Can i report amount only for those I transferred into my bank account?

J

jemaitsu

Hi everyone,

I'm new babie here from Toronto. I have read a lot of threads regarding to tax and learned a lot.
One thing I was triggered to ask from reading.
If I have make capital gain 3000 in my trading account, but I transfer only 300 into my bank account. Can I report only this 300 as my capital gain?
The reason to ask is that I doubt that CRA is able to monitor the trading account activity.

thanks
 
jemaitsu said:
Hi everyone,

I'm new babie here from Toronto. I have read a lot of threads regarding to tax and learned a lot.
One thing I was triggered to ask from reading.
If I have make capital gain 3000 in my trading account, but I transfer only 300 into my bank account. Can I report only this 300 as my capital gain?
The reason to ask is that I doubt that CRA is able to monitor the trading account activity.

thanks
More...
No, you're completely wrong on all counts there. You seriously need to talk to a CPA or tax attorney. I use BDO Canada for my Canadian operations, highly recommended.
 
Don't Canadian brokers generate a tax reporting form independent from your deposits and withdrawals to the tax authority in Canada?

ES

In most cases, a 1099-B form provides information about securities or property involved in a transaction handled by a broker. This includes:

  • A brief description of the item sold, such as “100 shares of XYZ Co"
  • The date you bought or acquired it
  • The date you sold it
  • How much it cost you to acquire it
  • How much you received for it when you sold it
  • Whether your broker withheld any federal tax
 
ElectricSavant is absolutely correct. Your broker will send it to you and also to the government. Your records should agree with your brokers. The only time this becomes a little bit hazy is if you hold on to a security for a long period (more than about 8 years, and made several transactions to purchase the security. Then you should consult with your accountant about what is appropriate.

The other issue is whether it is an income item or capital gains. Obviously, if a security is held for several years it is a capital item. If it is held for only a few days, this is not nearly so clear!
 
Last edited:
jemaitsu said:
Hi everyone,

I'm new babie here from Toronto. I have read a lot of threads regarding to tax and learned a lot.
One thing I was triggered to ask from reading.
If I have make capital gain 3000 in my trading account, but I transfer only 300 into my bank account. Can I report only this 300 as my capital gain?
The reason to ask is that I doubt that CRA is able to monitor the trading account activity.

thanks
More...
That would be too easy, and too beneficial for those who trade. There ain't such thing as a free lunch...
 
jemaitsu said:
Hi everyone,

I'm new babie here from Toronto. I have read a lot of threads regarding to tax and learned a lot.
One thing I was triggered to ask from reading.
If I have make capital gain 3000 in my trading account, but I transfer only 300 into my bank account. Can I report only this 300 as my capital gain?
The reason to ask is that I doubt that CRA is able to monitor the trading account activity.

thanks
More...

Shoot, I wish.
 
thank you everyone for your reply. I guess I just don't find it's fair to pay so much tax after working so stressfully every minute to gain a little to make a living. I need money to pay back my student loan, mortgage ect...The money I made can barely meet living needs.
Hopefully canada will loose up some room for us as traders.
 
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