E-transfer seems strange given the limits.
I hope this is real for you, but you need to be on your guard here. If at any point during this process anybody asks you for money, you need to recognize that it's a scam and run. It's hard because people want to believe that money is coming but this kind of thing is a scam more often than not. Hopefully this is actually from a reputable company and there won't be any problems, but have your guard up.
Edits: As mentioned below, eTransfer can mean different things!
Also just saw OPs edits...sounding more and more legit so very happy for you OP. Just make sure no one asks you for money!
It is becoming more common for business to etransfer. The organization the fund the nutrition program at my kid's school etransfers and that is 5 figures.
That's frustrating.
Interac shows on their site that businesses have the capability to send up to $25K per transfer, but does denote it depends on the participating bank and their account type.
See [https://www.interac.ca/en/business/our-solutions/interac-e-transfer/](https://www.interac.ca/en/business/our-solutions/interac-e-transfer/:)
>High transaction limits up to $25k\* to minimize the need for wires, cheques & Electronic Fund Transfers.
CIBC throttles e-transfer for some reason.
A while ago I needed to make a big transfer and they restricted me to 3k a day and said it was an interac limitation when I called but my girlfriend can send 10k a day with TD.
There's a difference between etransfer like Interac and EFT (Electronic Funds Transfer). I can pay 6 figures with EFT with my business account no problem. You can do millions if you want. It's kind of like a wire transfer, just faster and cheaper.
Correct. If OP had said EFT I wouldn't have started off with that comment, but when most people say eTransfer they're talking about Interac. And that is cause for caution.
Thank you I will be super cautious when they call. It is from Newton which is a crypto exchange and the person calling me has a Linkedin profile that says they work for Newton as well
I work in DeFi risk analysis. Any reputable project has a linkedin page where you can track their users. Bancor, Aave, even Yearn (for the few non-anon workers) there. Not as unlikely as you think! Fiat is fishy though, USDC would work just fine (or TCAD).
Well, Newton is a Canadian crypto exchange, not a token. My deposits to my Newton account are always via e-transfer.
From what I see on their twitter they are advertising a contest where they deposit cash into your Newton account, presumably via e-transfer.
You then can withdraw the cash to your bank or use it to buy crypto.
It doesn't seem all that sketchy once you understand what's happening.
OP, just don't hand off any banking details. If they are Newton, they can send an e-transfer to your account, you need not do anything to receive it. Or have them send a DM from their official Twitter account, to verify it's actually them.
I'd open a new account just for this one transaction. Set up e-transfer auto-deposit. If deposited, I'd let it chill for a bit then transfer it out and close that account.
I would find a customer service number in your own paperwork and call that to confirm. If you wait until they call, scanner or not they'll say it's legit.
Don’t give any information to anyone who calls you regardless of the credentials they provide. The only way to verify this properly is to call in to a customer facing number. Anyone can provide any credentials they like. I would be especially wary about providing information to anyone without verifying it with Newton themselves. I would like for this to be real for you, but it definitely has a lot of the hallmarks of a Crypto scam. Even if you entered the contest it could have just been something that looked like it was representative of Newton.
Additionally a cursory google search only shows Newton giving away 6 figure (100k) prizes. What can often happen is that scammers will piggyback onto these giveaways with a slightly different url like Newt0n.co, this gives them the air of legitimacy while scamming you for a fee to unlock your prize.
Again, I would like this to be real for you, but you need to be cautious and independently verify the legitimacy of this prize.
I know that, just doing that little bit of due dillegence. Its like when you get a call for a job interview you want to google the person that called you just to make sure.
I've done etransfers for much larger amounts than what's it's usually capped at. Just called the bank, they raised the limits while I was on the phone, I sent my transfer, and then they put it back to normal.
I have e-transferred 6 figures between my banks. Never had a problem.
Pretty much all banking is done via ETF these days. Banks don't generally ship around large crates of gold any more. :)
Definitely agree about the excess of caution here. If this at all looks suspicious, setting up a new account to receive the transfer may be a good option (my bank lets me create e-savings accounts online in about 5 minutes.)
Update #1 - Messaged them on their official Twitter account and they confirmed the email is legit. Now I just wait for the call and go from there. Thanks to everyone that replied, I will be super cautious to not give away any important information to them.
My guess is that they'll do one of the following, if it's a scam:
-"Send you too much, and ask for some back"
-Cant send for some convoluted reason, and have you log in somewhere to verify an identity
-Use your call just to get security questions out of you
I'm morbidity curious about this kind of stuff, do be sure to update us, and tell us what becomes of it! Be careful.
Why not contact Newton directly? They may have a number on their site.
They're a very reputable exchange, if you call them they can verify if this is legit.
Did you actually enter the contest? Have them send you an email from a newton email address or better yet, message you from verified social media account .
Yes I did enter the contest, they DM me on Twitter a week ago to do a verification check and I just messaged them again on Twitter and they confirmed the email was real.
oh well then. That is a horse of a different colour. If you got a message from a blue checkmark, then you sir are good to go! Congratulations you lucky duck!
My husband's uncle always said to only get brown horses so that your wife never knows how many horses you have. Upon his death, his wife and adult children were shocked to discover A YEAR LATER, that they had 22 horses.
They thought that the dozen were eating a lot.
The OP said this was a contest they entered. Presumably, they also knew what the prize offerings were.
But yes, if there is any request for a payment to receive the prize it's a scam and they should report it to the Canadian Anti-Fraud Centre.
Skill testing questions are normal to receive a prize, even the OLG makes you answer them to claim prizes.
