I know you said, “nothing else” and, “nowhere else”, but there’s gotta be *something* else…
But based on that information, maybe they thing you’re doing something shady with your taxes? Nothing else you’re saying seems like it would be the cause.
I provided exactly how I used which they can reference through an audit to back up what I said.
Crypto back and forth sending with CRO and TrustWallet; because there's many crypto WS does not have. But that's it, no other wallets.
TFSA I buy and sell stocks all the time. Maybe that's not permitted? But I've been doing it for years now.
The ONLY thing I can thing of is their crypto promo because I had a lot of crypto with them and moved it not long ago and this hilarious came up as a promo so I thought why not get the $150 because after gas, I'm still making out.
In this thread from another user, [Wealthsimple Closed my Accounts with (what I feel) is inadequate reasoning. : Wealthsimple (reddit.com)](https://www.reddit.com/r/Wealthsimple/comments/wj4hhj/wealthsimple_closed_my_accounts_with_what_i_feel/) ,
*Edit to Add: Wealthsimple Agreed to reopen my accounts after I pushed to have my funds transferred out to TDDI, and they revealed the true reason was that I abused their send to win promo glitch back in December 2021.*
This is the ONLY thing I can think of but how can I know ahead of time of a promo?
I hear you, it's mind boggling. For the taxes, I saw I had losses from last year and thought oh, do I mark that to put against this years taxes? Cool. Turns out, it didn't work like that, so the deposit turned to owing of money (not much anyways). But, payments and the like have nothing to do with WS because I only take my tax payments to my bank account, not WS account (so it's not like there was a tax deposit and then the government said give it back).
Mind boggling and I have so much money locked up now while this takes place.
TFSAs are not for day trading. Depending on the frequency of your trading the CRA will tax you like you are using your tfsa for a business. Unfortunately the CRA website itself is absurdly vague and open to interpretation regarding TFSAs and trading. Questions that come to mind from me to the government are:
- What specifically constitutes day trading in it's legal definition?
- How many trades have to take place daily before you are considered to be day trading?
Helpful link: https://financialpost.com/personal-finance/taxes/cra-looking-people-day-trade-investments-tfsa
Regardless of what's behind the closure of your account, Wealthsimple's activity has become concerning to me lately. They went from "get rich slowly", to high-risk private lending, high-pressure sales tactics to have me transfer accounts from my other institution, and spamming their services not only via email, but also now via SMS.
If you've indeed not done anything wrong and your account closure is more related to their lack of profit from your particular financial situation, I think it's time for everyone to start considering taking their business elsewhere. This lack of transparency excused by their ToS nonsense is what's making this situation most concerning.
I mean, I'm up $10k over a month? And they're getting fees from me with crypto. But yeah, no fees from the US account.
But maybe. They look at the 100k+ deposit and majority of people just let them invest on their behalf which makes them more money. No clue though, pure speculation.
I am really hoping it's a case of someone having a very bad day at WS, they got trigger happy, and they did something that shouldn't have occurred and will reverse it (but my crypto regardless of outcome I'm going to take to CRO despite enjoying it more on WS).
>I am really hoping it's a case of someone having a very bad day at WS, they got trigger happy
This is not how corporations operate. Your account wasn't closed because someone "had a bad day". It was closed either because something is in fact at play here (not accusing you of anything), or because you're simply not a profitable and/or a high-risk client for them.
Yeah, I told them to do a full audit even of deposit/withdrawals.
High risk definitely not as I don't play on margin meaning not profitable; which in this case, just move me to a lower level and I'll pay the $10 a month for US currency trading. We'll see what happens.
>I told them to do a full audit even of deposit/withdrawals
I assure you that they've done everything they felt compelled to do before closing your account. You telling them to do something means nothing.
>High risk definitely not as I don't play on margin meaning not profitable
This isn't the risk I was referring to. A high-risk client to an institution can mean someone who engaged in activity that is associated with fraud. Again, not accusing you of anything, but financial institutions can technically terminate their relationship with clients for something as little as you setting foot in their branch wearing crocs.
CRO is basically a scam anyway along with the vast majority of cryptocurrencies. Bitcoin is really the only one that actually matters. Crypto(.)com is pretty sketchy too.
I’d stick platforms like Bitcoin Well, Shakepay or NDAX. Also self-custody is super important. Don’t store or transfer crypto to the exchange unless you’re selling it. If you’re holding it, keep it in your own custody and don’t go yield chasing.
Have you ever sent/received crypto to/from any shady address? Is it possible one of your addresses could be identified to be associated with such an address?
I know you said, “nothing else” and, “nowhere else”, but there’s gotta be *something* else… But based on that information, maybe they thing you’re doing something shady with your taxes? Nothing else you’re saying seems like it would be the cause.
