So the start of the year is also a good time to take a look at how you’re thinking about the current environment. Then deciding whether some adjustments might be required.
75% of CxOs said their organizations have increased their sustainability investments over the past year
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Fintech Opinions
5 Steps Crypto Investors Can Take to Avoid a Tax Audit
Guest Post | Jan 23, 2023
Image Freepik/rawpixel.com
A tax audit can be invasive, time-consuming, stressful, and result in an expensive tax bill in the end. The Canada Revenue Agency has stiff penalties, including interest charges, for unfiled taxes once they’re discovered. The CRA can even forward the results of your audit to a Crown prosecutor if they believe there’s a case for tax fraud.
All things considered, it’s just not worth it, and preventing a tax audit is ideal. Unfortunately, governments around the world are targeting crypto investors due to some parties using crypto to avoid taxes or launder money. Everyday investors are winding up in the CRA’s sights.
If you’re a crypto investor, you can minimize your chances of facing a CRA cryptocurrency audit by following these five steps.
#1 Avoid Common Tax Mistakes
Taking a few precautions in your everyday life can go a long way toward avoiding an audit. If you invest in cryptocurrency, avoid these common mistakes:
- Talking to friends, family, or coworkers about your tax situation
- Making large transfers of funds
- Holding offshore accounts
- Making large charitable deductions.
#2 Crypto Tax Planning
Good crypto tax planning can mean many things. At its simplest level, it means keeping track of your transactions. Whenever you buy or sell cryptocurrency, document the price, time, and date of the transactions. It also means understanding whether your crypto transactions are likely to be considered capital gains or business income, as this will change the taxable amount.
More complex tax planning includes things like investing through a corporation, using capital losses to your advantage, and other strategies that allow you to save on your taxes by the book without any inaccuracies.
#3 Get Professional Support in an Audit
If an audit does happen, the best way to handle it is to get professional support from a tax lawyer. Depending on your investments, it can help if they have a better understanding of cryptocurrency, how it’s taxed, and how it works, in addition to general tax laws and planning.
They can provide legal advice and support you when the CRA requires information for its audit.
#4 Have an Advocate Negotiate
Dealing with the CRA can be stressful, but you’re not entirely at their mercy. With the right representation, you may be able to negotiate a compromise with the CRA that works better for you.
One thing that the CRA may do after an audit is propose an amendment to past years’ returns. When this happens, you may want to make your own proposal in light of new information. This can benefit you, and it’s best handled by a legal advocate experienced in dealing with the CRA.
#5 Voluntary Disclosure
Voluntary Disclosure is a unique program that allows you to deal with unfiled taxes from previous years without prompting an audit or other penalties. If you know you have income from previous years that you still owe taxes on, you can adjust those tax returns and pay what you owe through the Voluntary Disclosure Program. It’s a great way to correct past mistakes.
See: Proposed Changes to Crypto Mining GST/HST Rules: What’s Capture and What’s Not?
Be smart about your taxes. If you invest in cryptocurrency, you should take every precaution to accurately report your taxes to avoid an audit from the CRA.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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What Now?
Medium | Tristram Waye for Bitvo | Jan 11, 2023
So the start of the year is also a good time to take a look at how you’re thinking about the current environment. Then deciding whether some adjustments might be required.
- The survival mindset is helpful until it isn’t: This adaptation and compensation can help you to work through whatever challenge you are facing at the time. But it also shapes how you interpret everything you see and hear. This mindset will shape the decisions you make. And at times, survival mode decisions can be detrimental.
- The same thing applies in a down market. Over time you learn to compensate and adjust. There is something oppressive about so much negativity in the market. The constant price declines and negative news. The assumption is that there’s a scam around every corner. Eventually, this shapes your thinking and reactions. It alters the way you see opportunities. We talked about this in our pieces on trading slumps and more recently on bear market rallies .
See: Canadian Securities Regulators: Crypto Trading Platform Enforcement Coming
- Crypto focus: In crypto, there are a few things you could be keeping track of as a barometer of activity.
