r/OCryptoCanada

• Exchanges and wallet providers could be classified as electronic service providers and forced to build surveillance backdoors
• P2P trade conversations on Signal, Telegram, WhatsApp subject to metadata retention for up to a year
• VPN providers may be forced to log data or leave Canada entirely
• Coinkite (Coldcard) already planning to leave Canada if it passes
• Minister can issue surveillance orders in secret, no public disclosure required
• Bill C-25 running alongside it would ban crypto donations to federal campaigns entirely
• A backdoor for law enforcement is a backdoor for hackers and foreign states too

For a long time, I kind of strayed away from buying crypto from WealthSimple, initially because they wouldn't let you withdraw your crypto and their fees were high.

Well, that has changed now, since they do allow you to withdraw crypto, and while the fees are still high, it's 0% if you automate your pay here, that is, you have it automatically take a portion of your pay deposit and put it into buying crypto.

I had bought crypto from other places like Newton, and in some cases they were cheaper than WealthSimple. I would also store them in my Trezor wallet, because of the "not your keys, not your crypto" principle here, and I would also stake some of them.

But lately, I've been thinking about how busy my life is. Like I would generally want to automatically buy some crypto over time, but then I do need to store them in my Trezor wallet so it's safe.

But then the taxation element comes in, and it gets tricky. You'd need to keep tracking of the average cost of buying all this crypto, and figuring out how much you profit or lost during the year, if you had any dispositions. Like Newton wouldn't give you tax forms, so you need to rely on services like Koinly, and then you have to remember when you had transferred amounts out to your wallet, since they are not taxable events. As for the actual tax forms, you'd have to pay for that, which kind of cuts into the general profits, and it's capped up to a certain number of transactions.

I just generally do not like how finicky that situation is, and how much time I would have to spend just tracking everything.

I get that it's WealthSimple's selling point here, where it may generally be more expensive to buy crypto there, but they track everything for you. You can sell crypto to do tax loss harvesting if you want to. And everything would be in one place for you to automatically do DCA here.

The 0% fees on buying crypto via "automate your pay" is kind of appealing, but I'm questioning about their spread. They could bake the fee into the price of the crypto here, but I'm not sure on how much.

Crypto flywheels or dealing with DeFi would be outside of WealthSimple and it's tricky to track everything for tax purposes. I don't see myself doing that as of right now.

What do you guys think? Is buying crypto via WealthSimple's "automate your pay" feature worth it for those who want to get it on autopilot? I could use my Trezor wallet to store large amount of crypto that may accumulate.

I just want to be clear: I know investing in crypto is risky, and when I talk about automating the purchase of crypto from paycheque, I’m not talking about the whole thing. I’m talking about a tiny segment of it, according to much risk I’m willing to take. It’s just going to be a small part of my portfolio.

Gotta admit, I’m pretty new to all this. I used to trade on MEXC, but their KYC has gotten way stricter lately, so I’ve been looking for another platform.

What surprised me is that I can use Hyperliquid without any issues at all. Is it just me, or is everyone able to access it normally now?

I always heard friends complaining that they needed a VPN to use it, so I was honestly expecting it to be a hassle.

I'm considering moving somewhere I can spend my crypto assets more freely. Curious if there are any Canadians who moved from Canada to El Salvador or other BTC-friendly countries. What was your experience? Was it worth it?

Hello everyone!

I recently won roughly $200,000 on Polymarket, but I'm not sure what the tax implications are. The crypto is still sitting in Polymarket; I haven't moved it yet.

So I've been holding BTC ETH SOL and rebalancing monthly for over a year. Found out this year that selling ETH to get CAD and then buying BTC with that CAD is apparently two separate events for CRA purposes, not one.

I now have 67 entries to reconcile from rebalancing alone. My accountant was not impressed.

Is everyone else just accepting this or is there a way I'm not seeing to reduce the transaction count?

Been trimming ETH monthly when it runs up. Checking rate on Newton, comparing NDAX, deciding if switching is worth it, calculating what to sell, executing through CAD, waiting for settlement, buying.

The actual trades take maybe 10 minutes. Everything around them is the other 50.

Is this normal or am I doing something inefficient?