I am new to Koinly but have just recently set it up with the intended usecase of tracking all the referral earnings I am generating across a wide variety of exchanges.
The kickbacks I earn from my referral codes being used are paid to my accounts in a wide variety of coins, from stable coins to any “shit coin” imaginable.
My plan for off-boarding is to wait till I get a sell signal from BTC and programmatically sell all non-stablecoin pairs to the stablecoin DAI. (My sell signal is proprietary so just pretend it’s when Bitcoin reaches 100,000 as an example).
I than transfer all of that newly acquired DAI to my Coinbase account which I can than sell to fiat and transfer directly to my PayPal account.
This seems to be the easiest/quickest way to off-board in Canada from my research.
To clarify Koinly considers those referral kickbacks as “Income” in Canada.
My question is this:
How will the transfers from all of my random coins to DAI be treated and will I then pay capital gains on the price difference from the time of obtaining those coins as referral kickbacks to the time of transferring those to DAI?
Also if anyone has any suggestions on my off-boarding process, feedback would be appreciated!