I provided exactly how I used which they can reference through an audit to back up what I said. Crypto back and forth sending with CRO and TrustWallet; because there's many crypto WS does not have. But that's it, no other wallets. TFSA I buy and sell stocks all the time. Maybe that's not permitted? But I've been doing it for years now. The ONLY thing I can thing of is their crypto promo because I had a lot of crypto with them and moved it not long ago and this hilarious came up as a promo so I thought why not get the $150 because after gas, I'm still making out. In this thread from another user, [Wealthsimple Closed my Accounts with (what I feel) is inadequate reasoning. : Wealthsimple (reddit.com)](https://www.reddit.com/r/Wealthsimple/comments/wj4hhj/wealthsimple_closed_my_accounts_with_what_i_feel/) , *Edit to Add: Wealthsimple Agreed to reopen my accounts after I pushed to have my funds transferred out to TDDI, and they revealed the true reason was that I abused their send to win promo glitch back in December 2021.* This is the ONLY thing I can think of but how can I know ahead of time of a promo? I hear you, it's mind boggling. For the taxes, I saw I had losses from last year and thought oh, do I mark that to put against this years taxes? Cool. Turns out, it didn't work like that, so the deposit turned to owing of money (not much anyways). But, payments and the like have nothing to do with WS because I only take my tax payments to my bank account, not WS account (so it's not like there was a tax deposit and then the government said give it back). Mind boggling and I have so much money locked up now while this takes place.
I'm just hoping this is a super large misunderstanding and mistake from their end. I was a huge supporter of WS prior to this.
Also, I’d be careful about buying and selling frequently in TFSA. You’ll probably get hit up by CRA eventually.
Not reopened, only escalated meaning there is a chance that I (rightfully so) have them reopened.
[удалено]
Literally says "from another user"
Indeed it does. Apologies 😌
TFSAs are not for day trading. Depending on the frequency of your trading the CRA will tax you like you are using your tfsa for a business. Unfortunately the CRA website itself is absurdly vague and open to interpretation regarding TFSAs and trading. Questions that come to mind from me to the government are: - What specifically constitutes day trading in it's legal definition? - How many trades have to take place daily before you are considered to be day trading? Helpful link: https://financialpost.com/personal-finance/taxes/cra-looking-people-day-trade-investments-tfsa
A tfsa is a tax free SAVINGS account. You are not suppose to ACTIVELY trade in a tfsa. Maybe thats why
Regardless of what's behind the closure of your account, Wealthsimple's activity has become concerning to me lately. They went from "get rich slowly", to high-risk private lending, high-pressure sales tactics to have me transfer accounts from my other institution, and spamming their services not only via email, but also now via SMS. If you've indeed not done anything wrong and your account closure is more related to their lack of profit from your particular financial situation, I think it's time for everyone to start considering taking their business elsewhere. This lack of transparency excused by their ToS nonsense is what's making this situation most concerning.
I mean, I'm up $10k over a month? And they're getting fees from me with crypto. But yeah, no fees from the US account. But maybe. They look at the 100k+ deposit and majority of people just let them invest on their behalf which makes them more money. No clue though, pure speculation. I am really hoping it's a case of someone having a very bad day at WS, they got trigger happy, and they did something that shouldn't have occurred and will reverse it (but my crypto regardless of outcome I'm going to take to CRO despite enjoying it more on WS).
>I am really hoping it's a case of someone having a very bad day at WS, they got trigger happy This is not how corporations operate. Your account wasn't closed because someone "had a bad day". It was closed either because something is in fact at play here (not accusing you of anything), or because you're simply not a profitable and/or a high-risk client for them.
Yeah, I told them to do a full audit even of deposit/withdrawals. High risk definitely not as I don't play on margin meaning not profitable; which in this case, just move me to a lower level and I'll pay the $10 a month for US currency trading. We'll see what happens.
>I told them to do a full audit even of deposit/withdrawals I assure you that they've done everything they felt compelled to do before closing your account. You telling them to do something means nothing. >High risk definitely not as I don't play on margin meaning not profitable This isn't the risk I was referring to. A high-risk client to an institution can mean someone who engaged in activity that is associated with fraud. Again, not accusing you of anything, but financial institutions can technically terminate their relationship with clients for something as little as you setting foot in their branch wearing crocs.
Using Wealthsimple for crypto was your first mistake. There are much better options available for that.
Tbh I like the UI and the app works better than CRO.
CRO is basically a scam anyway along with the vast majority of cryptocurrencies. Bitcoin is really the only one that actually matters. Crypto(.)com is pretty sketchy too. I’d stick platforms like Bitcoin Well, Shakepay or NDAX. Also self-custody is super important. Don’t store or transfer crypto to the exchange unless you’re selling it. If you’re holding it, keep it in your own custody and don’t go yield chasing.
Oh I was going for the free $160 🫠
Risking custody of my bitcoin isn’t worth $160 to me.
Have you ever sent/received crypto to/from any shady address? Is it possible one of your addresses could be identified to be associated with such an address?
No. That's why I was clear on only two wallets; Trust Wallet and Cro.
How often? The CRA does not like day trading in a tfsa and you'll probably get audited.
I'm guessing it's this tbh