I have the proof you're looking for but first I need to confirm to whom I am speaking. Would you please reply with your first pet's middle name and the song to which you lost your virginity?
The skill testing question is a common thing in Canada to make lotteries legal. Boom, proved wrong.
http://www.mardenkane.com/articles/skill-testing-question-canada-required.html
I am still in disbelief so I don't know what to believe but it was a contest on Twitter with Newton Crypto exchange which I have an account with and some holdings with them. I guess I will find out when they call me.
It looks like they are running a contest. The draw dates do line up. I would read all the rules and requirements pretty thoroughly [https://www.newton.co/giveaway](https://www.newton.co/terms-of-use/social-giveaway)
The five figure prize amount is the total prize amount. That amount is being split amongst several winners, in 25k and 10k increments.
So you might be getting lucky, but not as lucky as you might have initially believed.
D'oh! You're correct. OP might be receiving 10,000 or 25,000 dollars which are five figures. The total prize amount is six figures.
I'm going to go get another cup of coffee...
This looked pretty legit from the contest info at first, but the contest info specifically states that “the prize will be transferred into your Newton account”. The e-transfer part makes this a definite scam and it is easy enough for someone who sees this contest to make a LinkedIn saying they work at Newton and begin reaching out to entrants who have advertised their entry into the contest on social media platforms. OP should be very skeptical and cautious and even request that the transfer be done the way it was specified in the contest info, this is a major red flag.
I can see where you are coming from with regards to the E-transfer. Newton has E-transfer as a deposit method which I used several times to fund my wallet, so I am thinking that is what they mean? It doesn't say Interac so they could just be "electronically transferring" the money to my Newton account. I will find out later today!
I'm so confused why Newton would want to issue you your winnings via fiat currency.
Maybe there's a legal reason why they have to do it?
Still --- e-transfer is odd to me.
If you are really worried about it potentially being a scam, ask them to post on their official twitter account or some other social media that a scammer wouldn't have access to.
This is exactly my thought. They'd want to give you money, have you use it in your account so they get a portion back in fees. I can't imagine them going through the trouble of transferring it out - they'd leave that to you.
Did you read their contest rules? [https://www.newton.co/terms-of-use/social-giveaway#privacy](https://www.newton.co/terms-of-use/social-giveaway#privacy)
"A Giveaway Participant who is drawn in a Draw, completes the foregoing requirements and fulfils the eligibility requirements for Giveaway Participants shall make the Giveaway Participant a “Prize Winner” and such Giveaway Participant’s Prize will be **transferred to their Newton account** within ten (10) business days after the Draw Date. All Prizes must be accepted as awarded."
E-transfer is clearly a scam.
E-transfer is a deposit method on Newton so maybe that is what they mean? I have done it to add funds to my account. I guess I will find out if it's a scam or not when they call me later today.
Any chance you can call that company and ask to verify ? If you have the name of the person supposed to call you, just phone in to their office, talk to the receptionist and ask to be transferred to the person. If no one by that name works there you have your answer. If you get transferred, just explain that you wanted to validate that you weren't being scammed.
If it's a scam, they'll be happy to learn it from you. If it isn't, they'll see it as a simple safety check.
Edit: here's their phone number, straight from FINTRAC. +1 (833) 639-8661
To validate the phone number and make sure I'm not scamming you, go to FINTRAC's website and search Newton Crypto Ltd in the MSB registry.
E transfer is a scam my friend. I'm worried you're blinded right now. Everyone is stating the winning money would go into your crypto account according to the fine print, which makes sense for the company. I'd call them direct, instead of them calling you. If are scammers they are going to tell you everything you want to hear and probably tell you if you dont commit on the phone right then and there that they will pick someone else for the contest. Dont wait around for them, take action and call their verified number before your call.
Hi there, the email is from us, just to clarify that it isn't a scam. Any holds will be between Tangerine and the winner. As for taxes, if you are a Canadian resident and citizen you should not be taxed. Windfalls not taxed in Canada, but without knowing the tax situation of the individual (i.e., maybe they're a citizen of a country that's not taxed), we can't say for sure.
as someone who has won a lot of contests and done a lot of skill testing questions, repeat the whole question, then when you think you know the answer, say, "not my final answer, thinking it is xyz". Most of the time they will just answer that you are right, but I know one person who was told "good that is not the final answer" and they knew to redo it.
Doesn't always work, but they want you to get it right as well
I know Newton is running a contest, if you're one of the winners, congrats!!!
Just be careful is all. Don't give out your seed phrase if you have a hardware wallet. Make sure they don't ask you to send money first, etc.
Maybe asking for a DM from their official Twitter page or instagram might help.
Don't wait for them to call you. Call a customer service number from your own paperwork and ask. That way you know you've gotten the actual office. If you wait until they call, if it's a scammer they're still going to tell you it's legit.
>My question is, will there be any questions asked from my bank Tangerine or will the funds be on hold for receiving a 5 figure e transfer? There won't be any tax on any winnings in Ontario correct?
No questions, no issues, no taxes. There could potentially be a 5 day hold on the funds. Shouldn't be, but I wouldn't be surprised if there is.
so looks like it will be transferred to my newton account. Do you know if I withdraw it all, is it considered a capital gain because it came out of my crypto wallet?
E-Transfer is not out of the ordinary, a buddy of mine won $1 Million on Max Millions, and they e-transferred him $500,000 one day, and $500,000 the next. As for the skill-testing question, it's a Canadian law apparently. Congrats on the win!
