorio Emmanuele II). Coins are in the larger proof pictures, please comment or PM for detailed lot composition and pics.
I don't know whether JM Bullions would consider buying those at the same conditions than the Belgians as they don't do any business outside of US.
submitted by Gustrot to Pmsforsale [link] [comments]

Is it illegal or punishable for a US citizen to trade on a foreign crypto exchange that has prohibited US users from accessing it?

Hey all, I couldn't find this specific thread yet. I am based in USA and plan to trade over $10K worth on a foreign (to USA) crypto exchange via VPN - very set on doing so for a few reasons.
If you hold > $10K in a foreign exchange - I know you're required to file your foreign holdings on FBAR. I plan to pay my taxes and file FBAR, but by filing the FBAR I will be notifying FinCEN that I'm trading on a prohibited exchange. I would think that as long as IRS is getting their tax $ then FinCEN won't care, as it was made to prevent tax evasion and other financial crimes. I've heard there's no law stating that it's illegal for a US citizen to simply trade on a foreign exchange that prohibits US users- it's just against that exchanges terms of service. The only illegal action I think that would occur is if I were to not pay my taxes or report the foreign holdings on FBAR - but I will do both of these.
Anyone know if it is illegal or punishable for a US citizen to trade on a prohibited foreign exchange if the citizen pays all taxes to IRS and reports all foreign holdings on FBAR to FinCEN? I have heard of no active cases on this topic. Thanks!"
submitted by DasChill17 to Bitcoin [link] [comments]

An excerpt that I found from a forum that I frequent as a Chinese that was not born and raised in China

