Crypto.com Prepaid Card and Crypto Exchange Thread

dimon222 wrote: ↑ They said they will have to report it to authorities, but it's taxable independent if it's over or not 10k$ as of Canadian CRA rules.
Btw, Koinly had black friday discount earlier in a month I believe. Either way - important to remember that Liquid Pools are not covered by Koinly (yet?), but basic DeFi staking and Visa card staking I believe should be still okay.

Okay that sounds about right.
But my question would be is that $10k valued in usd or cdn?

TheRock2012 wrote: ↑ Okay that sounds about right.
But my question would be is that $10k valued in usd or cdn?

It is $10,000 CAD and reported to FINTRAC.

I am thinking of tracking ACB of the earned shares by adding these shares to my holdings with a purchase price of $0.

Added --- Take weekly screen shots of CDC app in case the CRA wants to audit me.

leocleoc wrote: ↑ I am thinking of tracking ACB of the earned shares by adding these shares to my holdings with a purchase price of $0.

Yeah, that's how I'll be doing it too (for cryptos earned from staking, supercharger, etc.). From a book-keeping standpoint, that seems to be the easiest way to deal with things.

I'd like to treat interest from "Earn" (including stablecoins like TCAD) the same (add to number of units already held to reduce overall ACB) and treat it as capital gains on disposition, but this feels wrong, and might be best (i.e. least likely to invite scrutiny) to be treated as straight interest income (but then unfortunately taxed fully as income instead of capital gains).

leocleoc wrote: ↑ Take weekly screen shots of CDC app in case the CRA wants to audit me.

Yikes, that's a lot of screen shots. What might be even more useful is a CSV export of your transaction history. It's super handy since all transactions are logged with a timestamp (in case you want to correlate to an intraday chart), but more importantly, native amounts/values are provided (CAD for most of us). This can be used to determine your acquisition/disposition costs, etc. Especially useful with crypto-to-crypto transactions, where calculating the value in CAD is doubly-challenging with all the volatility.

I'd recommend getting a full-year (Jan 1 - Dec 31) CSV in the new year from within the app. Then just e-mail it to yourself, and open it in Excel. You can also get separate CSVs for Visa transactions and for fiat wallet transactions, if that's useful.

What's the tax situation if I transfer x amount of CRO to my wife's account?

NFTs for the ad spot easter egg drop today. I got a Promethei Planum, whatever that is.

LarryT778370 wrote: ↑ What's the tax situation if I transfer x amount of CRO to my wife's account?

Not 100% sure but from what others have said is when you gift crypto to someone else it is treated at fair market value at the time of the transfer. There could be a capital gain or loss depending on your purchase price. Anyone feel free to correct to me.

NFTs are being sent out to limited number of people among those who found QR code in Matt's video and signed up through link.

albithedragon wrote: ↑ NFTs for the ad spot easter egg drop today. I got a Promethei Planum, whatever that is.

Lucky you! Promethei Planum only minted 1,000 pieces, and it's worth more than $110 (based on marketplace value).

umcsdon wrote: ↑ Lucky you! Promethei Planum only minted 1,000 pieces, and it's worth more than $110 (based on marketplace value).

More rare than mine. I got a Valles Marineris, from a 10,000 supply.

umcsdon wrote: ↑ Lucky you! Promethei Planum only minted 1,000 pieces, and it's worth more than $110 (based on marketplace value).

Wow, I saw edition 990/1000 go for $638.

Is it possible to get e-Transfer withdrawal limits raised with Crypto.com?

I had always assumed the outgoing $3000 daily cap, and $10000 weekly (for banks) was universal and enforced by Interac, but then found Crypto.com doesn't have the $10K weekly cap (but they do have a $70K monthly cap). I have a personal chequing account at Innovation CU (which I had signed up for over a year ago for a SUB, and was about to close when this timely e-mail arrived in my inbox) with raised limits:

Sending money and making payments just got easier with increased e-transfer limits. Enjoy the convenience of sending larger e-transfers, or more e-transfers, beginning December 8, 2021.