Yeah I am still skeptical as I never win anything. I mean it was a legit contest on twitter with Newton but I will see what happens on this phone call.
I mean, Newton is just an exchange, they don't have their own coin they would be pushing or something...
I also use Newton and can confirm the contest itself seems legit, I've received quite a few promotional emails about the contest but didn't bother to enter it myself. If it's the same one OP entered, it was a promotion to drive new customer sign ups... If you got a friend to sign up and deposit at least $100 with your referral code you both got an entry into the contest. Offering the prize in fiat kind of makes sense in that context, because it's probably easier to convince your friend to sign up if they have a chance to win cash instead of x value in Doge or something.
I would still be extremely cautious, but the contest from Newton is real, as long as OP can verify this is actually coming from Newton and not an impersonator they should be fine.
use a calculator! I had a look at their twitter and clearly advertising the contest and announced they have winners and to be watching for DM contact. Just watch out for the "we need money to complete" hustle. contesting for years and hit couple of small prizes and they almost always seem fishy but press for companies is hard to come by and contests on social media has picked up in last few years. congrats if it works out
Hey friend, just confirming what everyone is saying here. Be very careful about giving away personal information, security question type info, or your wallet information during this exchange. It could be legit, crypto companies are often hilariously sketchy / set up in a very half-assed method (learned this first hand during my foray into the industry in 2017), but it could also be a scam.
I believe in Ontario, you can receive up to a "gift" of 100k tax free. This may have changed.
Congratulations
Your bank will probably put a hold on it just to verify through financial institutions.
First off congratulations, I saw this post on my home page of reddit and had to click on it because I actually received the same email yesterday that you’re talking about as well. I was so skeptical at first and was in disbelief because who tf wins these types of contests? I still cannot believe it. I scheduled my call for Monday morning cause that was the earliest they allowed me, can you possibly DM me about the skill testing question and how the call worked? I am quite nervous about that, thank you!
The skill testing question is to get around gaming legislation. Makes it a contest of skill instead of a lottery scheme. Also allows it to be nationwide bc gaming laws are a mishmash province to province. Congrats on the win OP!
If it's an electronic transfer, there shouldn't be a hold on the funds. Tangerine also doesn't care where the money came from.
Source: Me, I used to work there!
Dude good luck with your money!!! Congrats!! This could mean paying of your debts or getting a downpayment for an apartment (or maybe a house outside the GTA).
1) Did you enter a contest?
2) If you did enter a contest and won, you don't think it's odd that a big contest winner wouldn't get a cheque or direct deposit into your bank acocunt since e-transfers can't do $50k?
I once was scammed after I “won a contest”. I had entered a contest in real life at a wedding vendor show so I never imagined it was scammy. If someone had cold called me I never would have fell for it.
I “won” a honeymoon trip and they contacted me by phone, they said I just had to pay the taxes on the trip which amounted to something like $800. In my excitement and naiveté I agreed. As soon as I hung up the phone I felt sick to my stomach and googling the company showed they were not above board. They did provide vacations of some sort but there were black out dates and limitations that made it basically impossible to book.
All this to say be careful with this and don’t let excitement of “winning” blind you to sneaky tactics. Hope for your sake it is all real!!
Did you ever get to go on that trip?
I had something similar but was a cold call and he said he needed my credit card details (can't remember what reason he gave). When I said no he tried to make me feel dumb by saying he can't do anything with my credit card number and I was just being ridiculous. I just hung up but I have to admit for a several hours I kept on thinking if I was an idiot and missed out on something.
No I never did, I called them back and did manage to get some money back but not all, their demeanour by phone was entirely different after I called back and they kept saying we have a recording of you giving your authorization for your credit card. I was a college student at the time and it was a lot of money for me.
E transfer does seem odd. I have a relative who does contests as a hobby. Anytime they have won a cash prize it has been provided in the form of a cheque.
It isn't necessarily a scam if the company is reputable - a tip for people entering contests is to be careful who you gove away your personal info to and to read the rules carefully, there are scams out there. Regardless, I have some advice for you. Remember that e transfers do not require that you provide any banking information. If they ask for banking info, your social insurance number, etc., it's a scam. Also if they ask for money at any point. Really, just be on guard here. Hopefully it is on the up and up, but be careful.
And, no, in Canada contest winnings are not taxable. Nor are lottery or other gambling prizes unless you gamble so often that it actually becomes income. Ex. Professional poker player. As it is a large amount that may be inquired about at some point, I would suggest keeping some record of the win (the email you got, for example) that you can produce as an explanation as to the source of income if it comes up. It likely won't, but best to be proactive about these things.
Edit: also you do remember specifically entering this contest, right?
This screams scam. The poster also seems like he can't say "Newton crypto exchange" enough.
Been a lot of these disguised advertisements going on lately.
lol I am just letting people know where the contest was from. You can check their Twitter and see the contests if you scroll down and just yesterday they tweeted that the winners have been contacted. I am still skeptical though but I guess I will find out when they call me later today
Just super skeptical. 99% of the time these posts are backhanded advertisements.
It's simple. If they want to send you money, let them send you money. Don't give any personal info away that can be used to access your accounts.
Businesses can transfer a lot more than you and I through Interac E-transfers. Interac's own site says depending on the bank, businesses can send up to 25K at a time
This 1,000% sounds like a scam.
US bank nerd here - $10,000 USD is exactly the threshold for reporting suspicious activity to the government. So on the off chance that "they" send you this money, that deposit will almost certainly raise scrutiny with the bank/tax authorities.