- One is simple price action. How are various tokens, altcoins, and cryptocurrencies responding to negative news? Are the reactions shallow? Which news or stories bring out the most selling? Which look strongest? Is there a theme that stands out or seems to be picking up interest?
- You might want to look at the themes that raised money in 2022. The first half had a lot of investment. The second half was relatively quiet by comparison. Then keep an eye on the themes that are attracting capital in 2023.
- You may want to keep an eye on development talent as well. Where are developers staying, and where are they in demand and moving? This can give you an idea of where future opportunities may come from.
- Lots of building is still taking place. And the leaders out of a downturn aren’t the ones with an idea or something that hasn’t been executed yet. It will be the ones with the infrastructure that is ready to go.
- One thing is an ongoing pullback in , which may change as markets firm up and confidence returns. This means the action may be more restrained on the downside in crypto. Not saying that it will, but with less liquidation potential , the fast downside moves will be fewer and shallower.
- When prices stop responding negatively, that’s a potential sign of a change in sentiment.
- As the US congress is sworn in and committees are decided, regulation will eventually come to the fore. While this applies strictly to the US, it will influence regulation elsewhere as it gets going. And it may, from time to time, influence trading activity.
- And don’t forget the drama of the ongoing bankruptcies and hearings around various 2022 crypto train wrecks. These will provide entertainment porn for the naysayers and haters. And these events will also shape how regulators respond, and new crypto players decide to operate.
See: Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy
- Censorship has shaped the narratives about what is going on and why. The collusion between government, law enforcement, intelligence and social media was revealed on Twitter as Musk opened up the files to various reporters. The active suppression of information suggests that there is plenty of information waiting to come into the public sphere.
- Which might be why governments all over the western world are tabling censorship legislation to give them control over public discourse.
- But in the meantime, the flow of information is expanding.
- Twitter has become a hub for information release, debate, and digestion, which increases the likelihood of market-moving revelations.
- These revelations may drive significant market risk and instability. Which on the trading front means potential opportunities.
- Which might be why governments all over the western world are tabling censorship legislation to give them control over public discourse.
- Don’t forget the hard-earned lessons of 2022: Another area of importance to start the year is to heed the lessons of the year that has passed. And speculative products and assets require both scrutiny and monitoring. Too many forgot this last year and ended up giving back gains and in some cases, being wiped out.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Davos: Cooperation in a Fragmented World: In Data We Trust
Devex | Adrian Lovett | Jan 13, 2023
Image: Pexels/Lukas
This year’s Davos theme, Cooperation in a Fragmented World, seems particularly apt. Indeed, these issues feature heavily in the WEF’s own predictions of the greatest global risks over the next decade.
- Since the last Davos meeting, a series of alarms have been sounded. The World Bank has said that the goal of ending extreme poverty by 2030, the first promise of the U.N. Sustainable Development Goals, can no longer be achieved, and warned this week of a possible global recession ahead.
See: BIS Report: Can CBDCs be designed to help financial inclusion?
- 5 distinguishing features of good, trusted, decision-ready data:
- Accurate and timely data can help us understand the true scale of the challenges we face. Data can help us highlight global, regional, and national poverty trends, track where development finance is going, understand how the ebb and flow of funding affects humanitarian crises from Ukraine to Somalia, or investigate how much is really spent on climate finance or funding local humanitarian organizations.
- Helps us look forward AND back: Too often, gaps, inconsistencies, and delays in the data mean we are looking in the rearview mirror at a partial or ambiguous picture. Donors can help address this issue by publishing high-quality, timely data using common standards such as the International Aid Transparency Initiative, strengthening accountability for how resources are used and how effectively.
- It enables us to understand that people’s lives are nuanced and complicated: As well as broad trends, data can help us build a more nuanced picture of people’s lived experiences. After all, poverty isn’t just about whether a person’s income is above a particular monetary threshold; it’s a multidimensional phenomenon determined by many factors such as access to health care, education, or jobs.