and I agree with it 100%. Read this and I would like to hear the thoughts of people against the actions of the party in China. I am not a wumao or whatever that is and just want a wholehearted discussion.
By a Malaysian:
I’m from Malaysia. China has traded with Malaysia for 2000 years. In those years, they had been the world’s biggest powers many times. Never once they sent troops to take our land. Admiral Zhenghe came to Malacca five times, in gigantic fleets, and a flagship eight times the size of Christopher Columbus’ flagship, Santa Maria. He could have seized Malacca easily, but he did not. In 1511, the Portuguese came. In 1642, the Dutch came. In the 18th century the British came. We were colonised by each, one after another.
When China wanted spices from India, they traded with the Indians. When they wanted gems, they traded with the Persian. They didn’t take lands. The only time China expanded beyond their current borders was in Yuan Dynasty, when Genghis and his descendants Ogedei Khan, Guyuk Khan & Kublai Khan conquered China, Mid Asia and Eastern Europe. But Yuan Dynasty, although being based in China, was a part of the Mongolian Empire.
Then came the Century of Humiliation. Britain smuggled opium into China to dope the population, a strategy to turn the trade deficit around, after the British could not find enough silver to pay the Qing Dynasty in their tea and porcelain trades. After the opium warehouses were burned down and ports were closed by the Chinese in ordered to curb opium, the British started the Opium War I, which China lost. Hong Kong was forced to be surrendered to the British in a peace talk (Nanjing Treaty). The British owned 90% of the opium market in China, during that time, Queen Victoria was the world’s biggest drug baron. The remaining 10% was owned by American merchants from Boston. Many of Boston’s institutions were built with profit from opium.
After 12 years of Nanjing Treaty, the West started getting really really greedy. The British wanted the Qing government:
  1. To open the borders of China to allow goods coming in and out freely, and tax free.
  2. Make opium legal in China.
Insane requests, Qing government said no. The British and French, with supports from the US and Russia from behind, started Opium War II with China, which again, China lost. The Anglo-French military raided the Summer Palace, and threatened to burn down the Imperial Palace, the Qing government was forced to pay with ports, free business zones, 300,000 kilograms of silver and Kowloon was taken. Since then, China’s resources flew out freely through these business zones and ports. In the subsequent amendment to the treaties, Chinese people were sold overseas to serve as labor.
In 1900, China suffered attacks by the 8-National Alliance(Japan, Russia, Britain, France, USA, Germany, Italy, Austria-Hungary). Innocent Chinese civilians in Peking (Beijing now) were murdered, buildings were destroyed & women were raped. The Imperial Palace was raided, and treasures ended up in museums like the British Museum in London and the Louvre in Paris.
In late 1930s China was occupied by the Japanese in WWII. Millions of Chinese died during the occupancy. 300,000 Chinese died in Nanjing Massacre alone.
Mao brought China together again from the shambles. There were peace and unity for some time. But Mao’s later reign saw sufferings and deaths from famine and power struggles.
Then came Deng Xiao Ping and his famous “black-cat and white-cat” story. His preference in pragmatism than ideologies has transformed China. This thinking allowed China to evolve all the time to adapt to the actual needs in the country, instead of rigidly bounded to ideologies. It also signified the death of Communism in actually practice in China. The current Socialism+Meritocracy+Market Economy model fits the Chinese like gloves, and it propels the uprise of China. Singapore has a similar model, and has been arguably more successful than Hong Kong, because Hong Kong being gateway to China, was riding on the economic boom in China, while Singapore had no one to gain from.
In just 30 years, the CCP have moved 800 millions of people out from poverty. The rate of growth is unprecedented in human history. They have built the biggest mobile network, by far the biggest high speed rail network in the world, and they have become a behemoth in infrastructure. They made a fishing village called Shenzhen into the world’s second largest technological centre after the Silicon Valley. They are growing into a technological power house. It has the most elaborate e-commerce and cashless payment system in the world. They have launched exploration to Mars. The Chinese are living a good life and China has become one of the safest countries in the world. The level of patriotism in the country has reached an unprecedented height.
