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Guide on How Canadians Can Get Bitcoins Out of Coinbase for CAD $

CoinGuyCoinGuy Administrator
edited December 2017 in Bitcoin 101
1. Create an account at Quadrigacx, and then look here:



You select the drop down and click "Fund Account". You will get a Bitcoin address. Keep the tab open.

2. Open another tab and go to Coinbase and follow steps: https://support.coinbase.com/customer/portal/articles/971437
3. Use the wallet address Quadrigacx has given to you and send all your Bitcoins to it.
4. Go back to Quadrigacx tab. Once the Bitcoin arrives at Quadrigax click dashboard tab. You will see this:



5. Sell your Bitcoin by entering the amount and clicking "sell bitcoin" button
6. Now move to your money to the bank by going here: https://www.quadrigacx.com/withdrawal/cad
7. Choose the withdrawal method you want, that makes the most sense.
8. Relax cause the money is coming :)

Good luck :smile:

Comments

  • Do you get a T-5 from quadrigacx , at the year end ?
  • CoinGuyCoinGuy Administrator
    edited December 2017
    No... I should add

    MISSING T5 TAX SLIPS
    If an organization doesn't issue a T5 even though you have investment income over the $50 CAN threshold, you are required to ask for a copy of a missing T5 tax slip.

    If you haven't received a T5 slip despite requesting one, file your income tax return by the tax deadline anyway to avoid penalties for filing your income taxes late.

    Calculate the investment income and any related tax credits you can claim as closely as you can using any information you have. Include a note with the organization's name and address, the type and amount of investment income, and what you have done to get a copy of the missing T5 slip. Include copies of any statements you used in calculating the income for the missing T5 tax slip.

    https://www.thoughtco.com/t5-tax-slips-510752

    You can try asking and see what happens...but I don’t think they need to issue one, because they are not a bank and you should not be holding your funds there.
  • Further to add to the point. I had transferred $241 worth of Bitcoin to an exchange from Coinbase to an exchange in India, coinbase charged me almost 8%($20 something) equivalent in the name of network fees for miners.. They are just a rip-off...
  • @CoinGuy to clarify: is there any reason to continue using Coinbase over Quadrigacx?

    Also, as a Canadian citizen is it possible to set up a USD Wallet on Coinbase just to bump funds around digitally until I'm actually ready to withdraw?
  • CoinGuyCoinGuy Administrator
    @NordicMuse You can certainly use it to fund your account, just be aware, you can't get back into CAD with Coinbase, which is the main issue most were having.

    As a Canadian citizen is it possible to set up a USD Wallet on Coinbase


    Good question. Not sure -- let us know what you find out :)
  • I managed to get an answer out of their support bot on USD Wallets.

    "The USD Wallet is currently available only to accounts verified in the United States.
    The only US states we do not offer a USD Wallet in are Wyoming, Hawaii, and Minnesota."

    As to why - their actual support team is overloaded with account errors and will only be accepting tickets for those errors so if in the future someone can get through and update this topic, please tag me.
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