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Masari: Simple Private Money

Masari (MSR) is a scalability-focused, untraceable, secure, and fungible cryptocurrency using the RingCT protocol. Masari is the first CryptoNote coin to develop uncle mining and a fully client side web wallet.
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Blob - di tutto, di più * 24/07/20

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Blob - di tutto, di più * 23/02/20

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EOS - Getting Started & Helpful Links

WELCOME TO eos!

Table of Contents

  1. What is EOS?
  2. Why is EOS Different?
  3. Get Started
    1. WHAT IS AN EOS ACCOUNT?
      1. GET FREE EOS ACCOUNTS
      2. WHAT IS REX AND HOW TO USE IT FOR RESOURCES
      3. DECENTRALIZED FINANCE (DEFI) ON EOS
  4. Channels, dApps, Block Explorer and more
    1. Governance and Security
    2. Wallets
    3. DApps
    4. Popular dApps
    5. Block Explorers
      1. REX User Interfaces
  5. Channels
  6. FAQ

What is EOS?

EOS is a community-driven distributed blockchain, that allows the development and execution of industrial-scale decentralized applications (dApps). Therefore, EOS intention is to become a blockchain dApp platform that can securely and smoothly scale to thousands of transactions per second, all while providing an accessible experience to app developers, entrepreneurs, and users. They aim to provide a complete operating system for decentralized applications by providing services like user authentication, cloud storage, and server hosting.
The EOS.IO open-source code was developed and it is currently updated by Block.One. Block.One is based in the Cayman Island and it is managed by Brendan Blumer (CEO), Daniel Larimer (CTO) and Andrew Bliss (CFO).
Links:
Video:

How is EOS different?

EOS is the first Blockchain that focuses on building a dApps platform by using the delegated proof-of-stake consensus mechanism. With dPoS, EOS manage to provide a public blockchain with some particular features, such as Scalability, Flexibility, Usability and Governance.
Further Reading:

Get Started:

WHAT IS AN EOS ACCOUNT?

From EOS Beginners: Anatomy of an EOS Account
An EOS account is a readable name that is stored on the EOS blockchain and connected to your “keys”. An EOS account is required for performing actions on the EOS platform, such as sending/receiving tokens, voting, and staking.
Each account is linked to a public key, and this public key is in turn linked to a private key. A private key can be used to generate an associated public key, but not vice versa. (A private key and its associated public key make up a key pair)
These keys ensure that only you can access and perform actions with your account. Your public key is visible by everyone using the network. Your private key, however, will never be shown. You must store your private keys in a safe location as they should not be shared with anyone (unless you want your EOS to be stolen)!
TLDR: EOS Accounts are controlled by key pairs and store EOS tokens in the Blockchain. Wallets store key pairs that are used to sign transactions.

GET FREE EOS ACCOUNTS

From EOS Onboarding: Free Accounts
Unlike other chains in the space, EOSIO accounts do not typically charge a transfer fee for sending tokens or providing actions on the blockchain. Where Bitcoin and Ethereum mine blocks and charge a fee, EOS provides feeless transactions to users based on CPU, NET, and RAM resources.
Although traditionally those wanting to create EOS accounts in particular have needed to ‘pay a fee’ to get into the system, in reality this fee is nothing more than a basic stake of CPU and NET resources. In theory this provides free transactions on the network, the number of transactions that any user gets in a 24 hour window is determined by the amount of stake especially in CPU that any given account maintains.
This guide then provides a brief overview of the account creation process of some of those account types that allow for easy no friction EOS mainnet onboarding and in most cases, the provision of more than enough resources to be able to utilize the network without having to go through the process of buying, transferring, and staking or renting resources ensuring your account remains operational.