See: RBC’s Climate Claims Being Investigated by Competition Bureau
- Geared towards being used: Much progress has been made in making more data open and accessible, but its potential can only be realized if it is actually used. Data systems may be fragmented or produce data that is difficult to analyze. Data may sit unused in so-called data graveyards, eventually being lost and forgotten.
- It is legitimate: locally owned and responsibly collected, managed, and used
- Above all, data must be trusted. As the saying goes, “nothing about us without us,” which is partly about putting users at the heart of development solutions and ensuring that local perspectives are integral to the entire data lifecycle.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Deloitte 2023 Sustainability Report: Most Organizations Have Increased Investment but Tough to Move the Needle
Deloitte | Release | Jan 16, 2023
75% of CxOs said their organizations have increased their sustainability investments over the past year
- Deloitte built upon past research by surveying more than 2,000 CxOs across 24 countries to gauge concerns and actions from business leaders on climate change and sustainability.
- While every CxO surveyed responded that their organization felt the impacts of climate change this past year, some concerns:
- CxOs reported “resource scarcity/cost of resources” as the top issue already impacting their companies (46%),
- 45% highlighted “changing consumption patterns or preferences related to climate change”
- 43% reported “regulation of emissions” as other top issues impacting their companies.
- Additionally, around a third of executives said climate change is negatively affecting their employees’ physical (37%) and mental (32%) health.
- 82% of executives said they have been personally impacted by climate events over the past year, with extreme heat the most frequently cited issue, and 62% said they feel concerned or worried about climate change all or most of the time.
See: While Sustainability Software Booms, Investors Demand Climate Data Proof
- Organizations are feeling broad pressure to act on climate change from across their stakeholder groups:
- board members and management, regulators and government, and consumers and clients. Organizations are also feeling pressure from their shareholders and investors (66%), employees (64%), and civil society (64%).
- Employee activism is specifically driving increased action, with more than half of CxOs saying employee pressure on climate matters led their organizations to increase sustainability actions over the last year
- Nearly a quarter of CxOs said the difficulty of measuring their organizations’ environmental impact was a top barrier to increased action, and nearly one-fifth cited cost and focus on near-term issues as barriers.
Continue to the press release --> here
Download the 23 page PDF report --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Gamers Rejoice! AR/VR, Blockchain, and Online Gaming Collide for a Revolutionary Experience
Jan 16, 2023
Image: Unsplash/Andrey Metelev
Online gaming has come a long way since its inception, and with the advent of new technologies like Augmented Reality (AR), Virtual Reality (VR), and Blockchain, it's on the cusp of a revolutionary change. These technologies have the potential to change the way we play, interact and transact in the online gaming space.
We will explore the intersection of these technologies, discussing the opportunities and challenges that lie ahead. Our thesis statement is that these are set to revolutionize the online gaming industry and will create a new breed of immersive and secure gaming experiences for players.
AR/VR is being used in the online gaming and online poker industry to create more immersive and engaging experiences for players. In online gaming, AR/VR technology is being used to create virtual worlds and environments where players can interact with each other and the game in a more realistic way.
Virtual Reality is revolutionizing the online poker experience by allowing players to sit at virtual tables and interact with other players in real-time. Looking for the best VR poker platforms? Look no further, Top10pokersites.net provides expert reviews for the top virtual reality poker sites. In online poker, examples of popular platforms include VR Poker and Poker VR.
When it comes to the general online gaming industry, there are a variety of popular examples of games and platforms that utilize them. Some of the most well-known examples include Minecraft VR, a virtual reality version of the classic sandbox game, Beat Saber, an action-packed VR rhythm game, and Robo Recall, a fast-paced VR shooter game. These examples showcase the potential of AR/VR in the online gaming industry and the level of immersion it can provide to players.
The potential benefits of online gaming and online poker also include increased immersion and engagement for players, as well as the ability to create more realistic and social experiences. However, there are also limitations to the technology, such as the high cost of hardware and the limited player base. As technology continues to evolve and becomes more accessible, the online gaming and online poker industry are expected to see more widespread adoption of AR/VR tech.