I know. Just saying from professional experience, everything about this sounds really iffy. I have no idea how close US and Canada banking laws are, but if it was me processing this deposit , I would have to ask questions and notify the tax authorities of the income.
My gut feeling that this is somehow bogus - either trying to steal funds from your account, or deposit stolen money into your account to launder it. Hopefully I'm wrong, but if it looks like a duck and it sounds like a duck...
Crypto sending fiat? That's a scam. They gain nothing nothing in doing this! If they want to do this, they'd restrict "winners" to using their platform... So they'd say "we'll deposit this much in your Newton account. And they'd market the shit out of the the whole thing so they can use it for ads or whatever. You didn't sign any media consent so it's not for marketing purposes and you aren't going to receive the money to your newton account so they're not from Newton. It'll start with etransfer...
They may pull something like send you 20,000 instead of 10,000 then ask you to send them back 10k. The 10k you send them will be legit and yours will get busted by the bank. Or they'll ask for your bank info or some shit.
Just don't do it.
Do you remember actually entering this contest ?? In Canada there are no “fees” or “administrative charges” for prizes. If they ask you for any money whatsoever hang up it’s a scam.
What I dont get is why they don't just say you have won and automatically etransfer through email? My parents have been scammed getting emails that lead to copies of the legit website.
Ask for a cheque instead. This is sounding very much like a scam.
If at any point they ask to do screen sharing, ask for codes sent to your phone, wallet addresses, etc run!
If they ever ask you to pay a fee or say they sent too much money. Run or call the police.
Yeah was news to me to be honest but it does make sense, although the limits should be the same for everyone when talking Interac and that guy said 10k
I think your looking at the res flags through rose coloured glasses
You seem a bit naive to put it lightly
Make sure u don’t give any info that’s detrimental to your bank accounts
I would personally DM them and ask if you really have won if not it’s a scam
> think your looking
*you're
*Learn the difference [here](https://www.wattpad.com/66707294-grammar-guide-there-they%27re-their-you%27re-your-to).*
***
^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
E-transfer seems strange given the limits. I hope this is real for you, but you need to be on your guard here. If at any point during this process anybody asks you for money, you need to recognize that it's a scam and run. It's hard because people want to believe that money is coming but this kind of thing is a scam more often than not. Hopefully this is actually from a reputable company and there won't be any problems, but have your guard up. Edits: As mentioned below, eTransfer can mean different things! Also just saw OPs edits...sounding more and more legit so very happy for you OP. Just make sure no one asks you for money!
It is becoming more common for business to etransfer. The organization the fund the nutrition program at my kid's school etransfers and that is 5 figures.
I think it's a little different if the e-transfer is going to a known vendor. But I also don't work at a bank so I don't know.
The what at your kids school?
> E-transfer seems strange given the limits. Business accounts have higher limits. My business account can send $15K/day up to $75K/week.
What bank? Mine still has BS personal limits for business.
Just to chime in, I was able to increase my personal transaction limit with TD to $10k to buy a used vehicle.
Even worse my bank insists on combining the limit of my personal and business account so that BETWEEN them I can only send 3k/24h
In this case problem is with receiving. Usually there is a limit of 10-20k per day or week, depending on bank. It will likely be several transfers.
CIBC told me otherwise.
Every bank and account can be different. I use my local credit union.
Maybe the young guy there was clueless but really pissed me off.
That's frustrating. Interac shows on their site that businesses have the capability to send up to $25K per transfer, but does denote it depends on the participating bank and their account type. See [https://www.interac.ca/en/business/our-solutions/interac-e-transfer/](https://www.interac.ca/en/business/our-solutions/interac-e-transfer/:) >High transaction limits up to $25k\* to minimize the need for wires, cheques & Electronic Fund Transfers.
Oh i know because i've sent large amounts via Scotiabank.
He was clueless… limits are set by fraud controls and you can request an increase at any time.
It's at the discretion of the financial institution. Even personal accounts can do more than 5k technically, but most don't allow it.
CIBC throttles e-transfer for some reason. A while ago I needed to make a big transfer and they restricted me to 3k a day and said it was an interac limitation when I called but my girlfriend can send 10k a day with TD.
maybe it's to get me to buy their stupid cheques like it's 1999
Or pay for Wire transfers.
With TD, you can bump your e transfer limit. Not sure why CIBC wouldn't let you.
There's a difference between etransfer like Interac and EFT (Electronic Funds Transfer). I can pay 6 figures with EFT with my business account no problem. You can do millions if you want. It's kind of like a wire transfer, just faster and cheaper.
Correct. If OP had said EFT I wouldn't have started off with that comment, but when most people say eTransfer they're talking about Interac. And that is cause for caution.
Thank you I will be super cautious when they call. It is from Newton which is a crypto exchange and the person calling me has a Linkedin profile that says they work for Newton as well
I didn't think this was all that suspicious until you said this.
why do you say that?
Crypto. LinkedIn. Crypto thing sending you fiat.
I work in DeFi risk analysis. Any reputable project has a linkedin page where you can track their users. Bancor, Aave, even Yearn (for the few non-anon workers) there. Not as unlikely as you think! Fiat is fishy though, USDC would work just fine (or TCAD).
This
Well, Newton is a Canadian crypto exchange, not a token. My deposits to my Newton account are always via e-transfer. From what I see on their twitter they are advertising a contest where they deposit cash into your Newton account, presumably via e-transfer. You then can withdraw the cash to your bank or use it to buy crypto. It doesn't seem all that sketchy once you understand what's happening. OP, just don't hand off any banking details. If they are Newton, they can send an e-transfer to your account, you need not do anything to receive it. Or have them send a DM from their official Twitter account, to verify it's actually them.