WHAT IS REX AND HOW TO USE IT FOR RESOURCES

What is REX?
REX (Resource Exchange) is a resource market that can meet the demand, where the EOS token holders can lease out tokens in return for “rent”, and the Dapps can lease resources they need with less cost.
For EOS holders:Earn an income via put your spare EOS tokens in REX instead of just keep it on your EOS account.
For EOS Dapps:Lease as much resources as you need at a decent price instead of stake EOS for resources in 1:1 ratio.
Source: TokenPocket
Through REX you can pay a small amount of EOS to receive a much larger amount in CPU or NET for a whole month. Today (August 20, 2020), paying 1 EOS on REX guarantees you 7,500 EOS in CPU for 30 days.
You can easily use REX via Anchor Wallet, importing your EOS Account and with a few simple clicks. Learn how to use REX with Anchor

DECENTRALIZED FINANCE (DEFI) ON EOS

Decentralized Finance (DeFi) is the combination of traditional financial instruments with decentralized blockchain technology. Currently DeFi is the fastest growing sector in blockchain, which allows greater inclusion within the financial system even for those who previously could not participate in the global economy. Indeed, to use DeFi products is enough just a smartphone, and the so-called "unbanked", ca now participate without any restrictions.
DeFi Projects on EOS
  • VIGOR - VIGOR protocol is a borrow, lend, and save community
  • Defibox - One-stop EOS DeFi Platform
  • Equilibrium (EOSDT) - Equilibrium is an all-in-one Interoperable DeFi hub
  • [PredIQt](prediqt.everipedia.org) - PredIQt is a prediction market & oracle protocol
  • PIZZA - PIZZA is an EOS based decentralized stablecoin system and financial platform
  • Chintai - high performance, fee-less community owned token leasing platform

Channels, dApps, Block Explorer and more

Governance and Security:

Wallets:

DApps:

Popular dApps:

  • NewDex - Decentralized Exchange.
  • Prospectors -MMO Game with Real Time Economic Strategies
  • Everipedia - Wiki-based online encyclopedia
  • Upland - Property trading game with real-world addresses
  • Crypto Dynasty - Play-to-Earn with Crypto Dynasty

Block explorers:

Guides to vote:

REX User Interface:

Channels:

Official:
Community:
Telegram:
Telegram Non-English General:
Developers:
Testnets:

FAQ:

submitted by eosgo to eos [link] [comments]

[ESPERIMENTO AVANZATO] Blob - di tutto, di più * 10/09/19

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Blob - di tutto, di più * 11/12/19

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Blob - di tutto, di più * 20/11/19

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Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

Fellow Canadians, refer to this brief and straightforward guide if you're still unsure how to correctly report cryptocurrency on your taxes

Notice

The moderators of this subreddit have been removing posts regarding cryptocurreny and taxes, and directing people to this page. If you were directed to this page but your question is not answered by information on this page feel free to message the mods, or make a post where in the body of the post you link to this page (to show you've considered the information on this page).
This page was thrown together in order to provide answers to those who ask HOWEVER is not expected to be a high quality, definitive resource on the subject matter. This wiki page is of similar quality to the comment responses you would have got on your thread - but it's certainly not perfect. It is helpful in that it links to real resources from the CRA on cryptocurrency and taxation whereas your thread likely would have contained uncited incomplete responses If you find any issues or errors with this page, let us know.

Can I trade cryptocurrency in my TFSA and RRSP?

https://np.reddit.com/PersonalFinanceCanada/comments/7intdh/is_there_a_way_to_trade_bitcoin_in_tfsa_other_tax/
From DanLynch
There is currently no good way to hold cryptocurrency in a registered account such as a TFSA or an RRSP. You can't roll your own TFSA using paperwork with your accountant! However, there are always innovative companies trying to fix this problem. Here is a recent article about that: http://business.financialpost.com/technology/big-changes-coming-as-bitcoin-futures-trading-etfs-launch. It remains to be seen if this is successful.
From brazeau
Indirectly through an ETF like GBTC
However, from per PoliticalDissidents GTBC is currently only traded on the OTC markets which is not TFSA eligible, and therefore you cannot hold GTBC. If an ETF were, in the future, traded on the TSX this would change. ETN shares, COINXBT, as noted below, are traded on a designated exchange and therefore actually works IF you can get access to those markets. See his comment here: https://np.reddit.com/PersonalFinanceCanada/comments/7kfhiz/cryptocurrentcy_taxes/dst11fl/?context=3
From Bastiat
Yes, buy the ETN shares "COINXBT" in your TFSA/RRSP. I hold COINXBT in both accounts and purchased them through National Bank Direct Brokerage.
Editors comments as well Be wary of some of the ETF's out there. Unlike typical ETF's these are not mature, rather new, and liquidity is not well assured. It is important to have liquidity!

