Trudeau’s Canadian Crypto Profit Search Halted By Social Media

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Coinsquare customers in Canada are seeing their purchase and sales orders go to the computers of the Trudeau government, or at least that is what the liberal leader is aiming to achieve. Even though for a while now, 200,000 Canadians risked having their crypto data turned over when, via the tax authorities, the liberal government of the Prime Minister asked a federal judge to force the trading platform to hand over the data, that information has not been given yet.

Coinsquare exchange adds new board members https://t.co/Gwc6jakCLP

— Data Center (@Datacenter0) November 26, 2020

Securities regulation

Furthermore, as Coinsquare has just reshuffled it’s leadership team. It will be interesting to see whether the new management is ok to hand over this data. As the exchange announced on Wednesday, their leadership team would be welcoming two new directors, Mr Nicholas Thadaney and Ms Wendy Rudd, who both are experienced “in Canadian securities regulation,” according to The Block.

Newly appointed CEO Stacey Hoisak said:

The measures we have taken are in strict adherence to regulatory requirements and demonstrate Coinsquare’s strengthened commitment to our clients, employees, shareholders, and the digital asset community. Our goal is to create a customer-centric safe place for Canadians to trade digital assets

Not so sure anymore if Trudeau is getting that data.

Reddit helps out

Furthermore, a Canadian accountant looking for new customers recently posted a message on Reddit in which he warned all his countrymen lurking on the Bitcoin discussion forum that they would be taxed for all their earnings and needed to:

RECORD. EVERY. TRADE. I mean it. I see far too many clients state they’ve done trades on Uniswap but the only record of it is in their eth wallet. Have you ever tried to chase those transactions a year later? It’s difficult and time-consuming.

TAXATION 2020: Incoming Bull Market from BitcoinCA

Average crypto enthusiastic Canadians thanked him for the advice in the 144 comments the message has now gathered, and then went on to share tips on how to hide your crypto profits from the greedy government.

One of the funnier answers read:

So we shouldn’t be tooooo worried about being 100% accurate? As long as we’re not making egregious claims about acquisition/sale pricing or anything? I’m fine paying a little bit more in taxes if it means the CRA won’t coming knocking, asking for mounds and mounds of paperwork I don’t have.