CRA says FLD no good \ stacker news ~Stacker

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1025 sats \ 9 comments \ @grayruby 6 Jan Stacker_Stocks

I just got a hilarious but disturbing letter from my online brokerage where I hold my self-directed RRSP (registered retirement savings plan).

It stated that Fold (FLD) which went public via spac through Emerald Acquisition Corp is not an approved asset for retirement accounts and if I continue to hold it in a registered account I could be levied a tax of 50% of market value by the CRA (Canada Revenue Agency). I am sorry, what??? 50% of market value??? Not 50% on capital gains, 50% of market value.

That's insane.

They have given me the following options:

Sell the stock
De-register it (sounds like a lot of work)

I own a very small allocation but it's the principle of the thing.

And to the CRA:

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40 sats \ 0 replies \ @Coinsreporter 7 Jan

This Triple H mocking of Undertaker is one of my all time favourites from WWE.

40 sats \ 5 replies \ @Cje95 6 Jan

How did they let you buy it in the first place?!?! They should have protocols in place to prevent this so it sounds like more of a them not you problem! I mean at least it is likely up for you since its been going up for the most part... sucks though you might be forced to sell it since I mean rn 50% of the market value is freaking 5/6 bucks!

I hold 21 shares of FLD I am so thrilled to have watched their growth for the last 3/4 years! Now that I can pay my CC bill with Fold I am stacking sats like its going out of style!

40 sats \ 1 reply \ @nym 6 Jan

I didn’t know they were public

46 sats \ 0 replies \ @Cje95 6 Jan

Yep!!! The are a sneaky silent mover in the BTC space that could really benefit from on boarding people. They make it so easy and I mean they still offer killer referral bonuses!

0 sats \ 2 replies \ @grayruby OP 6 Jan

Not sure. I would imagine they were approved pre merger but maybe they don't allow "crypto" based companies to be held in registered accounts. You can hold etfs because I do hold some of the Canadian etf and some Bitwise etf in my retirement account.

40 sats \ 1 reply \ @Cje95 6 Jan

Its interesting cause the SPAC was themed for crypto… I wonder if its because a few months ago before the vote on the merger FLD disclosed the company owned BTC

0 sats \ 0 replies \ @grayruby OP 6 Jan

Could be. I didn't dig into the details as to why it wasn't approved. Could be because of Bitcoin or maybe spac's aren't allowed and it is something that fell through the cracks on the online brokerages end or it could part of new legislation that got passed recently.

If it was a larger position for me, I would look into it more but it's only a couple hundred dollars in my portfolio. I just bought it in solidarity with a Bitcoin company,.

40 sats \ 1 reply \ @BlokchainB 6 Jan

Hahahahaha!!!! Not letting the tax man shake you out of your ownership of a great bitcoin business

0 sats \ 0 replies \ @grayruby OP 6 Jan

Screw those guys. I might be concern if it was the IRS. The CRA is the dumbest tax agency in the world. I have had many dealings with them when I owned my business. One of my best friends is a CFO for a small public company in Canada and he tells me all kinds of stories of the utter incompetence of the CRA.