For all of the achievements, the West has nothing good to say about it. China suffers from intense anti-China propagandas from the West. Western Media used the keyword “Communist” to instil fear and hatred towards China. Everything China does is negatively reported.
They claimed China used slave labor in making iPhones. The truth was, Apple was the most profitable company in the world, it took most of the profit, leave some to Foxconn (a Taiwanese company) and little to the labor.
They claimed China was inhuman with one-child policy. At the same time, they accused China of polluting the earth with its huge population. The fact is the Chinese consume just 30% of energy per capita compared to the US.
They claimed China underwent ethnic cleansing in Xinjiang. The fact is China has a policy which priorities ethnic minorities. For a long time, the ethnic minorities were allowed to have two children and the majority Han only allowed one. The minorities are allowed a lower score for university intakes. There are 39,000 mosque in China, and 2100 in the US. China has about 3 times more mosque per muslim than the US.
When terrorist attacks happened in Xinjiang, China had two choices:
  1. Re-educate the Uighur extremists before they turned terrorists.
  2. Let them be, after they launch attacks and killed innocent people, bomb their homes.
China chose 1 to solve problem from the root and not to do killing. How the US solve terrorism? Fire missiles from battleships, drop bombs from the sky.
During the pandemic,
When China took extreme measures to lockdown the people, they were accused of being inhuman.
When China recovered swiftly because of the extreme measures, they were accused of lying about the actual numbers.
When China’s cases became so low that they could provide medical support to other countries, they were accused of politically motivated.
Western Media always have reasons to bash China.
Just like any country, there are irresponsible individuals from China which do bad and dirty things, but the China government overall has done very well. But I hear this comment over and over by people from the West: I like Chinese people, but the CCP is evil. What they really want is the Chinese to change the government, because the current one is too good.
Fortunately China is not a multi-party democratic country, otherwise the opposition party in China will be supported by notorious NGOs (Non-Government Organization) of the USA, like the NED (National Endowment for Democracy), to topple the ruling party. The US and the British couldn’t crack Mainland China, so they work on Hong Kong. Of all the ex-British colonial countries, only the Hong Kongers were offered BNOs by the British. Because the UK would like the Hong Kongers to think they are British citizens, not Chinese. A divide-and-conquer strategy, which they often used in Color Revolutions around the world.
They resort to low dirty tricks like detaining Huawei’s CFO & banning Huawei. They raised a silly trade war which benefits no one. Trade deficit always exist between a developing and a developed country. USA is like a luxury car seller who ask a farmer: why am I always buying your vegetables and you haven’t bought any of my cars?
When the Chinese were making socks for the world 30 years ago, the world let it be. But when Chinese started to make high technology products, like Huawei and DJI, it caused red-alert. Because when Western and Japanese products are equal to Chinese in technologies, they could never match the Chinese in prices. First world countries want China to continue in making socks. Instead of stepping up themselves, they want to pull China down.
The recent movement by the US against China has a very important background. When Libya, Iran, and China decided to ditch the US dollar in oil trades, Gaddafi’s was killed by the US, Iran was being sanctioned by the US, and now it’s China’s turn. The US has been printing money out of nothing. The only reason why the US Dollar is still widely accepted, is because it’s the only currency which oil is allowed to be traded with. The US has an agreement with Saudi that oil must be traded in US dollar ONLY. Without the petrol-dollar status, the US dollars will sink, and America will fall. Therefore anyone trying to disobey this order will be eliminated. China will soon use a gold-backed crypto-currency, the alarms in the White House go off like mad.
China’s achievement has been by hard work. Not buy looting the world.
I have deep sympathy for China for all the suffering, but now I feel happy for them. China is not rising, they are going back to where they belong. Good luck China.
submitted by chenigmatressurion to DeepThoughts [link] [comments]