How are Bitcoin/cryptocurrency taxed?

See this CRA page: https://www.canada.ca/en/revenue-agency/news/newsroom/fact-sheets/fact-sheets-2013/what-you-should-know-about-digital-currency.html
Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer. Paragraphs 9 to 32 of Interpretation Bulletin IT-479R, Transactions in Securities, provide information that can help in determining whether transactions are income or capital in nature.
Generally, buy and hold would be considered capital - similar to investors who buy and hold stock and report capital gains. It could also be considered business income where the activity is considered to be similar running a business. High volume traders, those who hold a particular crypto for only a very small period of time, etc. might need to consider if their activities appear to constitute a business. Again, see IT-479R for information about whether it is income or capital in nature. I have cut out the most relevant paragraph below:
Specifically, this paragraph:
  1. Some of the factors to be considered in ascertaining whether the taxpayer's course of conduct indicates the carrying on of a business are as follows:
(a) frequency of transactions - a history of extensive buying and selling of securities or of a quick turnover of properties,
(b) period of ownership - securities are usually owned only for a short period of time,
(c) knowledge of securities markets - the taxpayer has some knowledge of or experience in the securities markets,
(d) security transactions form a part of a taxpayer's ordinary business,
(e) time spent - a substantial part of the taxpayer's time is spent studying the securities markets and investigating potential purchases,
(f) financing - security purchases are financed primarily on margin or by some other form of debt,
(g) advertising - the taxpayer has advertised or otherwise made it known that he is willing to purchase securities, and
(h) in the case of shares, their nature - normally speculative in nature or of a non-dividend type.
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it479archived-transactions-securities.html
Generally speaking a "buy and hold" crypto investor will be reporting capital gains. Generally speaking a high volume trader who moves between cryptos and cash frequently, and spends a lot of their time doing this and researching this MAY need to consider reporting their gains as business income.
This thread details a good handful of information about how reporting capital gains works: https://np.reddit.com/PersonalFinanceCanada/comments/7jxczs/how_is_cryptocurrency_taxed_in_canada/
Capital gains tax is 50% of your normal tax rate. So capital sales of cryptocurrency enjoy a preferential tax treatment.

What if I didn't cash out my cryptocurrency to cash? What if I used it to buy stuff? What if I used it to buy other cryptos? What if I used it to buy stuff, then bought more Bitcoin later?

When you buy a cryptocurrency your cost basis is considered to be the fair market value you bought it for. For example if you used $100 cash and there was a fee of $10, then the cost basis was $110. The cost base is subtracted from the sale price to come up with your gain. If you sell your crypto that you bought for $110 total for $200, then you have a reportable capital gain of $90, which would be included as income at 50% (the "inclusion rate") of that - so you'd have income added to your return of $45.
However, if you sold an item or service for a cryptocurrency then the most reasonable basis would be saying that you provided the services/goods at a rate similar to that which the same cryptocurrency was being traded in the market. You would also need to consider the taxation of the services/goods sold (which would likely be business income). For example, you provide services and charge 1 Bitcoin for it. Bitcoin are currently selling for $15,000 at the time. Therefore the Bitcoin you received has a cost base of $15,000, and you also have $15,000 of business income to report (for the services provided).
If you use your cryptocurrency to buy goods, then again you need to consider it similar to if you disposed the cryptocurrency for cash, and then used the cash to buy the good. You need to report the gains on the cryptocurrency "sale". For example, you buy goods using cryptocurrency valued at $200 in the marketplace at that time, using Bitcoin you bought for $110. Similar to the first example you have a reportable capital gain of $90.
If you use your crypocurrency to buy other cryptocurrency then, again, you need to report it as if you sold the original cryptocurrency for cash, then used the cash to buy the new cryptocurrency. You would have gains on the original cryptocurrency, then a new cost basis for the new cryptocurrency. For example you buy CAD$110 of Bitcoin, it rises to CAD$200, and then you buy CAD$200 worth of Ethereum using the Bitcoin (never converting to cash). You would report $90 capital gain/income on the Bitcoin, and then you would consider the Ethereum to have been bought for $200 when you eventually do sell it/use it.
If you buy more cryptos at any point you just add the cost of those to the cost of the other cryptos you already have. They are considered to be in the same "pool" so you can't assert your sold your most recent/a specific coin when you transact. You transact from the average cost of the pool.
This page from the CRA details these kind of transactions (barter transactions): https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it490/archived-barter-transactions.html
This page is from Taxtips.ca that is dedicated to Cryptocurrency and taxation: http://www.taxtips.ca/personaltax/barter.htm