Here are your new Interac® e-transfer debit limits:

• Per outgoing e-transfer: $10,000
• Outgoing daily maximum: $20,000
• Outgoing 7-day maximum: $50,000
• Outgoing 30-day maximum: $100,000

We also want to take this opportunity to notify you that if you are sending an e-transfer valued at $500 or more to a new recipient, a 30-minute security delay will occur. This security feature allows you to cancel the e-transfer within 30 minutes of sending it.

Should you wish to adjust your interact e-transfer sending limits, please contact our digital advice centre by calling 1.866.446.7001. Our team will be happy to help you with this or any other financial need you may have.

Thank you for your continued business!

Innovation Credit Union

This made me believe e-Transfer limits are a per-account setting/limitation, and open to revision. Being able to send larger amounts of money (especially to/from Crypto.com, which is the only instrument I find myself transferring such volumes of cash to/from) would be a game changer! I'm already considering Innovation CU as a keeper due to the e-Transfer limit change. Doing a BT of $35K to CDC in $3000 chunks over a couple weeks has been annoying, especially since transfers have to be separated by at least 24 hours since the last (unless you use more than 1 account to push cash into CDC, but that use case may not be applicable for some BTs or sources of funding).

Card was successful this time at lcbo.

Failed last time.

I said credit card.
Don’t know if this is the reason of success.

Bold007 wrote: ↑Card was successful this time at lcbo.

Failed last time.

I said credit card.
Don’t know if this is the reason of success.

Yes credit is correct, will fail at self checkouts if choosing debit from what I remember.

Signed up today. Got myself 800+ CRO. Staked $500 worth for the Ruby card and staked the rest in the Crypto DeFi app. Waiting for the card to be approved to get my referral bonus and so I can charge Spotify to it.

Going to slowly accumulate more CRO to jump to the Jade card.

Looking forward to learning lots about CDC, CRO and the card

ADRiiAN` wrote: ↑ Signed up today. Got myself 800+ CRO. Staked $500 worth for the Ruby card and staked the rest in the Crypto DeFi app. Waiting for the card to be approved to get my referral bonus and so I can charge Spotify to it.

Going to slowly accumulate more CRO to jump to the Jade card.

Looking forward to learning lots about CDC, CRO and the card

Grats and much welcome!

How long before they ship out the card? I've applied/staked for over 3 weeks (almost a month) and when I check the card status, it says "Issued". What is typical wait time until they ship out? It is for the Royal Indigo Card. Thanks.

ktkn wrote: ↑How long before they ship out the card? I've applied/staked for over 3 weeks (almost a month) and when I check the card status, it says "Issued". What is typical wait time until they ship out? It is for the Royal Indigo Card. Thanks.

I don’t have a recent data point. But back in June, it was around 3 weeks to get the card shipped. But I assume they are dealing with more users signing up for the card recently

ktkn wrote: ↑ How long before they ship out the card? I've applied/staked for over 3 weeks (almost a month) and when I check the card status, it says "Issued". What is typical wait time until they ship out? It is for the Royal Indigo Card. Thanks.

I staked in nov for indigo and it took about 4 weeks to receive the card. With many new users they might be swamped.

ADRiiAN` wrote: ↑ Signed up today. Got myself 800+ CRO. Staked $500 worth for the Ruby card and staked the rest in the Crypto DeFi app. Waiting for the card to be approved to get my referral bonus and so I can charge Spotify to it.

Going to slowly accumulate more CRO to jump to the Jade card.

Looking forward to learning lots about CDC, CRO and the card

Pretty much what I did. $500 staked for Ruby (card should arrive any day it shipped yesterday) and about $300 of CRO in cdc defi earning ~12%.. Just planning add to my CRO a little bit at a time to get up to Jade. Not rushing as I have some other crypto projects I'm focusing on.