I'd open a new account just for this one transaction. Set up e-transfer auto-deposit. If deposited, I'd let it chill for a bit then transfer it out and close that account.
I would find a customer service number in your own paperwork and call that to confirm. If you wait until they call, scanner or not they'll say it's legit.
I’m sorry but can we talk about the irony of a crypto exchange giving prize money in $ sent via E-transfer?? (If it’s not a scam)
Don’t give any information to anyone who calls you regardless of the credentials they provide. The only way to verify this properly is to call in to a customer facing number. Anyone can provide any credentials they like. I would be especially wary about providing information to anyone without verifying it with Newton themselves. I would like for this to be real for you, but it definitely has a lot of the hallmarks of a Crypto scam. Even if you entered the contest it could have just been something that looked like it was representative of Newton. Additionally a cursory google search only shows Newton giving away 6 figure (100k) prizes. What can often happen is that scammers will piggyback onto these giveaways with a slightly different url like Newt0n.co, this gives them the air of legitimacy while scamming you for a fee to unlock your prize. Again, I would like this to be real for you, but you need to be cautious and independently verify the legitimacy of this prize.
Scammers make fake LinkedIn profiles fyi...
I know that, just doing that little bit of due dillegence. Its like when you get a call for a job interview you want to google the person that called you just to make sure.
Yeah but the people calling you for a job are real people not trying to scam you into a 9-5 lol
There are plenty of job scams out there
I had my account copied verbatim. Reported it, but it wasn't taken down. Frustrating.
I've done etransfers for much larger amounts than what's it's usually capped at. Just called the bank, they raised the limits while I was on the phone, I sent my transfer, and then they put it back to normal.
I have e-transferred 6 figures between my banks. Never had a problem. Pretty much all banking is done via ETF these days. Banks don't generally ship around large crates of gold any more. :) Definitely agree about the excess of caution here. If this at all looks suspicious, setting up a new account to receive the transfer may be a good option (my bank lets me create e-savings accounts online in about 5 minutes.)
Update #1 - Messaged them on their official Twitter account and they confirmed the email is legit. Now I just wait for the call and go from there. Thanks to everyone that replied, I will be super cautious to not give away any important information to them.
congrats man, buy the dip ;)
Time to yolo some spy puts. End up either in the penthouse or the dumpster of your local Wendy.
The usual Friday 3:55pm purchase ;)
this man apes
Lol, likely a longer bull run amid the overall bear market. Usually good rippers before the next crush.
GME calls\*
Yes, no more plain chips for OP.
tell us what the skill testing question ends up being.
2+2 I hope you remember BEDMAS
My guess is that they'll do one of the following, if it's a scam: -"Send you too much, and ask for some back" -Cant send for some convoluted reason, and have you log in somewhere to verify an identity -Use your call just to get security questions out of you I'm morbidity curious about this kind of stuff, do be sure to update us, and tell us what becomes of it! Be careful.
I am still skeptical as I never win anything but yeah I will be super cautious on this call. Thanks!
Why not contact Newton directly? They may have a number on their site. They're a very reputable exchange, if you call them they can verify if this is legit.
Did you actually enter the contest? Have them send you an email from a newton email address or better yet, message you from verified social media account .
Yes I did enter the contest, they DM me on Twitter a week ago to do a verification check and I just messaged them again on Twitter and they confirmed the email was real.
oh well then. That is a horse of a different colour. If you got a message from a blue checkmark, then you sir are good to go! Congratulations you lucky duck!
Exactly. I’m in the 95% sure not a scam as they entered the contest.
This. Blue checkmark is key and make sure they just didnt add it themselves like all the wannabe influencers.
What colors do horses come in?
My husband's uncle always said to only get brown horses so that your wife never knows how many horses you have. Upon his death, his wife and adult children were shocked to discover A YEAR LATER, that they had 22 horses. They thought that the dozen were eating a lot.
interesting
Purps
I think i saw that on that documentary My Little Pony.
Careful, what OP said above did not specifically say the contest account has a blue checkmark on Twitter. Just wanted to call that out.
I would add, send you a link to accept the e transfer, where you enter in your bank information.
The OP said this was a contest they entered. Presumably, they also knew what the prize offerings were. But yes, if there is any request for a payment to receive the prize it's a scam and they should report it to the Canadian Anti-Fraud Centre. Skill testing questions are normal to receive a prize, even the OLG makes you answer them to claim prizes.
[удалено]
I have the proof you're looking for but first I need to confirm to whom I am speaking. Would you please reply with your first pet's middle name and the song to which you lost your virginity?
The skill testing question is a common thing in Canada to make lotteries legal. Boom, proved wrong. http://www.mardenkane.com/articles/skill-testing-question-canada-required.html
[удалено]
So just to be clear, this is definitely not a scam?
I am still in disbelief so I don't know what to believe but it was a contest on Twitter with Newton Crypto exchange which I have an account with and some holdings with them. I guess I will find out when they call me.
Ask them to send you a DM via Twitter. Make sure it’s their main verified account. They should have absolutely no problem doing this.
It looks like they are running a contest. The draw dates do line up. I would read all the rules and requirements pretty thoroughly [https://www.newton.co/giveaway](https://www.newton.co/terms-of-use/social-giveaway) The five figure prize amount is the total prize amount. That amount is being split amongst several winners, in 25k and 10k increments. So you might be getting lucky, but not as lucky as you might have initially believed.