Blockchain technology is being used in the online gaming industry to create decentralized and transparent gaming experiences. By using blockchain, game developers can create games that are decentralized and run on a peer-to-peer network, which eliminates the need for a central authority. This allows for more transparency and fairness in the game. Some popular examples of blockchain-based games and platforms include Cryptovoxels, Axie Infinity, and The Sandbox.
The potential benefits of blockchain in online gaming include increased transparency, security, and fairness in the game. It also allows players to have full control of their virtual assets and in-game currency, which can be traded or sold on the open market.
Additionally, blockchain technology allows for the creation of non-fungible tokens (NFTs), which can be used to represent unique in-game assets. However, there are also limitations to the technology, such as the lack of scalability, and the need for players to have a basic understanding of blockchain. Nevertheless, as the technology continues to evolve and becomes more accessible, the online gaming industry is expected to see more widespread adoption of blockchain technology.
By combining the two, game developers can create virtual worlds that are decentralized and transparent, allowing players to have full control over their virtual assets. The use of blockchain technology in AR/VR games can improve the overall security and fairness of the game. Some examples of games and platforms that utilize both include Decentraland, Somnium Space, and The Sandbox.
The potential benefits of combining AR/VR and blockchain include increased immersion, security, and transparency. Players will be able to experience virtual worlds that are more realistic and social, while also having full control over their virtual assets. However, there are also limitations to the technology such as the high cost of hardware, the limited player base, and the need for players to have a basic understanding of blockchain technology.
The intersection of AR/VR, blockchain, and online gaming presents a wide range of opportunities for growth and innovation. For example, the use of blockchain technology can create new revenue streams for game developers and publishers through the sale of virtual assets and in-game currency. Additionally, AR/VR technology can open up new markets for online gaming, such as education and training, and can create new opportunities for advertising and sponsorships.
See: Ep27-Mar 1: Blockchain Gaming and Esports with Shidan Gouran
Some challenges and limitations may arise with the intersection of these technologies. For example, the high cost of hardware and the limited player base may limit the adoption of AR/VR technology in online gaming. Additionally, the lack of scalability and the need for a basic understanding of blockchain technology may limit the adoption of blockchain in online gaming. Therefore, game developers and publishers need to consider these challenges and limitations when developing and implementing AR/VR and blockchain technology in online gaming.
In conclusion, the intersection of AR/VR, blockchain, and online gaming is set to revolutionize the way we play, interact and transact in the online gaming space. As we have seen in this blog post, AR/VR technology is being used to create more immersive and engaging experiences for players, while blockchain technology is being used to create decentralized and transparent gaming experiences.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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5 Hacks To Slash Costs When Transporting Company Cars
Jan 15, 2023
Image: Envato/RLTheis
Depending on your business, a company car can be a simple sedan or a pickup truck. Over time, you may find that your company car choice will become part of your brand. You may need a small van and have a logo designed that works well on a particular door panel. You may need a sleek sedan with darkly tinted back windows for important visitors. Regardless of your need, once you have a make and model, you will likely need to ship in a new company car.
Ship During Slow Times
Unlike private car buyers, company car owners have a bit more flexibility on when their new cars are delivered. While a private car buyer may be without a vehicle until the new one arrives, those who need to arrange company car assignments have a bit more flexibility. To that end, check with your car shipper on their slowest times of the year. You may be able to work out a steady process of shipping in February and avoid the rush of April.
Do make sure that you review the route your driver will need to take. On very specific routes, you may be able to ship by train for part of the transport, but only in the southeastern United States. If you buy company cars in southern Arizona, it may be simple to ship them to Georgia in winter but more of a challenge to get them to North Dakota in the snow.
Challenges for drivers that may impact the shipping rate you pay include seasonal weather concerns, as noted above. Other factors that may increase your rates include population density; dangers increase in high traffic. Topography may also have an impact on the fees you pay. Drivers who can haul cars over mountainous terrain may be harder to find.