Views about China

I'm from Malaysia. China has traded with Malaysia for 2000 years. In those years, they had been the world’s biggest powers many times. Never once they sent troops to take our land. Admiral Zhenghe came to Malacca five times, in gigantic fleets, and a flagship eight times the size of Christopher Columbus’ flagship, Santa Maria. He could have seized Malacca easily, but he did not. In 1511, the Portuguese came. In 1642, the Dutch came. In the 18th century the British came. We were colonised by each, one after another.
When China wanted spices from India, they traded with the Indians. When they wanted gems, they traded with the Persian. They didn’t take lands. The only time China expanded beyond their current borders was in Yuan Dynasty, when Genghis and his descendants Ogedei Khan, Guyuk Khan & Kublai Khan concurred China, Mid Asia and Eastern Europe. But Yuan Dynasty, although being based in China, was a part of the Mongolian Empire.
Then came the Century of Humiliation. Britain smuggled opium into China to dope the population, a strategy to turn the trade deficit around, after the British could not find enough silver to pay the Qing Dynasty in their tea and porcelain trades. After the opium warehouses were burned down and ports were closed by the Chinese in ordered to curb opium, the British started the Opium War I, which China lost. Hong Kong was forced to be surrendered to the British in a peace talk (Nanjing Treaty). The British owned 90% of the opium market in China, during that time, Queen Victory was the world’s biggest drug baron. The remaining 10% was owned by American merchants from Boston. Many of Boston’s institutions were built with profit from opium.
After 12 years of Nanjing Treaty, the West started getting really really greedy. The British wanted the Qing government: 1. To open the borders of China to allow goods coming in and out freely, and tax free. 2. Make opium legal in China. Insane requests, Qing government said no. The British and French, with supports from the US and Russia from behind, started Opium War II with China, which again, China lost. The Anglo-French military threatened to burn down the Imperial Palace, the Qing government was forced to pay with ports, free business zones, 300,000 kilograms of silver and Kowloon was taken. Since then, China’s resources flew out freely through these business zones and ports. In the subsequent amendment to the treaties, Chinese people were sold overseas to serve as labor.
In 1900, China suffered attacks by the 8-National Alliance(Japan, Russia, Britain, France, USA, Germany, Italy, Austria-Hungary). Innocent Chinese civilians in Peking (Beijing now) were murdered, buildings were destroyed & women were raped. The Imperial Palace was raided, and treasures ended up in museums like the British Museum in London and the Louvre in Paris.
In late 1930s China was occupied by the Japanese in WWII. Millions of Chinese died during the occupancy. 300,000 Chinese died in Nanjing Massacre alone.
Mao brought China together again from the shambles. There were peace and unity for some time. But Mao’s later reign saw sufferings and deaths from feminine and power struggles.
Then came Deng Xiao Ping and his infamous “black-cat and white-cat” story. His preference in pragmatism than ideologies has transformed China. This thinking allowed China to evolve all the time to adapt to the actual needs in the country, instead of rigidly bounded to ideologies. It also signified the death of Communism in actually practice in China. The current Socialism+Meritocracy+Market Economy model fits the Chinese like gloves, and it propels the uprise of China. Singapore has a similar model, and has been arguably more successful than Hong Kong, because Hong Kong being gateway to China, was riding on the economic boom in China, while Singapore had no one to gain from.
In just 30 years, the CCP have moved 800 millions of people out from poverty. The rate of growth is unprecedented in human history. They have built the biggest mobile network, by far the biggest high speed rail network in the world, and they have become a behemoth in infrastructure. They made a fishing village called Shenzhen into the world’s second largest technological centre after the Silicon Valley. They are growing into a technological power house. It has the most elaborate e-commerce and cashless payment system in the world. They have launched exploration to Mars. The Chinese are living a good life and China has become one of the safest countries in the world. The level of patriotism in the country has reached an unprecedented height.
For all of the achievements, the West has nothing good to say about it. China suffers from intense anti-China propagandas from the West. Western Media used the keyword “Communist” to instill fear and hatred towards China. Everything China does is negatively reported.
They claimed China used slave labors in making iPhones. The truth was, Apple was the most profitable company in the world, it took most of the profit, leave some to Foxconn (a Taiwanese company) and little to the labor.
They claimed China was inhuman with one-child policy. At the same time, they accused China of polluting the earth with its huge population. The fact is the Chinese consume just 30% of energy per capita compared to the US.
They claimed China underwent ethnic cleansing in Xinjiang. The fact is China has a policy which priorities ethnic minorities. For a long time, the ethnic minorities were allowed to have two children and the majority Han only allowed one. The minorities are allowed a lower score for university intakes. There are 39,000 mosque in China, and 2100 in the US. China has about 3 times more mosque per muslim than the US. When terrorist attacks happened in Xinjiang, China had two choices: 1. Re-educate the Uighur extremists before they turned terrorists. 2. Let them be, after they launch attacks and killed innocent people, bomb their homes. China chose 1 to solve problem from the root and not to do killing. How the US solve terrorism? Fire missiles from battleships, drop bombs from the sky.
During the pandemic, When China took extreme measures to lockdown the people, they were accused of being inhuman. When China recovered swiftly because of the extreme measures, they were accused of lying about the actual numbers. When China’s cases became so low that they could provide medical support to other countries, they were accused of politically motivated. Western Media always have reasons to bash China.
Just like any country, there are irresponsible individuals from China which do bad and dirty things, but the China government overall has done very well. But I hear this comment over and over by people from the West: I like Chinese people, but the CCP is evil. What they really want is the Chinese to change the government, because the current one is too good.
Fortunately China is not a multi-party democratic country, otherwise the opposition party in China will be supported by notorious NGOs (Non-Government Organization) of the USA, like the NED (National Endowment for Democracy), to topple the ruling party. The US and the British couldn’t crack Mainland China, so they work on Hong Kong. Of all the ex-British colonial countries, only the Hong Kongers were offered BNOs by the British. Because the UK would like the Hong Kongers to think they are British citizens, not Chinese. A divide-and-conquer strategy, which they often used in Color Revolutions around the world.
They resort to low dirty tricks like detaining Huawei’s CFO & banning Huawei. They raised a silly trade war which benefits no one. Trade deficit always exist between a developing and a developed country. USA is like a luxury car seller who ask a farmer: why am I always buying your vegetables and you haven’t bought any of my cars?
When the Chinese were making socks for the world 30 years ago, the world let it be. But when Chinese started to make high technology products, like Huawei and DJI, it caused red-alert. Because when Western and Japanese products are equal to Chinese in technologies, they could never match the Chinese in prices. First world countries want China to continue in making socks. Instead of stepping up themselves, they want to pull China down.
The recent movement by the US against China has a very important background. When Libya, Iran, and China decided to ditch the US dollar in oil trades, Gaddafi’s was killed by the US, Iran was being sanctioned by the US, and now it’s China’s turn. The US has been printing money out of nothing. The only reason why the US Dollar is still widely accepted, is because it’s the only currency which oil is allowed to be traded with. The US has an agreement with Saudi that oil must be traded in US dollar ONLY. Without the petrol-dollar status, the US dollars will sink, and America will fall. Therefore anyone trying to disobey this order will be eliminated. China will soon use a gold-backed crypto-currency, the alarms in the White House go off like mad.
China’s achievement has been by hard work. Not by raiding other countries.
I have deep sympathy for China for all the suffering, but now I feel happy for them. China is not rising, they are going back to where they belong. Good luck China.
submitted by SherrySicily to u/SherrySicily [link] [comments]