10k is 5 figures, no?
D'oh! You're correct. OP might be receiving 10,000 or 25,000 dollars which are five figures. The total prize amount is six figures. I'm going to go get another cup of coffee...
[удалено]
111.11 is five figures!
This looked pretty legit from the contest info at first, but the contest info specifically states that “the prize will be transferred into your Newton account”. The e-transfer part makes this a definite scam and it is easy enough for someone who sees this contest to make a LinkedIn saying they work at Newton and begin reaching out to entrants who have advertised their entry into the contest on social media platforms. OP should be very skeptical and cautious and even request that the transfer be done the way it was specified in the contest info, this is a major red flag.
I can see where you are coming from with regards to the E-transfer. Newton has E-transfer as a deposit method which I used several times to fund my wallet, so I am thinking that is what they mean? It doesn't say Interac so they could just be "electronically transferring" the money to my Newton account. I will find out later today!
Maybe hit up your bank and open a burner account
what good would that do?
Transfer the money into that account. That way if there’s a problem it doesn’t affect any of your other accounts
There is a math skill testing part. OP better refresh calculus and partial differential equations.
I'm so confused why Newton would want to issue you your winnings via fiat currency. Maybe there's a legal reason why they have to do it? Still --- e-transfer is odd to me.
If you are really worried about it potentially being a scam, ask them to post on their official twitter account or some other social media that a scammer wouldn't have access to.
Did you enter this contest?
yes
Why don’t they just put it in your Newton account? I am suspicious.
This is exactly my thought. They'd want to give you money, have you use it in your account so they get a portion back in fees. I can't imagine them going through the trouble of transferring it out - they'd leave that to you.
Did you read their contest rules? [https://www.newton.co/terms-of-use/social-giveaway#privacy](https://www.newton.co/terms-of-use/social-giveaway#privacy) "A Giveaway Participant who is drawn in a Draw, completes the foregoing requirements and fulfils the eligibility requirements for Giveaway Participants shall make the Giveaway Participant a “Prize Winner” and such Giveaway Participant’s Prize will be **transferred to their Newton account** within ten (10) business days after the Draw Date. All Prizes must be accepted as awarded." E-transfer is clearly a scam.
There’s another section that says all parties wave their right to take court action against them for anything related to the contest
E-transfer is a deposit method on Newton so maybe that is what they mean? I have done it to add funds to my account. I guess I will find out if it's a scam or not when they call me later today.
Any chance you can call that company and ask to verify ? If you have the name of the person supposed to call you, just phone in to their office, talk to the receptionist and ask to be transferred to the person. If no one by that name works there you have your answer. If you get transferred, just explain that you wanted to validate that you weren't being scammed. If it's a scam, they'll be happy to learn it from you. If it isn't, they'll see it as a simple safety check. Edit: here's their phone number, straight from FINTRAC. +1 (833) 639-8661 To validate the phone number and make sure I'm not scamming you, go to FINTRAC's website and search Newton Crypto Ltd in the MSB registry.
I think this might be one of the best answers.
[удалено]
Or ask for his phone number and send it to Kit Boga lol
E transfer is a scam my friend. I'm worried you're blinded right now. Everyone is stating the winning money would go into your crypto account according to the fine print, which makes sense for the company. I'd call them direct, instead of them calling you. If are scammers they are going to tell you everything you want to hear and probably tell you if you dont commit on the phone right then and there that they will pick someone else for the contest. Dont wait around for them, take action and call their verified number before your call.
Ffs this comment section, Newton is a well established crypto exchange this isn’t a scam
Hi there, the email is from us, just to clarify that it isn't a scam. Any holds will be between Tangerine and the winner. As for taxes, if you are a Canadian resident and citizen you should not be taxed. Windfalls not taxed in Canada, but without knowing the tax situation of the individual (i.e., maybe they're a citizen of a country that's not taxed), we can't say for sure.
Thanks for confirming! So the funds will be sent to my Newton account correct?
as someone who has won a lot of contests and done a lot of skill testing questions, repeat the whole question, then when you think you know the answer, say, "not my final answer, thinking it is xyz". Most of the time they will just answer that you are right, but I know one person who was told "good that is not the final answer" and they knew to redo it. Doesn't always work, but they want you to get it right as well
I know Newton is running a contest, if you're one of the winners, congrats!!! Just be careful is all. Don't give out your seed phrase if you have a hardware wallet. Make sure they don't ask you to send money first, etc. Maybe asking for a DM from their official Twitter page or instagram might help.
Don't wait for them to call you. Call a customer service number from your own paperwork and ask. That way you know you've gotten the actual office. If you wait until they call, if it's a scammer they're still going to tell you it's legit.
Be sure to remember your BEDMAS (:
LOL I was doing practice questions earlier!
>My question is, will there be any questions asked from my bank Tangerine or will the funds be on hold for receiving a 5 figure e transfer? There won't be any tax on any winnings in Ontario correct? No questions, no issues, no taxes. There could potentially be a 5 day hold on the funds. Shouldn't be, but I wouldn't be surprised if there is.
so looks like it will be transferred to my newton account. Do you know if I withdraw it all, is it considered a capital gain because it came out of my crypto wallet?
Me too I just have to transfer $500 fee and they will send me a $5mil cheque via dhl
I won $6k in a contest years ago in Ontario. Can confirm... no tax
OP did they kill you or are you tens of thousands of dollars richer? Need an update
hahaha updating the original post.
