It will be interesting to learn more about how the CRA deals with this hooey. If he was "gifted" $1.3M, that would be taxable income and he would have to give the government about half. Is an NFT an investment that you can declare a loss on? If not, he would have (should have) paid ~$650K in tax to own an item that is worth a tenth of that now. If he can declare the investment loss of 1.2M, that unwinds much of the tax (still not all though as he is getting capital gains credits and paid income tax).
He has multiple corps, LLCs, holdings, etc.. and a bunch of other avenues that most have never heard of... in multiple countries. The transactions may not even involve the cra.
1.3m nor the taxes he may, or may not, owe on it.. are worth a second thought to him... if he even knows about it.
A million bucks is a million bucks , but for a small group, that pain is like you dropping a fiver coming out of Canadian Tire. It sucks , but you can still get a sausage for the drive home .
It will be interesting to learn more about how the CRA deals with this hooey. If he was "gifted" $1.3M, that would be taxable income and he would have to give the government about half. Is an NFT an investment that you can declare a loss on? If not, he would have (should have) paid ~$650K in tax to own an item that is worth a tenth of that now. If he can declare the investment loss of 1.2M, that unwinds much of the tax (still not all though as he is getting capital gains credits and paid income tax).
Many endorsements are grossed up to cover taxes, i.e if the endorsement deal is for $1M, the endorser gets paid $2M, declares $2M income, and pays $1M taxes. In cases like O'Leary & Beiber, they took payment in tokens for their endorsements.
There is no mystery over declaring in-kind income in Canada. O'Leary or Beiber declared income at FMV for the tokens they rec's, paid taxes then reinvested the tokens back into the ventures. The FMV of the investment is recorded, then upon disposition (sale) any gain or loss can be declared.
He has multiple corps, LLCs, holdings, etc.. and a bunch of other avenues that most have never heard of... in multiple countries. The transactions may not even involve the cra.
1.3m nor the taxes he may, or may not, owe on it.. are worth a second thought to him... if he even knows about it.
I would guess Bieber's principal residence is in the USA, not Canada. As such, CRA can't tax his income with the exception of any Canadian businesses he may have, and the personal income part of any Canadian performance.
Video has emerged of self-described crypto king Aiden Pleterski apologizing to investors while he was badly injured from a kidnapping last December.
toronto.ctvnews.ca
Don't mess around with thugs and gangsters. They will deal with you accordingly. While I have no sympathy for this douche...he's lucky he's still alive.
Video has emerged of self-described crypto king Aiden Pleterski apologizing to investors while he was badly injured from a kidnapping last December.
toronto.ctvnews.ca
Don't mess around with thugs and gangsters. They will deal with you accordingly. While I have no sympathy for this douche...he's lucky he's still alive.
There are a few exceptions. For instance, Buying tsla and selling after a 100× increase can make a magic difference. Although many people will lose when valuation eventually returns to reality, the individual investor didn't screw anyone.
There are a few exceptions. For instance, Buying tsla and selling after a 100× increase can make a magic difference. Although many people will lose when valuation eventually returns to reality, the individual investor didn't screw anyone.
There are a few exceptions. For instance, Buying tsla and selling after a 100× increase can make a magic difference. Although many people will lose when valuation eventually returns to reality, the individual investor didn't screw anyone.
Sometimes even the basic ones do fine , 25? Ish yr ago I had shoppers drug before it was a PC product , stock split and an acquisition and boom , I bought a boat . It was also dumb luck
In the stock market it requires some wealth to start with even with stocks the have huge upsides.
100X stock increase, well if the person was cash strapped and invested $500, now they have $50,000, lots to some but hardly a wealth game changer that sets you for life.... if the person had $100,000 to invest, now they have $10M and are even more wealthy--but to start at 100K to play in the market they had wealth from day one, just more now.
These crypto kids invested mom and dads kWhs early on or they bought $500 worth at 10¢ each and now have $150M, short of penny stocks that turn into Apple that does not typically happen in the stock market, at least not in the same time frame (maybe over multiple decades 80s to now...). Of course they think they have it all figured out and history will repeat itself, always does.
If you bought multiple houses when a crypto king and broke even on the way down, your even . If you bought a Lambo, BMW and a River , well your gonna get beat up by your “ investment group”
If you bought multiple houses when a crypto king and broke even on the way down, your even . If you bought a Lambo, BMW and a River , well your gonna get beat up by your “ investment group”
Listening to "A Death in Cryptoland" podcast. I knew of the story and many of the details before but it highlights pretty well the type of people this space attracts. Both scammers and idiots.
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toronto.ctvnews.ca