Views about China

I'm from Malaysia. China has traded with Malaysia for 2000 years. In those years, they had been the world’s biggest powers many times. Never once they sent troops to take our land. Admiral Zhenghe came to Malacca five times, in gigantic fleets, and a flagship eight times the size of Christopher Columbus’ flagship, Santa Maria. He could have seized Malacca easily, but he did not. In 1511, the Portuguese came. In 1642, the Dutch came. In the 18th century the British came. We were colonised by each, one after another.
When China wanted spices from India, they traded with the Indians. When they wanted gems, they traded with the Persian. They didn’t take lands. The only time China expanded beyond their current borders was in Yuan Dynasty, when Genghis and his descendants Ogedei Khan, Guyuk Khan & Kublai Khan concurred China, Mid Asia and Eastern Europe. But Yuan Dynasty, although being based in China, was a part of the Mongolian Empire.
Then came the Century of Humiliation. Britain smuggled opium into China to dope the population, a strategy to turn the trade deficit around, after the British could not find enough silver to pay the Qing Dynasty in their tea and porcelain trades. After the opium warehouses were burned down and ports were closed by the Chinese in ordered to curb opium, the British started the Opium War I, which China lost. Hong Kong was forced to be surrendered to the British in a peace talk (Nanjing Treaty). The British owned 90% of the opium market in China, during that time, Queen Victory was the world’s biggest drug baron. The remaining 10% was owned by American merchants from Boston. Many of Boston’s institutions were built with profit from opium.
After 12 years of Nanjing Treaty, the West started getting really really greedy. The British wanted the Qing government: 1. To open the borders of China to allow goods coming in and out freely, and tax free. 2. Make opium legal in China. Insane requests, Qing government said no. The British and French, with supports from the US and Russia from behind, started Opium War II with China, which again, China lost. The Anglo-French military threatened to burn down the Imperial Palace, the Qing government was forced to pay with ports, free business zones, 300,000 kilograms of silver and Kowloon was taken. Since then, China’s resources flew out freely through these business zones and ports. In the subsequent amendment to the treaties, Chinese people were sold overseas to serve as labor.
In 1900, China suffered attacks by the 8-National Alliance(Japan, Russia, Britain, France, USA, Germany, Italy, Austria-Hungary). Innocent Chinese civilians in Peking (Beijing now) were murdered, buildings were destroyed & women were raped. The Imperial Palace was raided, and treasures ended up in museums like the British Museum in London and the Louvre in Paris.
In late 1930s China was occupied by the Japanese in WWII. Millions of Chinese died during the occupancy. 300,000 Chinese died in Nanjing Massacre alone.
Mao brought China together again from the shambles. There were peace and unity for some time. But Mao’s later reign saw sufferings and deaths from feminine and power struggles.
Then came Deng Xiao Ping and his infamous “black-cat and white-cat” story. His preference in pragmatism than ideologies has transformed China. This thinking allowed China to evolve all the time to adapt to the actual needs in the country, instead of rigidly bounded to ideologies. It also signified the death of Communism in actually practice in China. The current Socialism+Meritocracy+Market Economy model fits the Chinese like gloves, and it propels the uprise of China. Singapore has a similar model, and has been arguably more successful than Hong Kong, because Hong Kong being gateway to China, was riding on the economic boom in China, while Singapore had no one to gain from.
In just 30 years, the CCP have moved 800 millions of people out from poverty. The rate of growth is unprecedented in human history. They have built the biggest mobile network, by far the biggest high speed rail network in the world, and they have become a behemoth in infrastructure. They made a fishing village called Shenzhen into the world’s second largest technological centre after the Silicon Valley. They are growing into a technological power house. It has the most elaborate e-commerce and cashless payment system in the world. They have launched exploration to Mars. The Chinese are living a good life and China has become one of the safest countries in the world. The level of patriotism in the country has reached an unprecedented height.
For all of the achievements, the West has nothing good to say about it. China suffers from intense anti-China propagandas from the West. Western Media used the keyword “Communist” to instill fear and hatred towards China. Everything China does is negatively reported.
They claimed China used slave labors in making iPhones. The truth was, Apple was the most profitable company in the world, it took most of the profit, leave some to Foxconn (a Taiwanese company) and little to the labor.
They claimed China was inhuman with one-child policy. At the same time, they accused China of polluting the earth with its huge population. The fact is the Chinese consume just 30% of energy per capita compared to the US.
They claimed China underwent ethnic cleansing in Xinjiang. The fact is China has a policy which priorities ethnic minorities. For a long time, the ethnic minorities were allowed to have two children and the majority Han only allowed one. The minorities are allowed a lower score for university intakes. There are 39,000 mosque in China, and 2100 in the US. China has about 3 times more mosque per muslim than the US. When terrorist attacks happened in Xinjiang, China had two choices: 1. Re-educate the Uighur extremists before they turned terrorists. 2. Let them be, after they launch attacks and killed innocent people, bomb their homes. China chose 1 to solve problem from the root and not to do killing. How the US solve terrorism? Fire missiles from battleships, drop bombs from the sky.
During the pandemic, When China took extreme measures to lockdown the people, they were accused of being inhuman. When China recovered swiftly because of the extreme measures, they were accused of lying about the actual numbers. When China’s cases became so low that they could provide medical support to other countries, they were accused of politically motivated. Western Media always have reasons to bash China.
Just like any country, there are irresponsible individuals from China which do bad and dirty things, but the China government overall has done very well. But I hear this comment over and over by people from the West: I like Chinese people, but the CCP is evil. What they really want is the Chinese to change the government, because the current one is too good.
Fortunately China is not a multi-party democratic country, otherwise the opposition party in China will be supported by notorious NGOs (Non-Government Organization) of the USA, like the NED (National Endowment for Democracy), to topple the ruling party. The US and the British couldn’t crack Mainland China, so they work on Hong Kong. Of all the ex-British colonial countries, only the Hong Kongers were offered BNOs by the British. Because the UK would like the Hong Kongers to think they are British citizens, not Chinese. A divide-and-conquer strategy, which they often used in Color Revolutions around the world.
They resort to low dirty tricks like detaining Huawei’s CFO & banning Huawei. They raised a silly trade war which benefits no one. Trade deficit always exist between a developing and a developed country. USA is like a luxury car seller who ask a farmer: why am I always buying your vegetables and you haven’t bought any of my cars?
When the Chinese were making socks for the world 30 years ago, the world let it be. But when Chinese started to make high technology products, like Huawei and DJI, it caused red-alert. Because when Western and Japanese products are equal to Chinese in technologies, they could never match the Chinese in prices. First world countries want China to continue in making socks. Instead of stepping up themselves, they want to pull China down.
The recent movement by the US against China has a very important background. When Libya, Iran, and China decided to ditch the US dollar in oil trades, Gaddafi’s was killed by the US, Iran was being sanctioned by the US, and now it’s China’s turn. The US has been printing money out of nothing. The only reason why the US Dollar is still widely accepted, is because it’s the only currency which oil is allowed to be traded with. The US has an agreement with Saudi that oil must be traded in US dollar ONLY. Without the petrol-dollar status, the US dollars will sink, and America will fall. Therefore anyone trying to disobey this order will be eliminated. China will soon use a gold-backed crypto-currency, the alarms in the White House go off like mad.
China’s achievement has been by hard work. Not by raiding other countries.
I have deep sympathy for China for all the suffering, but now I feel happy for them. China is not rising, they are going back to where they belong. Good luck China.
submitted by SherrySicily to u/SherrySicily [link] [comments]

