Conquer Club

mookiemcgee wrote:

2dimes wrote:I'm in Canada. I believe the costs of trading stocks in your country kills it as a hobby for me. They tax us foreign Devils pretty high. Then Truedough takes a tithe.

I'm sure there's ways around it but I'm too simple.

I was not aware there was any difference in tax for Canadians buying US stocks. There is no difference in the US if I buy Canadian stocks as long as they are 'available' to trade. I think gamestop on TSX is GME-N or something

The older stockbrokers where you had to wait to talk to someone to give your trading instructions required different accounts for domestic or foreign trades. The new online brokers seem to treat it all as one. I started buying stocks about six months ago and was pleasantly surprised that it was all so much simpler than what I was taught back in high school.

As long as you don't make much money it's not an issue any more, but if you get to the point where you own more than 100K in foreign assets you become a whole new animal in Revenue Canada's eyes, and you're in for a world of pain at income tax time. Of course, I have no fear of that happening.

Dukasaur wrote:

mookiemcgee wrote:

2dimes wrote:I'm in Canada. I believe the costs of trading stocks in your country kills it as a hobby for me. They tax us foreign Devils pretty high. Then Truedough takes a tithe.

I'm sure there's ways around it but I'm too simple.

I was not aware there was any difference in tax for Canadians buying US stocks. There is no difference in the US if I buy Canadian stocks as long as they are 'available' to trade. I think gamestop on TSX is GME-N or something

The older stockbrokers where you had to wait to talk to someone to give your trading instructions required different accounts for domestic or foreign trades. The new online brokers seem to treat it all as one. I started buying stocks about six months ago and was pleasantly surprised that it was all so much simpler than what I was taught back in high school.

As long as you don't make much money it's not an issue any more, but if you get to the point where you own more than 100K in foreign assets you become a whole new animal in Revenue Canada's eyes, and you're in for a world of pain at income tax time. Of course, I have no fear of that happening.

Thankfully for your Bitcoin is decentralized and should not be considered a 'foreign asset' by RC since that is where you millions will come from

mookiemcgee wrote:

Dukasaur wrote:

mookiemcgee wrote:

2dimes wrote:I'm in Canada. I believe the costs of trading stocks in your country kills it as a hobby for me. They tax us foreign Devils pretty high. Then Truedough takes a tithe.

I'm sure there's ways around it but I'm too simple.

I was not aware there was any difference in tax for Canadians buying US stocks. There is no difference in the US if I buy Canadian stocks as long as they are 'available' to trade. I think gamestop on TSX is GME-N or something

The older stockbrokers where you had to wait to talk to someone to give your trading instructions required different accounts for domestic or foreign trades. The new online brokers seem to treat it all as one. I started buying stocks about six months ago and was pleasantly surprised that it was all so much simpler than what I was taught back in high school.

As long as you don't make much money it's not an issue any more, but if you get to the point where you own more than 100K in foreign assets you become a whole new animal in Revenue Canada's eyes, and you're in for a world of pain at income tax time. Of course, I have no fear of that happening.

Thankfully for your Bitcoin is decentralized and should not be considered a 'foreign asset' by RC since that is where you millions will come from

Are you an expert on Canadian Tax Laws?

“Taxpayers are required to file Form T1135 with CRA if they own specified foreign property that in the aggregate cost more than $100,000. In a technical interpretation issued in April of 2015, CRA took the position that Bitcoin, and by extension Dash, Ether and all other cryptocurrencies, constitute “funds or intangible property” and that to the extent that the cryptocurrency is situated, deposited or held outside of Canada and not used or held exclusively in the course of carrying on an active business, it will be considered specified foreign property for purposes of the Income Tax Act. Therefore if a Canadian taxpayer has cryptocurrency for which they paid $100,000 or more situated outside of Canada on a foreign exchange, or if their investment in that cryptocurrency cost less than $100,000 but they already had other specified foreign property that cost in excess of $100,000, they are required to report their cryptocurrency to CRA via the filing of Form T1135. A failure to file Form T1135 as and when required by the Canadian Tax Act carries an automatic penalty of $2,500 for each annual failure to file, with higher penalties and criminal prosecution a possibility for particularly egregious examples of non-compliance.”

https://taxpage.com/articles-and-tips/b ... ning-tips/

According to the Canadian Gov’t Bitcoin (et al) are “foreign assets”. So yeah…

Let's make the millions first and then worry about the tax problems. HFSP

Don’t know how you define poor… but I don’t think I’m in that group.

Never suggested Crypto is a bad investment… it’s just as valid as any other investment. I think mid-term prospects for cryptos are positive and the volatility will enable some people to make big gains.
(I’m using mid-term here to suggest it’s got potential for the next 5-10years or maybe more.)

I don’t think any crypto will become mainstream and supplant standard currencies as a mode for everyday commerce in my lifetime.
Gov’t wants its piece of the action (i.e. tax) and they will relentlessly attack any threat to that revenue.

90% decline in the last month

Still it’s way higher and it’s held it’s value longer than I predicted. So I admit my timing was off.

https://www.washingtonpost.com/business ... story.html

This article suggests this will be a temporary drop and sales are down due mainly to Covid related delays in the release of new product.
So maybe you should buy some more now while prices are down?

