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Nice question. Clearly this is a grey area, but I think the position that it is still not a business would lead one to treat gains as capital (excepting short sales of course). This would be my personal stance at least. You can't get away from the substance of the transactions, which...

(1) Speculating in futures results in capital gains and losses. See this link, paragraph 7: http://www.cra-arc.gc.ca/E/pub/tp/it346r/it346r-e.html (2) Frequency is only one consideration in whether to assess trading gains as on account of income or capital. If it is not your primary...