Is it illegal or punishable for a US citizen to trade on a foreign crypto exchange that has prohibited US users from accessing it?

Hey all, I couldn't find this specific thread yet. I am based in Georgia, USA and plan to trade over $10K worth on a foreign (to USA) crypto exchange via VPN - very set on doing so for a few reasons.
If you hold > $10K in a foreign exchange - I know you're required to file your foreign holdings on FBAR. I plan to pay my taxes and file FBAR, but by filing the FBAR I will be notifying FinCEN that I'm trading on a prohibited exchange. I would think that as long as IRS is getting their tax $ then FinCEN won't care, as it was made to prevent tax evasion and other financial crimes. I've heard there's no law stating that it's illegal for a US citizen to simply trade on a foreign exchange that prohibits US users- it's just against that exchanges terms of service. The only illegal action I think that would occur is if I were to not pay my taxes or report the foreign holdings on FBAR - but I will do both of these.
Anyone know if it is illegal or punishable for a US citizen to trade on a prohibited foreign exchange? I have heard of no active cases on this topic. Thanks!"
submitted by DasChill17 to legaladviceofftopic [link] [comments]

Coinbase Support Number ♜ 1-812-785-1006 ♞ Cash App Customer Care Phone Number USA CANADA ##2020## UYCTRFG