Why report Bitcoin/cryptocurrency gains?

1) It's easy. Any accountant should be able to handle this, and getting a handle yourself on capital gains/business income taxation is not super challenging.
2) The CRA is going nuts about this lately. The CRA loves to watch something for a while, plan an approach, and then a few years later audit the living hell out of anyone according to some sort of scope. Just because you haven't been caught yet doesn't mean it's out of scope. See the PayPal order where suddenly people who filed with no issue from 2014 to late 2017 thought they were fine, and then now they all need to panic and adjust their misfiled returns: https://www.paypal.com/ca/selfhelp/article/cra-information-request-faq3755
The same thing could happen on a larger scale for, say, any person who has sent money to certain exchanges or received money from them, or has a username at a certain exchange that receives a similar order. These people could be scoped in for a full audit if they have no Bitcoin/cryptocurrency income reported.
3) Penalties and interest are harsh. Failure to report income will result in penalties over 10% of the amount failed to be reported, plus interest. Don't wipe out your cryptocurrency gains with massive penalties. Furthermore you'll be at a higher risk of audit for life.
If you already reported your tax return but forgot about cryptocurrency it's not too late! So long as the CRA has not already chosen you for audit or found your mistake you can file a Voluntary Disclosure to report the income and avoid penalties!
https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/voluntary-disclosures-program-overview.html

T1135 and "Specified Foreign Property"

Canadian taxpayers that hold cryptocurrency directly or through funds should consider their filing obligations under the foreign reporting rules in section 233.3 of the ITA where such cryptocurrency is situated, deposited or held outside of Canada. The CRA considers that cryptocurrency is funds or intangible property and therefore, “specified foreign property”. Further the CRA is of the view that the interest in a foreign partnership which in turn invests in cryptocurrency (to the extent the partnership is not a “specified Canadian entity”) would also be “specified foreign property”.
Therefore, where the cost amount of such cryptocurrency exceeds CDN$100,000 at any time in the year and the cryptocurrency is not used or held exclusively in the course of carrying on an active business, the taxpayer must file form T1135 to report the property. These reporting obligations must be carefully considered given the CRA’s automatic application of the late filing penalty in subsection 162(7) of $2,500 (after 100 days) and the six-year normal reassessment period under paragraph 152(4)(b.2) of the ITA.
https://gowlingwlg.com/en/canada/insights-resources/canadian-taxation-of-cryptocurrency-so-far
 
 
Source: https://np.reddit.com/PersonalFinanceCanada/wiki/cryptocurrencyandtaxes
Credit: u/CrasyMike/
submitted by TheBlackTalon to CryptoCurrency [link] [comments]

Trouble understanding "cost amount" for T1135 foreign income verification

From CRA's FAQ:
... it is based on the cost amount. The cost amount is defined in subsection 248(1) of the Income Tax Act and generally is the adjusted cost base and not the fair market value.
Cost amount is defined in Income Tax Act subsection 248 and adjusted cost base is also listed on that page but refers to section 54. However, I'm having trouble understanding the legalese
I've googled and searched this subreddit, but everyone just shrugs it off as "cost" not "market value". I want to understand exactly what "cost" means. Can someone give a definitive answer?
Is it just "what you paid at the time"? Can someone answer my questions and check my understanding of the following scenarios?