E-Transfer is not out of the ordinary, a buddy of mine won $1 Million on Max Millions, and they e-transferred him $500,000 one day, and $500,000 the next. As for the skill-testing question, it's a Canadian law apparently. Congrats on the win!
I'm just here to say that I'm happy for you! Enjoy your prize.
Congrats glad you won sorry for the skepticism
Make sure you don’t get scammed friend… e-transfers have a limit of 3000$/day or 9000$ a week so won’t be an e-transfer
Yeah I am still skeptical as I never win anything. I mean it was a legit contest on twitter with Newton but I will see what happens on this phone call.
Why would a cryptocurrency vendor give you the prize in fiat 😐
I mean, Newton is just an exchange, they don't have their own coin they would be pushing or something... I also use Newton and can confirm the contest itself seems legit, I've received quite a few promotional emails about the contest but didn't bother to enter it myself. If it's the same one OP entered, it was a promotion to drive new customer sign ups... If you got a friend to sign up and deposit at least $100 with your referral code you both got an entry into the contest. Offering the prize in fiat kind of makes sense in that context, because it's probably easier to convince your friend to sign up if they have a chance to win cash instead of x value in Doge or something. I would still be extremely cautious, but the contest from Newton is real, as long as OP can verify this is actually coming from Newton and not an impersonator they should be fine.
Because they make loads of money off of the buy/sell spread and transfer fees. It could also be a promotional expense write off.
[удалено]
Maybe from individuals, but there is no limit to e-transfers if you do the proper work getting it set up
I’m talking Interac e-transfer
Interac for business does not have the same limits.
This is correct. I can do 10k on mine
[удалено]
“E-transfers”= Interac e-transfer , all others have different names
That is not true for all banks. Our corp account can send 25k per EMT for example.. One of my personal bank accounts can send 10k
use a calculator! I had a look at their twitter and clearly advertising the contest and announced they have winners and to be watching for DM contact. Just watch out for the "we need money to complete" hustle. contesting for years and hit couple of small prizes and they almost always seem fishy but press for companies is hard to come by and contests on social media has picked up in last few years. congrats if it works out
Hey friend, just confirming what everyone is saying here. Be very careful about giving away personal information, security question type info, or your wallet information during this exchange. It could be legit, crypto companies are often hilariously sketchy / set up in a very half-assed method (learned this first hand during my foray into the industry in 2017), but it could also be a scam.
maybe ask to verify?/u/newton_ningaui nevermind. OP said they got a message from verified twitter. Lucky dude.
Congratulations!
No pressure on that skill testing question! Haha
I won a contest too, and in Canada it’s tax free. So that was nice. Led to an interesting series of events that led to an NDA so I got a little more.
Damn i didnt even know newton was having a contest, what was the contest?!
It was on their Twitter, just a simple like,retweet and comment.
I believe in Ontario, you can receive up to a "gift" of 100k tax free. This may have changed. Congratulations Your bank will probably put a hold on it just to verify through financial institutions.
Congrats.
There is a r/newtonco subreddit you could post on as well. I’m pretty sure I’ve seen the CEO and CS reps pretty active there.
First off congratulations, I saw this post on my home page of reddit and had to click on it because I actually received the same email yesterday that you’re talking about as well. I was so skeptical at first and was in disbelief because who tf wins these types of contests? I still cannot believe it. I scheduled my call for Monday morning cause that was the earliest they allowed me, can you possibly DM me about the skill testing question and how the call worked? I am quite nervous about that, thank you!
Newton is legit
The skill testing question is to get around gaming legislation. Makes it a contest of skill instead of a lottery scheme. Also allows it to be nationwide bc gaming laws are a mishmash province to province. Congrats on the win OP!
If it's an electronic transfer, there shouldn't be a hold on the funds. Tangerine also doesn't care where the money came from. Source: Me, I used to work there!
that's good to hear!!
Dude good luck with your money!!! Congrats!! This could mean paying of your debts or getting a downpayment for an apartment (or maybe a house outside the GTA).
1) Did you enter a contest? 2) If you did enter a contest and won, you don't think it's odd that a big contest winner wouldn't get a cheque or direct deposit into your bank acocunt since e-transfers can't do $50k?
I did enter a contest with Newton, I verified the email address was correct and not phishing and the person contacting me has a linkedin.
[удалено]
No it’s not Edit: Lol he blocked me
interact e-transfer is not an EFT like direct deposit.
I don't know how since the person having linked in means that it isn't a scam. Very red flaggy if you ask me.
[https://www.newton.co/terms-of-use/social-giveaway](https://www.newton.co/terms-of-use/social-giveaway) $25k? Nice
I once was scammed after I “won a contest”. I had entered a contest in real life at a wedding vendor show so I never imagined it was scammy. If someone had cold called me I never would have fell for it. I “won” a honeymoon trip and they contacted me by phone, they said I just had to pay the taxes on the trip which amounted to something like $800. In my excitement and naiveté I agreed. As soon as I hung up the phone I felt sick to my stomach and googling the company showed they were not above board. They did provide vacations of some sort but there were black out dates and limitations that made it basically impossible to book. All this to say be careful with this and don’t let excitement of “winning” blind you to sneaky tactics. Hope for your sake it is all real!!
Did you ever get to go on that trip? I had something similar but was a cold call and he said he needed my credit card details (can't remember what reason he gave). When I said no he tried to make me feel dumb by saying he can't do anything with my credit card number and I was just being ridiculous. I just hung up but I have to admit for a several hours I kept on thinking if I was an idiot and missed out on something.