Shop Auctions
Once you have a healthy relationship with your shipper, keep your eye out for great deals at auctions. The right car shipping companies can work with the seller to get your new car to your region with little fuss. Do your best to avoid working with multiple unknowns. If you have a car shipper that you are comfortable with, it may be less worrying to deal with a new auctioneer. If you know a mechanic in the region, being forced to use a different shipper may not be that much of a problem.
Do be aware that you may still need to cover the cost of a mechanical assessment. Car shippers can't relocate vehicles that drip or leak. However, there are car shippers that can move a vehicle when it's been drained. Since this includes towing and winching, there will be a higher cost in the loading and unloading process. However, the expense may well be worth it.
If you get a great deal on multiple cars of the same make and model, it may make sense to cover the cost of a storage unit or a secured lot where you can keep multiple vehicles locked up until shipping costs come down. There are many ways that you can get a great deal on a company car and pay discounted shipping.
Keep Things Light
Before shipping any car from your facility, make sure you fully review the contents. Check the trunk for unnecessary items. You can ship the spare and a jack, but most car shippers require you to lighten the car as much as possible and may charge more for added weight.
Make sure that you also check on the fuel requirements. Many car shippers cannot take a car that has more than 1/4 tank of fuel due to liability concerns. Fuel is also heavy and may increase the cost of your shipment. If you have to ship any vehicle at a heavier-than-empty load, make sure you notify your shipper before you arrange the transport.
If you are shipping company cars that also serve as rolling workshops or delivery vehicles, you may need to remove racking systems and toolboxes. Depending on the time this takes, you may find that it makes more sense to arrange to ship a heavier vehicle and pay any and all fees. You may also find that it makes more sense to drive the vehicle to the ultimate destination if there is a business to tend to along the way.
Connect With An Auto Dealership
Auto dealerships have the space and the curb clearances to easily move vehicles via over-the-road transport trucks. If you regularly need to ship cars and your car shipping company does business with a nearby dealership, you may be able to save transport time by taking your company car to that lot in preparation for shipping.
Of course, the dealership may require you to pay a fee to secure your car in their lot. To that end, carefully inspect the dealership.
- Is the lot fenced?
- Is the parking area well-lit?
- Is there a security guard or a security camera monitoring system?
If you don't feel confident leaving your company car at the auto dealership, you may need to drop the car off at a secured lot managed by the shipper. Be aware that this lot may be less convenient in terms of schedule and distance.
Only Ship Cars In Good Repair
It is critical that you only ship cars that do not leak. Not only will a leaking car increase the risk of a catastrophic event, but your company car may damage another car on the carrier.
If you do buy a vehicle out of state, make sure you get it checked out by a mechanic to make sure that it leaves no drips or puddles prior to purchase. If it's a good enough deal, it may be worth the repair cost, but you can't ship it while it's leaking.
See: 5 Reasons Why Every Dealership Needs a Car Shipping Partner
You can also use this assessment when shipping vehicles out of your facility. If you notice drips or spots in your fleet parking lot, take the time to assess each vehicle for leaks before you determine which company or fleet vehicle you will ship.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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The Use and Regulation of Artificial Intelligence: When AI Meets Consumer Duty
Herbert Smith Freehills | Karen Anderson and Jon Ford | Jan 13, 2023
Herbert Smith Freehills LLP has published an article in Butterworths Journal of International Banking and Financial Law on artificial intelligence (AI) and the Consumer Duty.
AI with its power to process large volumes of data, can provide more personalisation of financial products and services for consumers at greater scale and efficiency, and at lower cost.
See: AI Robo-lawyer is Set for Its First U.S. Court Case
It can, in principle, enable firms to provide better support for vulnerable customers (for example, to consumers without standard credit histories, or through the use of simplified advice).
All this could help to advance the FCA’s desired outcome of increased access through greater financial inclusion.
Download the 2 page PDF article --> Here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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