Question 1

The T1135 PDF from CRA website does not seem to ask for the total cost of foreign property under the simplified reporting method (under 250k cad). From the T1135 FAQ, it seems you just list the top 3 countries by highest month end cost amount? Is this all there is to it?
Example: If I own (cost) 40k, 30k, 20k in 3 different countries, and 10k in another 10 countries (total 190k, use simple method), I would only report 40k + 30k + 20k? The other 100k across 10 countries to not need to be referenced?
Edit 1: Looking at the form again/checking simpletax.ca's online filer, it seems you don't even need to report the amounts under the simple method, just the countries?

Question 2

I know cryptocurrencies are considered foreign property and should be included for the T1135 form. From the wiki linked from the sticky:
Canadian taxpayers that hold cryptocurrency directly or through funds should consider their filing obligations under the foreign reporting rules in section 233.3 of the ITA where such cryptocurrency is situated, deposited or held outside of Canada. The CRA considers that cryptocurrency is funds or intangible property and therefore, “specified foreign property”. Further the CRA is of the view that the interest in a foreign partnership which in turn invests in cryptocurrency (to the extent the partnership is not a “specified Canadian entity”) would also be “specified foreign property”.
Therefore, where the cost amount of such cryptocurrency...
A user on this reddit thread interprets it as "If your funds are in a wallet in Canada, no, probably not." What are other opinions on it? What if I have funds (canadian dollars or cryptocurrency) on a Canadian exchange, such as QuadrigaCX?
I assume it's better to report it all, because T1135 doesn't affect taxation anyways. But:
Question: what country should I report it as, if it's held on my own wallet?
Edit 2: Especially under the simple reporting method, if you do not include the amount, I assume it's suspicious to just have "Other"...

Question 3 (edit 3/update)

Would cryptocurrencies be under "Did you hold funds outside of Canada?" or "Did you hold any other property outside Canada?" (or something else)?

Question 4 (edit 4/update)

  • What is "Income from all specified foreign property"?
  • What is "Gain (loss) from the disposition of specified foreign property"?
I know you put the number in parenthesis if it's negative.
  • Is income stuff such as rent, interest, dividends, etc.?
  • Is gain/loss from disposition mean gain/loss from selling it? E.g. capital gains?

Scenario 1

I bought 50k cad of some US stock. It drops to 0. I buy another 50k of it. Then I sell all of it.
Answer: I need to file T1135 because at one point the amount I hold costed me 100k cad?

Scenario 2

I buy 90k cad of some US stock. It grows to 100k. I sell all of it. Later, I buy another 90k cad of it. It grows to 1m. I buy another 5k cad of it.
Answer: Total cost 95k cad - I do not need to file T1135 because at no point the amount I hold costed me 100k cad?

Scenario 3

I buy 50k cad of some US stock. It grows 2x, so fair market value (?) is 100k cad. I sell 3/5 of it for 60k cad, but that's only "30k cost worth" of stock. My current holding is 40k cad FMV, but only costed me 20k. I buy another 50k cad of it. The cost of my current holding is 70k. It doubles again, so the FMV is 140k.
Answer: I do not need to file T1135 because at no point the amount I hold costed me 100k cad?

Scenario 4

I own 1m cad of some foreign property, e.g. a home. I need to report it. I also own $10 cad of another foreign property, e.g. 1 share of a stock.
Question: Do I need to report the $10 of something else?

Scenario 5

I buy 200k cad of some US stock. It grows to 2m cad. I sell 1/10th of it (200k at market value): I hold 1.8m FMV, at 180k cost to me. I sell another 200k FMV: 160k cost to me (remaining holdings). I sell 600k FMV: I've sold 1m cad, but the amount I hold is still 100k cost to me.
Answer: I need to report T1135.
Next year: I sell 100k FMV. Now I hold 95k cost of it.
Answer: I need to report T1135 because at the beginning of the year I still held 100k of foreign property.
Next year: I do not need to report T1135 assuming I did not acquire more foreign property.
Is my understanding of T1135 correct? Are there any other examples or edge cases to explain it? I want to make sure I understand.
Thank you for your time
submitted by fashion-hunter to PersonalFinanceCanada [link] [comments]

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