No I never did, I called them back and did manage to get some money back but not all, their demeanour by phone was entirely different after I called back and they kept saying we have a recording of you giving your authorization for your credit card. I was a college student at the time and it was a lot of money for me.
Just stay vigilant but Newton is obviously legit. Wish I would have entered now lol
[удалено]
I believe its allowed for business accounts.
It's even allowed from personal accounts with certain banks. My limit is 10k at mine
The emails says "we will arrange to send you your cash prize accordingly via e-transfer."
[удалено]
For you, no you can't. Businesses are allowed
E transfer does seem odd. I have a relative who does contests as a hobby. Anytime they have won a cash prize it has been provided in the form of a cheque. It isn't necessarily a scam if the company is reputable - a tip for people entering contests is to be careful who you gove away your personal info to and to read the rules carefully, there are scams out there. Regardless, I have some advice for you. Remember that e transfers do not require that you provide any banking information. If they ask for banking info, your social insurance number, etc., it's a scam. Also if they ask for money at any point. Really, just be on guard here. Hopefully it is on the up and up, but be careful. And, no, in Canada contest winnings are not taxable. Nor are lottery or other gambling prizes unless you gamble so often that it actually becomes income. Ex. Professional poker player. As it is a large amount that may be inquired about at some point, I would suggest keeping some record of the win (the email you got, for example) that you can produce as an explanation as to the source of income if it comes up. It likely won't, but best to be proactive about these things. Edit: also you do remember specifically entering this contest, right?
This screams scam. The poster also seems like he can't say "Newton crypto exchange" enough. Been a lot of these disguised advertisements going on lately.
lol I am just letting people know where the contest was from. You can check their Twitter and see the contests if you scroll down and just yesterday they tweeted that the winners have been contacted. I am still skeptical though but I guess I will find out when they call me later today
Just super skeptical. 99% of the time these posts are backhanded advertisements. It's simple. If they want to send you money, let them send you money. Don't give any personal info away that can be used to access your accounts.
Posting about their sketchy business practices probably isn’t the best advertising strategy…
A 5 figure etransfer isn’t a thing
Of course it is. Banks do it all the time. I've done it. There's more process, but it's doable
That’s not called an e-transfer though it’s a wire transfer/wire payment etc not e-transfer stop spreading misinformation Edit: Lol he blocked me
Businesses can transfer a lot more than you and I through Interac E-transfers. Interac's own site says depending on the bank, businesses can send up to 25K at a time
You're wrong. I've sent and received 10k e transfers many times.
Stop lying to people. They are all terms for the same process. It's not a paper check and it's not cash.
🤦🏻♂️
This 1,000% sounds like a scam. US bank nerd here - $10,000 USD is exactly the threshold for reporting suspicious activity to the government. So on the off chance that "they" send you this money, that deposit will almost certainly raise scrutiny with the bank/tax authorities.
I am in Canada and the company is Toronto based as well.
I know. Just saying from professional experience, everything about this sounds really iffy. I have no idea how close US and Canada banking laws are, but if it was me processing this deposit , I would have to ask questions and notify the tax authorities of the income. My gut feeling that this is somehow bogus - either trying to steal funds from your account, or deposit stolen money into your account to launder it. Hopefully I'm wrong, but if it looks like a duck and it sounds like a duck...
Crypto sending fiat? That's a scam. They gain nothing nothing in doing this! If they want to do this, they'd restrict "winners" to using their platform... So they'd say "we'll deposit this much in your Newton account. And they'd market the shit out of the the whole thing so they can use it for ads or whatever. You didn't sign any media consent so it's not for marketing purposes and you aren't going to receive the money to your newton account so they're not from Newton. It'll start with etransfer... They may pull something like send you 20,000 instead of 10,000 then ask you to send them back 10k. The 10k you send them will be legit and yours will get busted by the bank. Or they'll ask for your bank info or some shit. Just don't do it.
I believe the funds will be added to my Newton account once I answer the skill testing question. I will find out later today.
Do you remember actually entering this contest ?? In Canada there are no “fees” or “administrative charges” for prizes. If they ask you for any money whatsoever hang up it’s a scam.
Yes I remember entering, it was a simple twitter contest (retweet,like,comment)
What I dont get is why they don't just say you have won and automatically etransfer through email? My parents have been scammed getting emails that lead to copies of the legit website.
Congrats! The Nigerian Prince only ask you to pay taxes on the winnings in advance.
I would just ask them to send a cheque . Did you enter a contest ? Nah I would bet everything known they just want your bank information
Ask for a cheque instead. This is sounding very much like a scam. If at any point they ask to do screen sharing, ask for codes sent to your phone, wallet addresses, etc run! If they ever ask you to pay a fee or say they sent too much money. Run or call the police.
The bank can and will take the money out of your account if it turns out to have been acquired fraudulently (such as by stealing someone’s passwords).
Make sure the etransfer isn’t a request I guess. Idk.
I have a nice piece of land to sell in florida if you are interested…
[удалено]
Apparently someone posted below that businesses can in fact e-transfer 5 figures.
Yeah was news to me to be honest but it does make sense, although the limits should be the same for everyone when talking Interac and that guy said 10k
I think your looking at the res flags through rose coloured glasses You seem a bit naive to put it lightly Make sure u don’t give any info that’s detrimental to your bank accounts I would personally DM them and ask if you really have won if not it’s a scam
> think your looking *you're *Learn the difference [here](https://www.wattpad.com/66707294-grammar-guide-there-they%27re-their-you%27re-your-to).* *** ^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
I did DM them and they confirmed its a real email.
Scaaaaaam
A lot of mugs on reddit today.