Stop double posting, you right winged nut job!

jimboston wrote:90% decline in the last month

Still it’s way higher and it’s held it’s value longer than I predicted. So I admit my timing was off.

https://www.washingtonpost.com/business ... story.html

This article suggests this will be a temporary drop and sales are down due mainly to Covid related delays in the release of new product.
So maybe you should buy some more now while prices are down?

Are prices back to $4 where the stock 'should be' (according to you 10 months ago)?

Are the prices back to $40 where the stock 'should be' (as you predicted many times almost a year ago)?

What is the price of GME Jim? Is your wife still sucking Hedgie dick for your stock tips? Do the reverse repo stats scares them?

mookiemcgee wrote:

jimboston wrote:90% decline in the last month

Still it’s way higher and it’s held it’s value longer than I predicted. So I admit my timing was off.

https://www.washingtonpost.com/business ... story.html

This article suggests this will be a temporary drop and sales are down due mainly to Covid related delays in the release of new product.
So maybe you should buy some more now while prices are down?

Are prices back to $4 where the stock 'should be' (according to you 10 months ago)?

Are the prices back to $40 where the stock 'should be' (as you predicted many times almost a year ago)?

What is the price of GME Jim? Is your wife still sucking Hedgie dick for your stock tips? Do the reverse repo stats scares them?

Apparently you don’t really read my posts.



Not really into Hedgie dick.

It continues to drop… almost at $100 now.

Time to sell!

jimboston wrote:It continues to drop… almost at $100 now.

Time to sell!

I thought time to sell was at $50 in Feb 2021?

mookiemcgee wrote:

jimboston wrote:It continues to drop… almost at $100 now.

Time to sell!

I thought time to sell was at $50 in Feb 2021?

There are people who bought when it was plus $200 who are still holding.

There may be multiple times to sell… but now may be your last chance if you got in between $50-$100 get out now while the getting is good.

jimboston wrote:

mookiemcgee wrote:

jimboston wrote:It continues to drop… almost at $100 now.

Time to sell!

I thought time to sell was at $50 in Feb 2021?

There are people who bought when it was plus $200 who are still holding.

There may be multiple times to sell… but now may be your last chance if you got in between $50-$100 get out now while the getting is good.

You must be a riot at parties... It's been a fucking year since you said it was going back to $4 lol. Maybe you shouldn't be giving financial advice?

It’s under $100 now… got below $90 this week.

Looking good.

Gamestop is getting into NFT’s… so all is well.
There’s no chance of it going bankrupt now.

Hey… anyone wanna by a cat NFT for half a mil?
https://www.theverge.com/2021/2/18/2228 ... ris-torres

My penis is an NFT.

Soft and covered in fake fur?

jimboston wrote:Gamestop is getting into NFT’s… so all is well.
There’s no chance of it going bankrupt now.

Hey… anyone wanna by a cat NFT for half a mil?
https://www.theverge.com/2021/2/18/2228 ... ris-torres

This was news 5-6 months ago. Partnership with loopring, you must direct register shares (which prevents your shares from being shorted) in order to claim it. It's what caused the Nov pump, though loopring pumped way harder than GME did.

Member a few weeks ago when 'it's your last chance to get out if you bought between 50-100 because it'd already dipping to 90'.... what the price today Jim? Is it $50 yet? is it $4 yet? Is it bankrupt yet?

Dukusaur, your penis is Non-Fungible, but it's not a Token.

though if you are interested we could create a series of 1000 different pictures of your penis and see if we can get some traction minting them??? I know Saxi would mint at least a few, Jim's wife would probably be interested also.

I don't know if humanity is ready for that much power.

GME has outperformed my expectations holding it’s value way longer than I predicted.

That said it’s price continues to decline… under $90 today.
Lost over 50% of. it’s value in the past year… more than 70-75% from it’s high point.

If you haven’t dumped it yet do so now if you bought it under $87, time to take that value before it’s gone.

If you were some fool who paid $200+ for it… sorry!

It was never about investing for most of the people that bought those Game Stop shares.

You still think a kid that would spend $600 on a pair of Nike shoes or $1200 on a new game console, is going to be upset to lose $200, buying stock to prevent the short sellers from bankrupting the company.

Ok.

2dimes wrote:It was never about investing for most of the people that bought those Game Stop shares.

You still think a kid that would spend $600 on a pair of Nike shoes or $1200 on a new game console, is going to be upset to lose $200, buying stock to prevent the short sellers from bankrupting the company.

Ok.

1) Yes

2) How many people bought just one share?

jimboston wrote:GME has outperformed my expectations holding it’s value way longer than I predicted.

That said it’s price continues to decline… under $90 today.
Lost over 50% of. it’s value in the past year… more than 70-75% from it’s high point.

If you haven’t dumped it yet do so now if you bought it under $87, time to take that value before it’s gone.

If you were some fool who paid $200+ for it… sorry!

GME is down YTD 40%
Facebook (Meta) is down 36% YTD
Netflix is down 37% YTD
The entire tech/retail/growth sectors are down big YTD, as the market braces for recession and rotates to commodities and dividend stocks. Nothing about recent declines are 'unique' to GME.

but Jim understands something we don't (because his wife gets stock tips while banging hedge fund managers while he sits at home crocheting socks for his cat)... and he really wants you to sell GME specifically. Thanks for the financial advice Jim