Coinbase Support Number ♜ 1-812-785-1006 ♞ Cash App Customer Care Phone Number USA CANADA ##2020## UYCTRFG

Coinbase Support Number ♜ 1-812-785-1006 ♞ Cash App Customer Care Phone Number USA CANADA ##2020## UYCTRFG

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Coinbase Custody Help
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Minimum age requirement | Coinbase Pro Help {1-812-785-1006}
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Basic Attention Token FAQ | Coinbase Pro Help {1-812-785-1006}
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Kyber (KNC) 101 | Coinbase Pro Help {1-812-785-1006}
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Phone-based attacks | Coinbase Help {1-812-785-1006}
What are the eligibility requirements for US Margin Trading? | Coinbase Pro Help {1-812-785-1006}
submitted by PersonalDoctor to u/PersonalDoctor [link] [comments]

Is it illegal or punishable for a US citizen to trade on a foreign crypto exchange that has prohibited US users from accessing it?

Hey all, I couldn't find this specific thread yet. I am based in Georgia, USA and plan to trade over $10K worth on a foreign (to USA) crypto exchange via VPN - very set on doing so for a few reasons.
If you hold > $10K in a foreign exchange - I know you're required to file your foreign holdings on FBAR. I plan to pay my taxes and file FBAR, but by filing the FBAR I will be notifying FinCEN that I'm trading on a prohibited exchange. I would think that as long as IRS is getting their tax $ then FinCEN won't care, as it was made to prevent tax evasion and other financial crimes. I've heard there's no law stating that it's illegal for a US citizen to simply trade on a foreign exchange that prohibits US users- it's just against that exchanges terms of service. The only illegal action I think that would occur is if I were to not pay my taxes or report the foreign holdings on FBAR - but I will do both of these.
Anyone know if it is illegal or punishable for a US citizen to trade on a prohibited foreign exchange? I have heard of no active cases on this topic. Thanks!"
submitted by DasChill17 to tax [link] [comments]

Is it illegal or punishable for a US citizen to trade on a foreign crypto exchange that has prohibited US users from accessing it?

Hey all, I couldn't find this specific thread yet. I am based in Georgia, USA and plan to trade over $10K worth on a foreign (to USA) crypto exchange via VPN - very set on doing so for a few reasons.
If you hold > $10K in a foreign exchange - I know you're required to file your foreign holdings on FBAR. I plan to pay my taxes and file FBAR, but by filing the FBAR I will be notifying FinCEN that I'm trading on a prohibited exchange. I would think that as long as IRS is getting their tax $ then FinCEN won't care, as it was made to prevent tax evasion and other financial crimes. I've heard there's no law stating that it's illegal for a US citizen to simply trade on a foreign exchange that prohibits US users- it's just against that exchanges terms of service. The only illegal action I think that would occur is if I were to not pay my taxes or report the foreign holdings on FBAR - but I will do both of these.
Anyone know if it is illegal or punishable for a US citizen to trade on a prohibited foreign exchange? I have heard of no active cases on this topic. Thanks!"
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Include any crypto income on Schedule 1 (or Schedule C if you are engaging in crypto taxes as self-employed) Trading bitcoin for ETH is a taxable event, so Mitchell needs to calculate and report his gain/loss from this transaction. Mitchell’s cost basis in his 0.5 BTC is $5,000. The fair market value for the 15 ETH is $6,000. Crypto Margin Trading Taxes. For all the high-stakes margin traders out there, margin trading with crypto (borrowing money from a crypto exchange to trade) is not a taxable event in itself. It’s only when you close your trade position that you incur any taxable gains (or losses). All gains or losses from margin trading are declared on Form 8949. For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. This would be considered a taxable event (trading crypto to FIAT currency) and you would calculate the gain as follows: 200–99.50 = $100.50 Capital Gain $200 is the Fair Market Value in US Dollar at the time of the trade. $99.50 is your cost basis in the asset. An As Simple As it Gets Breakdown of Cryptocurrency and Taxes. To summarize the tax rules for cryptocurrency in the United States, cryptocurrency is an investment property, and you owe taxes when you sell, trade, or use it. With that said, “the character of a gain or loss generally depends on whether the virtual currency is a capital asset in the hands of the taxpayer.”

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Crypto Tax Attorney Interview

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